Baoxiniao Holding
(002154 CH)
實控人擬全額認購定增標明價值底線
Company controller’s intention to fully subscribe to the private placement offer indicates Baoxiniao’s value
BUY (maintain) |
投資要點/Investment Thesis
投資要點/Investment Thesis
實控人擬全額認購本輪定增融資
本次向特定對象發行股票的發行對象為自然人吳志澤先生，發行對象以現金方式認購；募集資金總額不超過人民幣8億元（含本數），扣除相關發行費用後，全部用於補充流動資金及償還銀行借款；
本次發行價格為2.80元/股（9月30日公司收盤價約4.4元），本次向特定對象發行股票的數量不超過2.86億股，約為本次發行前公司總股本（14.59億股）的20%。
本次發行前，公司實控人為吳志澤及其一致行動人吳婷婷、上海金紗，合計控制表決權比例為38.09%。按照本次發行數量上限計，本次發行完成後公司控股股東及其一致人合計控制48.22%股份，仍為公司實控人；公司控股股東及實控人不發生變化。
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.
提高公司資金實力，彰顯實際控制人對公司未來發展信心
隨著服裝行業的逐步復甦，公司資金需求逐步增加。通過本次向特定對象發行股票募集資金，一方面，可以提升公司發展過程中流動性水平，解決營運資金需求，提高抗風險能力；另一方面，可以為未來業務快速發展以及市場佔有率提高提供堅實的資金保障，增強競爭能力。
本次向特定對象發行股票的發行對象為公司控股股東、實際控制人。本次發行後，公司實際控制人的持股比例將得到進一步提升，彰顯了實際控制人對服裝行業以及公司未來發展前景的堅定信心，有利於保障公司的穩定持續發展。隨著本次發行募集資金的注入，公司的營運資金有所補充，公司資產負債結構得到優化，有利於公司發展戰略的實施以及後續經營的持續運作，提升公司投資價值。
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.
投資建議/Investment Ideas
維持盈利預測，維持買入評級
作為國內成功實施多品牌發展戰略的少數品牌服裝企業之一，公司堅持服裝為主業，建立了良好的多品牌矩陣，成熟品牌報喜鳥、哈吉斯、寶鳥、所羅堅持穩健發展，成長品牌樂飛葉、愷米切等堅持快速發展，培育品牌東博利尼堅持小步快走。
公司核心競爭力主要體現在良好發展梯隊的品牌矩陣、扁平高效的“品牌+平臺”運營架構、線上線下相互融合的全渠道營銷模式、滿足個性化的全品類私人量體定製、大規模個性化智能生產、建立了與發展戰略相適應的多元激勵機制。
暫不考慮本次定增，我們預計公司24-26年EPS分別為0.45元、0.53元以及0.6元，PE分別為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.
風險提示：消費景氣度不及預期；品牌渠道拓展不及預期；行業競爭加劇
Risks include: worse-than-expected consumer sentiment; weaker brand channel expansion than expected; and intensifying competition.
Email: research@tfisec.com
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