Investment Rating - The report maintains a "Buy" rating for the company, with a target price of CNY 39.71 [1][2] Core Views - The company has shown consistent high-quality growth, with a 25% YoY increase in net profit attributable to the parent company in 2023 [1] - The company's performance in Q1 2024 was robust, with revenue and net profit growing by 17.6% and 20.4% YoY, respectively [1] - The company is expected to continue its rapid growth trajectory, with EPS forecasts of CNY 2.11, CNY 2.51, and CNY 2.97 for 2024, 2025, and 2026, respectively [1] Financial Performance - In 2023, the company's revenue, net profit, and non-GAAP net profit were CNY 3.54 billion, CNY 910 million, and CNY 870 million, respectively, representing YoY growth of 22.6%, 25.2%, and 29.4% [1] - The company's gross margin increased by 1.2 percentage points YoY in 2023, with online, direct, and franchise channel revenues growing by 16.1%, 34.5%, and -2.1%, respectively [1] - The company's net profit margin increased by 0.5 percentage points YoY in 2023, driven by improved operational efficiency and optimized inventory structure [1] Industry and Market Position - The company is a leading player in the men's apparel market, with a strong brand positioning and differentiated product offerings [1] - The company's focus on the "T-shirt expert" brand and super single products has helped it maintain impressive growth trends in a challenging consumer environment [1] Future Outlook - The company is expected to accelerate its offline channel expansion in 2024, which could further drive growth [1] - The company's operational efficiency is expected to continue improving, with inventory turnover days decreasing by 40 days in 2023 [1]

证券研究报告 | 年报点评报告 2024年04月27日 比音勒芬（002832.SZ） 业绩优异，分红提升，彰显信心 2023年公司收入同比+23%/归母净利润同比+25%，分红比例提升。1）2023年公司收入 买入（维持） 为35.4亿元，同比+23%，归母净利润为9.1亿元，同比+25%，扣非归母净利润为8.7亿元， 同比+29%。盈利质量：2023年毛利率同比+1.2pct至78.6%，销售/管理/财务费用率同比分 股票信息 别+1.2/+1.1/-0.5pct至37.1%/7.8%/-0.8%；计提资产价值损失0.61亿元（占收入的1.7%）； 行业 服装家纺 净利率同比+0.5pct至25.8%。公司拟派发现金红利1.0元/股（含税），股利支付率约62.7% （同比+39pct），以2024/04/26收盘价计算股息率约3.4%。2）单四季度来看，2023Q4公 前次评级 买入 司收入为 7.4 亿元，同比+12%；归母净利润为1.5 亿元，同比-1%；毛利率同比+0.1pct 至 4月26日收盘价(元) 29.70 86.2%，销售/管理/财务费用率同比分别+10.5/+0.6/-0.9pct至4 ...

业绩简评 公司 4 月26日发布 2023年报、24 年一季报，其中 2023全年实现 收入35.36亿元（+22.58%）、实现归母净利润9.11亿元（+25.17%）； 1Q24单季度实现收入12.68亿元（+17.55%）、实现归母净利润3.62 亿元（+20.43%），符合此前预期。 公司公告拟派发现金红利1元每股（含税），合计 5.7 亿元，股利 支付率为62.7%（+39pct），以 04/26 日收盘价计算股息率约3.4%。 经营分析 人民币(元) 成交金额(百万元) 23 年内生外延稳定拓张，领跑行业。公司全年直营/加盟/电商渠 38.00 450 道分别实现收入24/9/2 亿元，同比分别+35%/-2%/16%，受到拓店 36.00 400 350 与店效增长同步驱动，合计净增加 64 家门店至 1255 家，其中直 34.00 300 250 32.00 营/加盟分别为607 家/648 家，净增 28家/36 家；其中直营平均 200 30.00 150 单店收入395万元（+28%）。毛利率方面，直营/加盟/电商分别同 100 28.00 50 比+1.0/-0.7/+7.2pct ...

