報喜鳥:實控人擬全額認購定增標明價值底線

（以下内容从天风国际证券《報喜鳥:實控人擬全額認購定增標明價值底線》研报附件原文摘录）
　　Baoxiniao Holding (002154 CH) 实控人拟全额认购定增标明价值底线 Company controller’s intention to fully subscribe to the private placement offer indicates Baoxiniao’s value BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 实控人拟全额认购本轮定增融资 本次向特定对象发行股票的发行对象为自然人吴志泽先生，发行对象以现金方式认购；募集资金总额不超过人民币8亿元（含本数），扣除相关发行费用後，全部用於补充流动资金及偿还银行借款； 本次发行价格为2.80元/股（9月30日公司收盘价约4.4元），本次向特定对象发行股票的数量不超过2.86亿股，约为本次发行前公司总股本（14.59亿股）的20%。 本次发行前，公司实控人为吴志泽及其一致行动人吴婷婷、上海金纱，合计控制表决权比例为38.09%。按照本次发行数量上限计，本次发行完成後公司控股股东及其一致人合计控制48.22%股份，仍为公司实控人；公司控股股东及实控人不发生变化。 Actual controller intends to fully subscribe to the private placement offer RMB800m proceeds: apparel maker Baoxiniao announced on 27 Sept 2024 plans to issue shares under a private placement to a natural person, i.e. controlling stakeholder Wu Zhize, who is also its actual controller, chairman and general manager. It will issue up to 286m shares, equivalent to about 20% of the total market cap in pre-issuance terms (1.46bn shares). The company said the total proceeds will not exceed RMB800m (including the principal) and after deducting issuance expenses it would be used to supplement working capital and pay off bank loans. Mr Wu intends to subscribe to the full amount in cash. The issue price is RMB2.80 per share (vs the current price of RMB4.40 as of 30 Sept close). No change in control: prior to the placement, Mr Wu and affiliates Wu Tingting and Shanghai Gold Yarn Investment (who act on his behalf), together hold 38.09% of voting interests in the company. Post-issuance, their collective stake effectively expands to 48.22% at the upper limit of the range and they retain the controlling stake. 提高公司资金实力，彰显实际控制人对公司未来发展信心 随著服装行业的逐步复甦，公司资金需求逐步增加。通过本次向特定对象发行股票募集资金，一方面，可以提升公司发展过程中流动性水平，解决营运资金需求，提高抗风险能力；另一方面，可以为未来业务快速发展以及市场占有率提高提供坚实的资金保障，增强竞争能力。 本次向特定对象发行股票的发行对象为公司控股股东、实际控制人。本次发行後，公司实际控制人的持股比例将得到进一步提升，彰显了实际控制人对服装行业以及公司未来发展前景的坚定信心，有利於保障公司的稳定持续发展。随著本次发行募集资金的注入，公司的营运资金有所补充，公司资产负债结构得到优化，有利於公司发展战略的实施以及後续经营的持续运作，提升公司投资价值。 Implications: better financial muscle, controller’s confidence in future growth Sufficient funds to drive growth: the company’s capital requirements are increasing gradually as the apparel industry recovers. We believe that raising funds through the private placement not only ensures sufficient liquidity to drive the company’s development, provides working capital requirements and augments risk resistance. It also supports the rapid development of Baoxiniao’s future businesses to help expand market share and thus enhance its competitiveness. Stronger asset: as Mr Wu is both Baoxiniao’s controlling shareholder and actual controller, we believe the expansion of his interest in the company demonstrates his confidence in the apparel industry as well as the company’s development prospects. We regard this move as conducive to the company’s stable and sustainable development. The fund injection practically supplements operating capital, while optimizing the asset-liability structure. Baoxiniao is thus well placed to drive its development strategy and the subsequent operations, which adds to the company’s investment value. 投资建议/Investment Ideas 维持盈利预测，维持买入评级 作为国内成功实施多品牌发展战略的少数品牌服装企业之一，公司坚持服装为主业，建立了良好的多品牌矩阵，成熟品牌报喜鸟、哈吉斯、宝鸟、所罗坚持稳健发展，成长品牌乐飞叶、恺米切等坚持快速发展，培育品牌东博利尼坚持小步快走。 公司核心竞争力主要体现在良好发展梯队的品牌矩阵、扁平高效的“品牌+平台”运营架构、线上线下相互融合的全渠道营销模式、满足个性化的全品类私人量体定制、大规模个性化智能生产、建立了与发展战略相适应的多元激励机制。 暂不考虑本次定增，我们预计公司24-26年EPS分别为0.45元、0.53元以及0.6元，PE分别为10X、8X以及7X。 Valuation and risks Diverse brand portfolio: Baoxiniao continues to focus on apparel as its core business. It is one of only a handful of Chinese apparel producers with an effective multi-brand growth strategy. Its mature brands, such as Saint Angelo, Hazzys, Bono and Solosali, are plugging ahead steadily. Meanwhile, the newer brands in the portfolio, like Lafuma and Camicissima, are growing fast. It is also nurturing brands such as Tom Bolini, which is inching forward. Competitive strengths: Baoxiniao’s core competitiveness mainly stems from a well-developed brand matrix, an efficient horizontal brand-and-platform operating structure, an omnichannel marketing model that integrates both online and offline business, as well as extensive categories that also incorporate personalized and tailor-made customization through large-scale smart production. We think the diverse incentive mechanism it has set up augurs well for the company’s development strategy. Valuation: in valuing Baoxiniao, we exclude the private placement. We forecast EPS at RMB0.45/0.53/0.60 in 2024/25/26E and PE at 10x/8x/7x. We maintain our BUY rating. 风险提示：消费景气度不及预期；品牌渠道拓展不及预期；行业竞争加剧 Risks include: worse-than-expected consumer sentiment; weaker brand channel expansion than expected; and intensifying competition. 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