比音勒芬:预计六七月销售环比强劲,定位优势显著,高端运动龙头继续领跑
（以下内容从天风证券《比音勒芬:预计六七月销售环比强劲,定位优势显著,高端运动龙头继续领跑》研报附件原文摘录）
Biem.L.Fdlkk Garment (002832 CH) 预计六七月销售环比强劲，定位优势显著，高端运动龙头继续领跑 Premium sports brand positioning sustains market leadership; likely sales spike in June-July BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 近期公司调整市场或担心Q2销售及库存情况，我们预计6月以来7月至今公司业务环比加速增长，受益直营+经销业务模式、广泛渠道布局以及差异化品牌定位，Q2延续增长势头，有望继续领跑行业。截至2021年底，公司拥有1100个终端销售门店，其中直营532家，加盟568家。伴随低线城市居民收入增加和消费升级，在巩固一二线优势基础上，公司门店全面布局至发展较快的三四线城市。我们预计整体来看，终端零售或保持双位数增长；同时折扣管理较好，库销比健康，高端运动赛道优势显著，下半年比音勒芬高尔夫系列单独开店强化高端运动品牌定位。 We expect a yoy sales spike over June-July and double-digit retail growth overall Biem.L.Fdlkk made market adjustments recently to manage concern over Q2 sales and inventory. We are expecting a yoy sales spike over June and July, driven by its direct+distribution model, extensive channel network and brand differentiation. We believe its Q2 growth momentum will continue and expect it to maintain its industry leadership. Biem has 1,100 terminal stores as of end-2021, 532 directly operated and 568 franchised. To consolidate its market, it leveraged its competitive advantages in 1st and 2nd-tier cities to expand into lower-tier cities to raise revenue and upgrade consumption. Its 3rd and 4th-tier city stores are growing rapidly. We expect Biem to post double-digit retail growth overall on better discounting, healthy inventory-to-sales ratios and its high-end sports brand positioning. The company is set to open a series of dedicated golf stores in H2 to entrench its high-end market position. 比音勒芬市场定位成功，领跑高端运动品牌增长。一方面，聚焦高质量核心VIP客群，高端定位运动轻奢，我们预计整体销售受经济波动影响较低。公司全面推进VIP精细化管理，线上线下联动，推动销售业绩增长。截至2021年12月31日，公司VIP会员人数突破70万人。另一方面，持续开店保证规模增长，次新店发力贡献业绩增量；比音勒芬2021年净开店121家，我们预计22年继续新开100家以上，单独开设高尔夫门店强化品牌专业定位基因；同时，持续推动品牌年轻化、打开年轻客群市场。通过一系列品牌推广新渠道和新模式，坚持品牌的年轻化、国际化和高端化建设，提升品牌文化价值和影响力；聚焦微信和小红书两大主流平台，通过广告投放和KOL合作不断种草培养年轻消费客群。 Well positioned as a premium sports brand and market leader High-end stability: with its core positioning in the VIP and high-end light luxury sports market, we expect overall sales to be less affected by economic volatility. The company rolled out wide sales promotions where it fine-tuned VIP client management and linked online and offline channels. Its VIP member count exceeded 700,000 as of 31 Dec 2021. Brand marketing: it continues to open stores to expand scale and the new stores contribute incremental profit. Biem opened 121 stores net in 2021 and we expect it will open more than 100 new stores in 2022E, with a series of dedicated golf stores to entrench its professional sports branding. It would also rejuvenate its brand to access the youth market. Biem’s new channels and models aim to boost its brand and widen its range of services. Its efforts in rejuvenation, internationalization and high-end brand buildout have raised its cultural and brand influence. Meanwhile, its advertising and KOL collaborations on two mainstream platforms, WeChat and Little Red Book, help to build up its youth consumer base. 产品、品牌、运营多维发力巩固竞争优势，助力品牌升级。1）坚持高比例研发投入，整合优质面料资源和优秀设计人才，持续打造高品质的产品；积极开展联名、与知名IP故宫宫廷文化跨界合作，演绎高端国潮。2）赛事传播、娱乐营销、事件推广、公益活动多管齐下，深化品牌文化内核，提升品牌传播力；登上权威媒体CCTV-1《大国品牌》栏目，提升品牌公信力和权威性。3）推动线上线下联动的新零售营销模式助力业绩增长；建立统一信息管理平台，全面开启数字化运营。 