2024年4月27日 公司研究 23 年及 24Q1 业绩表现亮眼，期待多品牌协同发展 ——比音勒芬（002832.SZ）2023 年年报及 2024 年一季报点评 买入（维持） 要点 当前价：29.70元 23年收入、归母净利润同比增长23%、25%，24Q1同比增长18%、20% 作者 比音勒芬发布2023年年报及2024年一季报。公司2023年实现营业收入35.36亿 分析师：唐佳睿 CFA FCPA(Aust.) 元、同比增长 22.58%，归母净利润 9.11 亿元、同比增长 25.17%符合预期，扣非 ACCA CAIA FRM 净利润 8.67 亿元、同比增长 29.36%，EPS 为1.60 元，拟每股派发现金红利 1 元 执业证书编号：S0930516050001 021-52523866 （含税），分红率为63%。 tangjiarui@ebscn.com 23年公司归母净利率同比提升0.53PCT至25.76%。复盘来看，公司近年来业绩表 分析师：孙未未 现持续亮眼，20~23年收入、归母净利润年复合增速分别为15.36%、22.22%。分 执业证书编号：S0930517080001 季 ...

| 项目 | 2023 年 | 2022 年 | 同比增减 | | --- | --- | --- | --- | | 营业收入 | 353,613.27 | 288,484.18 | 22.58% | | 归属于上市公司股东的净利润 | 91,075.40 | 72,759.78 | 25.17% | | 归属于上市公司股东的扣除非 经常性损益的净利润 | 86,745.76 | 67,057.89 | 29.36% | | 经营活动产生的现金流量净额 | 129,588.03 | 94,223.60 | 37.53% | | 基本每股收益（元/股） | 1.60 | 1.28 | 25.00% | | 稀释每股收益（元/股） | 1.60 | 1.28 | 25.00% | | 加权平均净资产收益率 | 20.31% | 19.35% | 0.96% | | 项目 | 2023 年末 | 2022 年末 | 本年末比上年末增减 | | 总资产 | 672,764.29 | 557,888.59 | 20.59% | | 归属于上市公司股东的净资产 | 489,665.01 | 413,003.35 | 1 ...

比音勒芬服饰股份有限公司 2023 年度独立董事述职报告 各位股东及股东代表： 本人作为比音勒芬服饰股份有限公司（以下简称"公司"）董事会独立董事， 2023 年度严格按照《公司法》《证券法》《上市公司独立董事管理办法》及《公司 章程》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 等有关规定，勤勉、忠实、尽责地履行职责，充分发挥独立董事的独立作用，谨慎 认真地行使法律所赋予的权利，维护公司整体利益以及全体股东尤其是中小股东的 合法权益。现就 2023 年度履行独立董事职责情况汇报如下： 一、独立董事的基本情况 本人谢青，1965 年出生，中国国籍，无境外永久居留权，硕士研究生，高级经 济师。曾担任中国服装协会副会长、新疆维吾尔自治区经济和信息化委员会副主任 （援疆）、新疆维吾尔自治区工业和信息化厅副厅长（援疆）、中国纺织工业企业 管理协会常务副会长。现任中国服装协会代理常务副会长、公司独立董事。 本人任职期间符合《上市公司独立董事管理办法》第六条规定的独立性要求， 不存在影响独立性的情况。 2023 年度，公司共召开 8 次董事会会议和 2 次股东大会会议。本人秉持勤勉尽 责、真诚 ...

