Alpargatas：巴西鞋业龙头困境反转与护城河分析
Alpargatas S.A., a great turn around strong moat Brazilian footwear company.
提供Alpargatas完整的财务指标与运营反转逻辑，数据详实且可验证，适合价值投资者研究基本面修复机会。
I have analyzed two companies in this Report. Alpargatas S.A is one of them.
本报告分析了两家公司，其中一家是Alpargatas S.A。
Alpargatas S.A. is a Brazilian manufacturing company headquartered in São Paulo. Established in 1907, it is one of Brazil's largest companies in the footwear and canvas business.
Alpargatas S.A.是一家总部位于圣保罗的巴西制造企业。该公司成立于1907年，是巴西鞋类和帆布业务领域最大的公司之一。
Alpargatas’ main product is Havaianas, one of Brazil's largest rubber flip-flop brands, introduced in 1962 and inspired by the Japanese Zori sandals.
Alpargatas的主要产品是Havaianas，这是巴西最大的橡胶人字拖品牌之一，于1962年推出，其设计灵感源自日本草履（Zori）。
The company is recovering from its failed post-pandemic international plans and bad bets on direct-to-consumer.
该公司正从疫情后失败的国际化计划以及对直销渠道的错误押注中恢复。
The operational turnaround has gradually worked out, as a return to core wholesale channels and improved inventory management have restored profitability and free cash flow after a challenging period of inventory write-downs and supply chain friction.
随着回归核心批发渠道并改善库存管理，在经历了一段充满挑战的存货减值和供应链摩擦期后，公司的盈利能力和自由现金流已逐步恢复，运营转型初见成效。
Returns on Invested Capital have expanded to 18%, up 1,100bps YOY; capital efficiency has also improved as working capital, especially excess finished goods inventory, was liquidated and normalized.
投入资本回报率（ROIC）已扩大至18%，同比提升1,100个基点；随着营运资金（尤其是过剩的产成品库存）被清算并恢复正常，资本效率也有所改善。
Higher gross margins, sitting comfortably above 55%, with operating and profit margins of 15.74% and 14.52%, and 18% ROIC and almost 8% ROA confirm the strength of the company’s moat.
较高的毛利率稳定在55%以上，营业利润率和净利润率分别为15.74%和14.52%，加之18%的ROIC和近8%的ROA，证实了该公司护城河的稳固。
The stock is down -77% in 5 years, which is an appealing pricing point for turnaround value hunters.
该股在过去五年下跌了77%，这为寻求困境反转价值的投资者提供了极具吸引力的定价点。
The company is controlled by 3 prominent Brazilian Banking and mining Families: the Setúbal, Villela, and Moreira Salles families.
该公司由三家著名的巴西银行与矿业家族控制：Setúbal家族、Villela家族和Moreira Salles家族。
更进一步：量化金融体系
看懂新闻只是起点——沿量化金融路径，把它变成能交付的工程能力