Product, brand and operational strengths combine to boost Biem’s branding Products: Biem deploys a high proportion of investments into R&D, integrating quality fabrics and design talents to create quality products. It utilizes co-branding and cross-market collaborations with well-known IPs from Forbidden City palace culture to interpret premium national trends. Branding: it combined event communications, entertainment marketing, event promotion and public welfare activities to raise awareness of the brand’s cultural identity and power. Its participation in the influential CCTV-1’s Great National Brands enhanced Biem’s brand credibility and profile. Operations: its new retail marketing model links online and offline channels to boost profit, establishing an integrated information management platform to fully roll out digital operations. 投资建议/Investment Ideas 维持盈利预测，维持买入评级 公司继续深化品牌形象，加强下沉市场布局；聚焦高质量核心VIP客群，持续开店发力贡献业绩增量。我们预计比音勒芬22-23年EPS分别为1.4、1.8元/股，PE分别为14.9X、11.7X。 Valuation and risks Biem continues to raise its brand image and increase market penetration, with high-end and VIP customers forming its core business. At the same time, the company keeps opening stores to lift profitability. We maintain our earnings forecast and BUY rating. For 2022/23E, we expect EPS of RMB1.40/1.80, with PE at 14.9x/11.7x. 风险提示：拓店速度不及预期，店效水平增长不及预期；人工费用开支增长、仓储物流调配费用增长；国际运动品牌竞争影响等。 Risks include: slower store expansion than expected; weaker rise in store efficiency than expected; rising labor, warehousing and logistics costs; and worsening impact of international sports brand competition. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供专业投资者作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、链接、转贴或以其他方式复制发表本文件及任何内容。已获授权者，在使用本文件或任何内容时必须注明稿件来源于天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本文件，违者将依法追究相关法律责任。本文件所引用之数据或资料可能得自第三方，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对第三方所提供数据或资料之准确性负责。且天风国际集团不会就本文件所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本文件中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本文件并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全了解其风险以及有关法律、赋税及会计的特点及后果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日后的表现。在若干国家，传阅及分派本文件的方式可能受法律或规例所限制。获取本文件的人士须知悉及遵守该等限制。 阅读原文 立即开户
Biem.L.Fdlkk Garment (002832 CH) 预计六七月销售环比强劲，定位优势显著，高端运动龙头继续领跑 Premium sports brand positioning sustains market leadership; likely sales spike in June-July BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 近期公司调整市场或担心Q2销售及库存情况，我们预计6月以来7月至今公司业务环比加速增长，受益直营+经销业务模式、广泛渠道布局以及差异化品牌定位，Q2延续增长势头，有望继续领跑行业。截至2021年底，公司拥有1100个终端销售门店，其中直营532家，加盟568家。伴随低线城市居民收入增加和消费升级，在巩固一二线优势基础上，公司门店全面布局至发展较快的三四线城市。我们预计整体来看，终端零售或保持双位数增长；同时折扣管理较好，库销比健康，高端运动赛道优势显著，下半年比音勒芬高尔夫系列单独开店强化高端运动品牌定位。 We expect a yoy sales spike over June-July and double-digit retail growth overall Biem.L.Fdlkk made market adjustments recently to manage concern over Q2 sales and inventory. We are expecting a yoy sales spike over June and July, driven by its direct+distribution model, extensive channel network and brand differentiation. We believe its Q2 growth momentum will continue and expect it to maintain its industry leadership. Biem has 1,100 terminal stores as of end-2021, 532 directly operated and 568 franchised. To consolidate its market, it leveraged its competitive advantages in 1st and 2nd-tier cities to expand into lower-tier cities to raise revenue and upgrade consumption. Its 3rd and 4th-tier city stores are growing rapidly. We expect Biem to post double-digit retail growth overall on better discounting, healthy inventory-to-sales ratios and its high-end sports brand positioning. The company is set to open a series of dedicated golf stores in H2 to entrench its high-end market position. 比音勒芬市场定位成功，领跑高端运动品牌增长。一方面，聚焦高质量核心VIP客群，高端定位运动轻奢，我们预计整体销售受经济波动影响较低。公司全面推进VIP精细化管理，线上线下联动，推动销售业绩增长。截至2021年12月31日，公司VIP会员人数突破70万人。另一方面，持续开店保证规模增长，次新店发力贡献业绩增量；比音勒芬2021年净开店121家，我们预计22年继续新开100家以上，单独开设高尔夫门店强化品牌专业定位基因；同时，持续推动品牌年轻化、打开年轻客群市场。通过一系列品牌推广新渠道和新模式，坚持品牌的年轻化、国际化和高端化建设，提升品牌文化价值和影响力；聚焦微信和小红书两大主流平台，通过广告投放和KOL合作不断种草培养年轻消费客群。 