Financial Performance - The company's operating revenue for 2023 reached ¥3,536,132,714.02, representing a 22.58% increase compared to ¥2,884,841,760.82 in 2022[11]. - The net profit attributable to shareholders for 2023 was ¥867,457,631.43, a 29.36% increase from ¥670,578,894.32 in 2022[11]. - Basic earnings per share for 2023 were ¥1.60, up 37.53% from ¥1.28 in 2022[11]. - Total assets at the end of 2023 amounted to ¥6,727,642,887.64, reflecting a 20.59% increase from ¥5,578,885,921.48 at the end of 2022[11]. - The net assets attributable to shareholders increased to ¥4,896,650,107.72, an 18.56% rise from ¥4,130,033,512.93 in 2022[11]. - The company reported a cash flow from operating activities of ¥1,295,880,336.01 for 2023, a 37.53% increase compared to ¥942,236,033.82 in 2022[11]. - The company achieved total revenue of 3.536 billion yuan, a year-on-year increase of 22.58%[36]. - The net profit attributable to shareholders reached 911 million yuan, reflecting a growth of 25.17% compared to the previous year[36]. Dividend Distribution - The company plans to distribute a cash dividend of 10 RMB per 10 shares to all shareholders based on a total share capital of 570,707,084 shares as of December 31, 2023[2]. - The company distributed a cash dividend of 3 yuan per 10 shares, totaling 171,212,125.20 yuan, based on a total share capital of 570,707,084 shares as of December 31, 2022[155]. - The cash dividend accounted for 100% of the total distributable profit of 3,114,259,428.84 yuan[157]. Business Operations and Strategy - The company has not reported any changes in its main business operations since its listing[9]. - The company has no changes in its controlling shareholders since its establishment[9]. - The company emphasizes the importance of risk awareness regarding forward-looking statements in its annual report[2]. - The company aims to enhance its brand positioning towards high-end and luxury markets, aligning with industry trends[17]. - The company is focused on developing high-elastic breathable composite fiber functional apparel to enhance product technology and meet consumer demands for comfort and performance[76]. - The company is entering a new decade in 2024, aiming to become a leader in the high-end apparel segment in China[103]. Market Trends and Growth - The company experienced a 7% growth in the luxury goods market in 2023, with a market size reaching ¥27,232 billion[17]. - The outdoor sports market saw a 79% increase in order volume in the first half of 2023 compared to the same period in 2022[17]. - The outdoor sports market in China is projected to reach a total scale of 3 trillion yuan by 2025, indicating significant growth potential[18]. - The domestic "Guochao" (national trend) apparel market grew from 407.1 billion yuan in 2017 to 992.8 billion yuan in 2023, with a compound annual growth rate of nearly 16%[18]. Acquisitions and Brand Development - The company completed the acquisition of the global trademark rights for the CERRUTI 1881 brand in April 2023, aiming to revitalize the brand with a focus on modern elegant tailoring[26]. - The company also acquired the global trademark rights for the KENT & CURWEN brand in April 2023, targeting the young market with a light luxury designer brand approach[26]. - A new Paris R&D center was established for CERRUTI 1881 and KENT & CURWEN, with Daniel Kearns appointed as Chief Creative Officer to oversee the brands' collections[27]. - The company completed the acquisition of 100% equity in Cerruti Investment Pte. Ltd. and Cerruti 1881 for a total investment of 57 million EUR and 38 million EUR respectively[192]. Retail Expansion - The company has opened 149 new stores in 2023, resulting in a net increase of 64 stores, bringing the total to 1,255 retail outlets, including 607 direct-operated and 648 franchised stores[34]. - The average sales per store was CNY 3,945,600, with a total retail area of 94,514 square meters across 607 direct-operated stores[50]. - The company has established a digital new retail strategy, actively engaging with e-commerce platforms to enhance customer experience through online and offline integration[34]. Research and Development - The company has a total of 190 patents, reflecting its strong commitment to innovation and product development[34]. - The company invested 124,112,802.90 CNY in R&D in 2023, representing a 23.89% increase from 100,182,947.69 CNY in 2022, with R&D expenses accounting for 3.51% of operating revenue[77]. - The company has 217 R&D personnel, an increase of 4.83% from 207 in 2022, with a notable rise in the number of master's degree holders from 6 to 10[77]. Corporate Governance - The company maintains complete operational independence from its controlling shareholder, with distinct business, personnel, asset, and financial structures[122]. - The company has established an independent financial department and a separate accounting system, ensuring autonomous financial decision-making[127]. - The company has a clear asset ownership structure, with no instances of asset misappropriation by the controlling shareholder[125]. - The company has implemented a robust internal control system in accordance with legal requirements, enhancing governance practices[121]. Social Responsibility - The company donated 20 million yuan worth of winter supplies to the earthquake-affected areas in Gansu, demonstrating its commitment to social responsibility[174]. - The company has not reported any significant environmental issues or administrative penalties related to environmental problems during the reporting period[169]. Employee Management - The total number of employees at the end of the reporting period was 3,672, including 581 at the parent company and 3,091 at major subsidiaries[151]. - The company emphasizes a performance-oriented salary policy, with a flexible structure based on job value and company performance[152]. - The company has implemented various training programs, including a national new product tour training and an E-learning platform to enhance employee skills[153]. Risks and Challenges - The company faces risks related to outsourcing production, network expansion management, and high inventory levels, with specific measures in place to mitigate these risks[110][111][112].

