证券代码：002832 证券简称：比音勒芬 公告编号：2024-036 比音勒芬服饰股份有限公司 关于参加广东辖区 2024 年投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，比音勒芬服饰股份有限公司（以下简称 "公司"）将参加由广东证监局、广东上市公司协会联合举办的"坚定信心 携手 共进 助力上市公司提升投资价值——2024 广东辖区上市公司投资者关系管理月 活动投资者集体接待日"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net）参与本次互动交流，活动时间为 2024 年 9 月 12 日（周 四）15:30-16:30。届时公司高管将在线就 2024 年半年度业绩、公司治理、发展 战略、经营状况和可持续发展等投资者关心的问题，与投资者进行沟通与交流， 欢迎广大投资者踊跃参与！ 特此公告。 比音勒芬服饰股份有限公司董事会 2024 年 9 月 11 日 ...

比音勒芬服饰股份有限公司 关于使用闲置自有资金进行现金管理的进展公告 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"）于 2024 年 8 月 29 日召开 第五届董事会第四次会议、第五届监事会第三次会议，会议审议通过了《关于使 用闲置自有资金进行现金管理的议案》，同意公司及子公司在不影响正常生产经 营和确保资金安全的情况下，使用不超过人民币 18 亿元的闲置自有资金进行现 金管理。此次审议的现金管理额度期限自董事会通过之日起 12 个月内有效，在 上述额度及有效期内，资金可滚动使用。具体内容详见 2024 年 8 月 31 日公司指 定信息披露媒体《证券时报》《中国证券报》《上海证券报》《证券日报》和巨潮 资讯网（www.cninfo.com.cn）的相关公告。 根据上述决议，公司就近日购买理财产品的相关事宜公告如下： | 受托方 | 产品名称 | | 产品类 | 金额 | 起息日 | 到期日 | 预期年化收益 | 资金来源 | | --- | --- | --- | --- | --- | --- | --- | ...

投资评级：买入（维持） 日期 2024/9/2 隐证券 纺织服饰/服装家纺 公 司 研 究 比音勒芬（002832.SZ） 2024 年 09 月 03 日 2024H1 加盟稳步拓张，盈利能力稳中有升 ——公司信息更新报告 | --- | --- | --- | --- | |---------------------------|--------------------|----------------|---------------------------| | | | | | | 吕明（分析师） | 周嘉乐（分析师） | | 吴晨汐（联系人） | | lvming@kysec.cn | zhoujiale@kysec.cn | | wuchenxi@kysec.cn | | 证书编号： S0790520030002 | 证书编号： | S0790522030002 | 证书编号： S0790122120013 | 2024H1 加盟稳步拓张，盈利能力稳中有升，维持"买入"评级 公司 2024H1 实现营收 19.4 亿元（同比+15.0%），实现归母/扣非归母净利润 4.8/4.6 亿元，同增 15. ...