Well positioned as a premium sports brand and market leader High-end stability: with its core positioning in the VIP and high-end light luxury sports market, we expect overall sales to be less affected by economic volatility. The company rolled out wide sales promotions where it fine-tuned VIP client management and linked online and offline channels. Its VIP member count exceeded 700,000 as of 31 Dec 2021. Brand marketing: it continues to open stores to expand scale and the new stores contribute incremental profit. Biem opened 121 stores net in 2021 and we expect it will open more than 100 new stores in 2022E, with a series of dedicated golf stores to entrench its professional sports branding. It would also rejuvenate its brand to access the youth market. Biem’s new channels and models aim to boost its brand and widen its range of services. Its efforts in rejuvenation, internationalization and high-end brand buildout have raised its cultural and brand influence. Meanwhile, its advertising and KOL collaborations on two mainstream platforms, WeChat and Little Red Book, help to build up its youth consumer base. 产品、品牌、运营多维发力巩固竞争优势，助力品牌升级。1）坚持高比例研发投入，整合优质面料资源和优秀设计人才，持续打造高品质的产品；积极开展联名、与知名IP故宫宫廷文化跨界合作，演绎高端国潮。2）赛事传播、娱乐营销、事件推广、公益活动多管齐下，深化品牌文化内核，提升品牌传播力；登上权威媒体CCTV-1《大国品牌》栏目，提升品牌公信力和权威性。3）推动线上线下联动的新零售营销模式助力业绩增长；建立统一信息管理平台，全面开启数字化运营。 Product, brand and operational strengths combine to boost Biem’s branding Products: Biem deploys a high proportion of investments into R&D, integrating quality fabrics and design talents to create quality products. It utilizes co-branding and cross-market collaborations with well-known IPs from Forbidden City palace culture to interpret premium national trends. Branding: it combined event communications, entertainment marketing, event promotion and public welfare activities to raise awareness of the brand’s cultural identity and power. Its participation in the influential CCTV-1’s Great National Brands enhanced Biem’s brand credibility and profile. Operations: its new retail marketing model links online and offline channels to boost profit, establishing an integrated information management platform to fully roll out digital operations. 投资建议/Investment Ideas 维持盈利预测，维持买入评级 公司继续深化品牌形象，加强下沉市场布局；聚焦高质量核心VIP客群，持续开店发力贡献业绩增量。我们预计比音勒芬22-23年EPS分别为1.4、1.8元/股，PE分别为14.9X、11.7X。 Valuation and risks Biem continues to raise its brand image and increase market penetration, with high-end and VIP customers forming its core business. At the same time, the company keeps opening stores to lift profitability. We maintain our earnings forecast and BUY rating. For 2022/23E, we expect EPS of RMB1.40/1.80, with PE at 14.9x/11.7x. 风险提示：拓店速度不及预期，店效水平增长不及预期；人工费用开支增长、仓储物流调配费用增长；国际运动品牌竞争影响等。 Risks include: slower store expansion than expected; weaker rise in store efficiency than expected; rising labor, warehousing and logistics costs; and worsening impact of international sports brand competition. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供专业投资者作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、链接、转贴或以其他方式复制发表本文件及任何内容。已获授权者，在使用本文件或任何内容时必须注明稿件来源于天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本文件，违者将依法追究相关法律责任。本文件所引用之数据或资料可能得自第三方，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对第三方所提供数据或资料之准确性负责。且天风国际集团不会就本文件所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本文件中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本文件并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全了解其风险以及有关法律、赋税及会计的特点及后果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日后的表现。在若干国家，传阅及分派本文件的方式可能受法律或规例所限制。获取本文件的人士须知悉及遵守该等限制。 阅读原文 立即开户
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