根据公司独立董事自查及其在公司的履职情况，董事会认为公司独立董事均 能够胜任独立董事的职责要求，其未在公司担任除独立董事以外的任何职务，也 未在公司主要股东公司担任任何职务，与公司以及主要股东之间不存在妨碍独立 董事进行独立客观判断的关系，不存在影响独立董事独立性的情况，符合《上市 公司独立董事管理办法》等法律法规及《公司章程》中关于独立董事的任职资格 及独立性的相关要求。 比音勒芬服饰股份有限公司董事会 2024 年 4 月 25 日 比音勒芬服饰股份有限公司 董事会对独立董事独立性评估的专项意见 根据《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指 引第 1 号——主板上市公司规范运作》的规定，独立董事应当每年对独立性情况 进行自查，并将自查情况提交董事会。董事会应当每年对在任独立董事独立性情 况进行评估并出具专项意见，与年度报告同时披露。基于此，比音勒芬服饰股份 有限公司（以下简称"公司"）董事会，就公司在任独立董事的独立性情况进行 评估并出具如下专项意见： ...

证券代码：002832 证券简称：比音勒芬 公告编号：2024-016 本次会计政策变更前，公司执行财政部颁布的《企业会计准则——基本准 则》和各项具体会计准则、企业会计准则应用指南、企业会计准则解释公告以 及其他相关规定。 （三）变更后采用的会计政策 本次会计政策变更后，公司将执行《企业会计准则解释第 17 号》的相关规 定。除上述会计政策变更外，其他未变更部分仍按照财政部前期颁布的《企业 会计准则—基本准则》和各项具体会计准则、企业会计准则应用指南、企业会 计准则解释公告以及其他相关规定执行。 比音勒芬服饰股份有限公司 关于会计政策变更的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 比音勒芬服饰股份有限公司（以下简称"公司"）根据中华人民共和国财政 部（以下简称"财政部"）发布的《企业会计准则解释第 17 号》的要求变更会 计政策。根据《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公 司规范运作》的相关规定，本次会计政策变更无需提交公司董事会和股东大会 审议批准。本次会计政策变更事项具体如下： 一、本次会计政策变更概述 （一）会计政策变 ...

法定代表人：谢秉政 主管会计工作的负责人：唐新乔 会计机构负责人：陈志辉 非经营性资金占用 资金占用方名 称 占用方与上 市公司的关 联关系 上市公司核 算的会计科 目 2023年期初 占用资金余 额 2023年度占用 累计发生金额 （不含利息） 2023年度占用 资金的利息 （如有） 2023年度偿还 累计发生金额 2023年期末占 用资金余额 占用形 成原因 占用性质 控股股东、实际控制 人及其附属企业 小计 前控股股东、实际控 制人及其附属企业 小计 其他关联方及其附 属企业 小计 总计 其他关联资金往来 资金往来方名 称 往来方与上 市公司的关 联关系 上市公司核 算的会计科 目 2023年期初 往来资金余 额 2023年度往来 累计发生金额 （不含利息） 2023年度往来 资金的利息 （如有） 2023年度偿还 累计发生金额 2023年期末往 来资金余额 往来形 成原因 往来性质（经 营性往来、非 经营性往来） 控股股东、实际控制 人及其附属企业 上市公司的子公司 及其附属企业 CERRUTI 1881 控股子公司 其他应收款 5,000.00 3.61 5,003.61 往来款 非经营性往来 其他 ...