比音勒芬（002832.SZ） 优于大市 上半年收入与净利润增长 15%，各渠道毛利率均有提升 2024 上半年收入增长 15%，归母净利润保持同步增长。比音勒芬是主营高端 运动生活的男装品牌。2024 上半年在消费力疲软的市场环境下，以及去年高 基数基础上，公司收入同比增长 15.0%至 19.4 亿元，归母净利润同比增长 15.3%至 4.8 亿元。基于各渠道毛利率的提升，公司整体毛利率同比+0.7 百 分点至 77.9%；费用率基本保持稳，整体费用率同比+0.5 百分点。进而归母 净利率同比+0.1 百分点至 24.7%。存货金额虽同比增长 11%，存货周转天数 大幅改善，同比-27 天、环比-37 天至 309 天，应收、应付周转天数基本保 持稳定。现金流充裕，经营活动现金流净额为 5.3 亿元，净现比为 1.1。 第二季度收入同比增长 10%，毛利率提升，净利润受非经影响承压。第二季 度公司收入同比增长 10.5%至 6.7 亿元，归母净利润同比增长 1.7%至 1.2 亿 元，扣非归母净利润同比增长 16.3%至 1.1 亿元，非经常性损益主要受政府 补助减少、理财产品收益减少影响。主营业务来看， ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.95 CNY based on a 15x PE valuation for 2024 [2][4][7]. Core Insights - The company reported a revenue of 1.94 billion CNY for H1 2024, representing a 15% year-on-year growth, and a net profit of 480 million CNY, up 15.3% year-on-year, with a non-recurring profit of 460 million CNY, which is a 21% increase year-on-year [1]. - The growth was driven by franchise and online channels, with online revenue increasing by 35% year-on-year and gross margin rising by 15 percentage points to 77.6% [1]. - The company's profitability is improving, with a gross margin of 77.9% for H1 2024, up 0.7 percentage points year-on-year, and a net profit margin of 24.7%, an increase of 0.1 percentage points year-on-year [1]. - Inventory turnover days improved to 309 days, a decrease of 27 days year-on-year, indicating better inventory management [1]. - The company is expanding its brand portfolio, with new brands launched and a refreshed brand image showcased at major events [1]. Financial Summary - Revenue (in million CNY): 2022A: 2,885, 2023A: 3,536, 2024E: 4,138, 2025E: 4,783, 2026E: 5,397 [3]. - Net profit (in million CNY): 2022A: 728, 2023A: 911, 2024E: 1,103, 2025E: 1,303, 2026E: 1,499 [3]. - Earnings per share (in CNY): 2022A: 1.27, 2023A: 1.60, 2024E: 1.93, 2025E: 2.28, 2026E: 2.63 [3]. - Gross margin (%): 2022A: 77.4%, 2023A: 78.6%, 2024E: 78.8%, 2025E: 78.7%, 2026E: 78.6% [3]. - Net margin (%): 2022A: 25.2%, 2023A: 25.8%, 2024E: 26.6%, 2025E: 27.2%, 2026E: 27.8% [3].

上 市 公 司 证 券 研 究 报 告 纺织服饰 2024 年 09 月 01 日 比音勒芬 (002832) ——24Q2 扣非净利稳增 16%，大幅优于服装零售行业 公 司 研 究/ 公 司 点 评 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 18.99 | | 一年内最高/最低（元） | 34.72/17.69 | | 市净率 息率（分红/股价） | 2.1 5.27 | | 流通 A 股市值（百万元） | 7,395 | | 上证指数/深证成指 | 2,842.21/8,348.48 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|------------------------| | | | | 基础数据 : | 年 06 月 30 日 | | | | | 每股净资产（元） | 8.42 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 24.44 CNY, down from the previous 37.73 CNY [4]. Core Insights - The company has shown steady revenue growth in H1 2024, with total revenue reaching 1.94 billion CNY, a year-on-year increase of 15.0%. The net profit attributable to shareholders was 480 million CNY, up 15.3% year-on-year [3]. - The company is expected to continue its high-quality growth trajectory, supported by a robust expansion strategy in the second half of the year [3]. - The report highlights the company's focus on high-end sports fashion and its steady channel expansion, which positions it to maintain industry leadership [3]. Financial Performance Summary - H1 2024 revenue breakdown: Direct sales revenue was 1.28 billion CNY (+2.4% YoY), franchise revenue was 520 million CNY (+56.5% YoY), and online revenue was 120 million CNY (+34.6% YoY) [3]. - Q2 2024 revenue was 670 million CNY, a 10.5% increase year-on-year, with a net profit of 120 million CNY, reflecting a 1.7% increase year-on-year [3]. - The gross margin improved by 1.6 percentage points year-on-year, indicating effective cost control measures [3]. Future Outlook - The company plans to expand its main brand and golf independent stores, focusing on internationalization and high-end branding, which is expected to create a second growth curve [3]. - The company has a strong cash position, which will support its expansion plans [3]. - Inventory as of H1 2024 was 760 million CNY, an 11% increase year-on-year, with inventory turnover days reduced by 27 days to 309 days [3].

