比音勒芬:现金购买完成,带头表明信心

（以下内容从天风国际证券《比音勒芬:现金购买完成,带头表明信心》研报附件原文摘录）
　　Biem.L.Fdlkk Garment (002832 CH) 现金购买完成，带头表明信心 Employee incentives prove effective as phase 4 is completed; multi-brand buildout gains traction BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 第四期员工持股计划完成购买，激励计划落地 截至6月27日，公司员工持股计划已通过二级市场集中竞价方式累计买入公司591万股股票，占总1.04%，成交均价33.8元/股，成交金额约2亿元；至此本员工持股计划已完成标的股票购买，锁定期为该日起12个月。 控股股东谢秉政先生承诺：待计划到期所有股票变现后，若金额低于其认购本金扣除借款利息，谢秉政对差值部分承担补足义务。 公司前三次员工持股计划及最终持股数量为：2021年1月（649万股）；2019年5月（686万股）；2017年8月（288万股）；17-21年公司归母净利CAGR为36.4%，激励效果良好。 Employee stock incentives proved effective; phase 4 share purchases completed Phase 4 completed: Biem.L.Fdlkk’s employee stock ownership plan saw a total of 5.91m shares purchased through centralized bidding on the secondary market as of 27 June. The average transacted share price was RMB33.8 and the total transaction value was about RMB200m; and the aggregate amount is equivalent to 1.04% of the company’s total shares. Thus far, the employee stock ownership plan has completed the purchases of underlying stock with a lock-up period of 12 months from that date. Controlling shareholder Xie Bingzheng had pledged to make up the difference if the amount falls short of the subscription principal minus the loan interest, on expiry of the plan with all shares realized. Effective incentives: the final counts for the previous three phases of the employee stock ownership plan are as follows: January 2021: 6.49m shares; May 2019: 6.86m shares; August 2017: 2.88m shares. Biem’s net profit CAGR over 2017-21 was 36.4%, indicating the effectiveness of the share incentives. 差异化定位中高端休闲市场，终端消费韧性凸显 公司定位差异化，卡位优质中高端赛道持续深耕。比音品牌精准把握高尔夫运动和高尔夫服饰的神形特征，同时在研发设计方面秉持高品质、高品位、高科技及创新原则，严选高档次高性能面料，多方位强化中高端品牌定位。 公司主品牌聚焦T恤打造明星品类，比音高尔夫巩固高尔夫第一联想品牌，威尼斯主攻度假旅游；CERRUTI 1881定位重奢、KC定位轻奢，多品牌运营协同发展；差异化品牌定位下，在当前弱复苏大环境中或受益中高端消费强劲韧性。 Differentiated market positioning in higher-end leisure; resilient end-markets Golfing and more culture: Biem is strengthening its differentiated positioning at the high-quality higher end of the market. We believe the Biem.L.Fdlkk brand encapsulates the golf culture and golfing apparel through principles such as high-quality, high-grade, advanced technology and innovation via R&D and design. The use of high-performance fabrics strengthens its higher-end brand positioning in multiple markets. Differentiated brands: the main brand focuses on T-shirts and celebrity collections with Biem.L.Fdlkk Golf the top brand associated with golf; while Carnaval de Venise covers vacations and tourism; Cerruti 1881 is positioned in the ultra luxury segment; and Kent & Curwen is positioned in the light luxury segment. As Biem drives the synergistic development of its multi-brand operations, its differentiated brand positioning could leverage the robust resilience of the higher-end consumption segment within a currently weak macro recovery. 私域流量激活社交属性，全域打造优质客群粘性 公司优质线下渠道覆盖全国高端百货商场、购物中心、机场高铁交通枢纽以及高尔夫球场，一二线直营为主，其他城市以加盟为主，截至22年末共计1191家终端门店； 积极布局线上渠道，与电商平台深度合作，进一步完善小红书、抖音等社交平台的KOL矩阵，通过多样化的社交话题及大量UGC内容，吸引更多用户关注； 同时积极布局数字化新零售，通过微信号、VIP社群营销、小程序直播等将线下优质会员引流至线上，为客户提供更多的消费体验和更便捷的服务，并通过微信会员商城小程序达成线上线下联动，实现流量变现，提升品牌粘性及复购率。 Private-domain user traffic fuels social engagement, adds domain-wide stickiness 1,191 physical stores: the company’s high-end offline channel comprises high-end stores and malls, and airports, high-speed rail and other transportation hubs, as well as golf courses across China. It mainly deploys direct sales in the first and second-tier city markets, while franchises cover the other city tiers. Biem counts 1,191 stores in the end market as of end-2022. O2O growth: the company is building out its online channels via deep ties with ecommerce platforms, boosting its KOL matrix on social platforms such as Xiaohongshu and Douyin (China’s TikTok), and increasing user engagement with diverse social topics and high UGC content. In building out its digital new retail network, it woos quality offline members online via its WeChat account, VIP community marketing, as well as livestreaming and mini-programs, providing customers with a richer consumer experience and greater convenience in services. Online and offline linkage via the WeChat member mall applet helps to monetize traffic, add brand stickiness and raise repurchase rates. 投资建议/Investment Ideas 维持盈利预测，维持“买入”评级 公司持续巩固差异化定位优势，开发高尔夫系列拥抱年轻群体及运动赛道，注重渠道高质量增长；此前发布十年300亿规模成长计划，多品牌矩阵集团化运营，成长空间可期。我们预计公司2023-25年EPS分别为1.7/2.1/2.5元/股，PE分别为21/17/14x。 Valuation and risks The company continues to hone its edge in differentiated market positioning, developing golfing apparel series that ties together youthfulness and sports, while gearing up for quality channel growth. We see good potential in its recently released 10-year RMB30bn plan, which details multi-brand matrix group operations. We forecast EPS will arrive at RMB1.7/2.1/2.5 in 2023/24/25E, with PE at 21/17/14x. We maintain our profit forecast for the company and our BUY rating on the stock. 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；国际运动时尚品牌竞争影响等。 Risks include: slower-than-expected store expansion; lower-than-expected improvement in store efficiency; rising labor, warehousing and logistics allocation costs; and global sports fashion brands’ competitive risks. 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