Investment Rating - The investment rating for the company is "Buy" with a target price set at 108.38 billion [2][4]. Core Insights - The company's revenue and net profit for H1 2024 showed a year-on-year growth of 15.02% and 15.25%, respectively, driven primarily by increased sales from franchise stores [2][3]. - The company experienced a decrease in asset impairment losses by 23 million, contributing positively to its financial performance [2][3]. - The operating cash flow was reported at 5.33 billion, which is higher than net profit due to increased depreciation of right-of-use assets and a reduction in receivables [2][3]. Summary by Sections Financial Performance - For H1 2024, the company reported revenues of 19.36 billion, net profit of 4.79 billion, and operating cash flow of 5.33 billion, with revenue growth attributed to franchise store sales [2][3]. - In Q2 2024, revenues were 6.68 billion, with a net profit of 1.17 billion, reflecting a year-on-year growth of 10.5% [2][3]. Revenue Breakdown - Revenue from different channels in H1 2024 was as follows: online 1.25 billion (up 34.58%), direct sales 12.77 billion (up 2.41%), and franchise 5.17 billion (up 56.51%) [3]. - The number of direct and franchise stores at the end of H1 2024 was 609 and 654, respectively, with a net increase of 2 and 6 stores [3]. Profitability Metrics - The gross margin for H1 2024 was 77.9%, an increase of 0.7 percentage points year-on-year, while the net margin was 24.75%, up 0.1 percentage points [3]. - The company’s selling, general, and administrative expenses increased, impacting net profit margins [3]. Inventory and Receivables - The ending inventory for H1 2024 was 7.63 billion, with a year-on-year increase of 11%, and inventory turnover days improved by 27 days to 309 days [3]. - Accounts receivable stood at 2.80 billion, with turnover days remaining stable at 28 days [3]. Future Outlook - The company anticipates opening around 100 new stores throughout the year, with expectations for store efficiency to improve [4]. - The revenue forecasts for 2024-2026 have been adjusted downwards, with projected revenues of 38.81 billion, 43.67 billion, and 48.89 billion, respectively [4].

比音勒芬（002832.SZ） 2024Q2 扣非利润同增 16%，卓越业绩领跑行业 2024Q2：收入同比+10%/扣非归母净利润同比+16%。2024Q2 公司收入为 6.7 亿元，同比 +10%，归母净利润为 1.2 亿元，同比+2%，扣非归母净利润为 1.1 亿元，同比+16%（（非常损 益 883 万元，同比减少 1320 万元，主要系政府补助同比减少 1259 万元）。盈利质量方面，2024Q2 公司毛利率同比+1.6pct 至 81.3%，我们判断主要系公司优化产品结构所致。销售/管理/财务费用 率同比分别+1.8/-0.6/-0.6pct 至 50.2%/11%/-1.8%，我们根据公司业务进度判断销售费用率增加 主要系新品牌培育开支；综合以上，2024Q2 净利率同比-1.5pct 至 17.5%。 分渠道：电商、加盟渠道收入增长靓丽，全渠道毛利率稳步提升。分渠道来看：2024H1 公司电商 /直营/加盟/其他渠道收入分别 1.25/12.77/5.17/0.17 亿元，同比分别+35%/+2%/+57%/+31%， 占比分别 6%/66%/27%/1% ； 毛 利 率 分 别 77.6%/ ...

证券代码：002832 证券简称：比音勒芬 公告编号：2024-032 比音勒芬服饰股份有限公司 关于2024年半年度募集资金存放与使用情况的专项报告 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。 根据中国证券监督管理委员会发布的《上市公司监管指引第2号——上市公司募集 资金管理和使用的监管要求》和深圳证券交易所颁布的《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》《深圳证券交易所上市公司自律监管指南第 2号——公告格式》等有关规定，比音勒芬服饰股份有限公司（以下简称"公司"）董事 会编制了截至2024年6月30日的募集资金半年度存放与实际使用情况的专项报告。 一、 募集资金基本情况 经中国证券监督管理委员会"证监许可[2020]638号"文核准，比音勒芬服饰股份有 限公司向社会公开发行68,900万元可转换公司债券，债券每张面值100元，按面值发行， 募集资金总额为人民币689,000,000.00元，扣除承销费、保荐费及其他发行费用 10,270,660.38元（不含税金额）后净筹得人民币678,729,339.62元。该募集资金已 ...