Financial Performance - Revenue increased by 17.8% to approximately RMB 8,804.1 million[3] - Gross margin slightly decreased by 0.1 percentage points to 49.9%[3] - Operating profit margin improved by 0.2 percentage points to 16.7%[3] - Profit attributable to equity shareholders rose by 23.0% to approximately RMB 1,129.7 million[3] - Total comprehensive income for the period amounted to RMB 1,165.6 million, up from RMB 859.9 million[9] - Basic earnings per share increased to RMB 10.35 from RMB 8.47[9] - The reported segment profit for the six months ended September 30, 2024, was RMB 1,550,901,000, up from RMB 1,272,621,000 in 2023, indicating a growth of about 21.8%[32] - The total comprehensive profit before tax for the six months ended September 30, 2024, was RMB 1,558,448,000, compared to RMB 1,300,534,000 in 2023, indicating an increase of about 20%[32] - The operating profit for the first half of the fiscal year grew by 19.6% to approximately RMB 1,471.8 million, with an operating profit margin of 16.7%[170] Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.06 per share[3] - The interim dividend proposed for the six months ended September 30, 2024, is HKD 0.06 per share, compared to HKD 0.05 per share for the same period in 2023[65] - The company plans to distribute an interim dividend of approximately RMB 615,279,000 (HKD 665,829,000) to shareholders after September 30, 2024[68] Revenue Segmentation - The down jacket segment generated revenue of RMB 6,070,229 thousand, contributing significantly to the overall performance, with a profit of RMB 1,225,297 thousand[30] - The brand down jacket business generated revenue of approximately RMB 6,062.7 million, accounting for 68.9% of total revenue, with a year-on-year growth of 22.7%[74] - The OEM management business recorded revenue of approximately RMB 2,316.4 million, contributing 26.3% to total revenue, with a year-on-year increase of 13.4%[74] - The women's wear segment reported revenue of approximately RMB 308.1 million, which accounted for 3.5% of total revenue, showing a decline of 21.5% year-on-year[74] - The diversified clothing business achieved revenue of approximately RMB 116.9 million, representing 1.3% of total revenue, with a year-on-year increase of 21.3%[74] Asset Management - Non-current assets increased to RMB 1,803.1 million from RMB 1,544.0 million[11] - Current assets, including inventory, rose to RMB 19,588.7 million from RMB 19,018.6 million[11] - The total value of trade receivables and notes receivable as of September 30, 2024, is RMB 4,670,997,000, significantly up from RMB 1,585,095,000 as of March 31, 2024[51] - The inventory as of September 30, 2024, amounts to RMB 5,939,197,000, compared to RMB 3,197,497,000 as of March 31, 2024, indicating a substantial increase[51] Operational Efficiency - The company’s operations are subject to seasonal fluctuations, with the second half of the fiscal year typically seeing higher sales and revenue compared to the first half[21] - The company aims to maintain the initial order ratio below 40% and will continue to adjust order structures based on market sales data to respond to consumer demand[91] - The company has achieved a 99% availability rate for top-selling products and is targeting a new challenge of availability for unexpected high-demand items[93] - The company is focusing on integrating quality control throughout the entire product lifecycle to enhance user experience and brand perception[94] Innovation and Product Development - The company is investing in research and technology to build a leading innovation capability, including collaborations with top designers and advancements in materials and processes[94] - Bosideng's focus on product innovation led to the launch of several award-winning products, including the "Urban Outdoor Women's Multi-functional Jacket" and "China Antarctic Research Team Down Protective Suit" which won global design awards[109] - The company emphasizes sustainable practices by developing recycled and bio-based materials, contributing to its global leading CIRCULAR product concept[107] Market Expansion and Brand Strategy - The company aims to enhance brand influence and market competitiveness through improved product quality and digital transformation[70] - The multi-brand strategy aims to strengthen Bosideng's core down jacket business while expanding the Snow Flying brand's market presence in the mid-range segment[115] - The company signed a cooperation agreement with the Harbin municipal government to create the "Erbin" brand IP, integrating local ice and snow culture into its product offerings[83] Financial Management - The company’s financial risk management objectives and strategies remain consistent with those disclosed in the 2023/24 annual financial statements[22] - The company has recognized a total impairment loss of RMB 898,741,000 for men's wear and various women's wear brands as of September 30, 2024[48] - The group adopts a prudent financing and investment policy, primarily relying on cash generated from operating activities and bank loans for funding[196] Employee and Talent Development - The group employed 13,082 full-time employees as of September 30, 2024, an increase of 1,251 employees compared to 11,831 full-time employees as of March 31, 2024[198] - The group aims to become a "global leader in down apparel" and is focusing on strategic talent development to meet current and future organizational needs[199] - The group is implementing a systematic talent development system, including initiatives like the "Eagle" talent cultivation program targeting university graduates[199] Sustainability and ESG Performance - The company aims to achieve a low-carbon fabric usage rate of 40% by 2030 and 80% by 2038, alongside a goal of achieving net-zero emissions within its operational scope by 2038[187] - The company has been recognized in the S&P Global Sustainability Yearbook 2024 for its outstanding ESG performance, being one of only two companies in China's branded apparel industry to be included[184] - The company has established a comprehensive carbon emission accounting system covering its entire value chain, which has been independently verified[186]

证券研究报告 纺织服饰 | 服装家纺 港股|首次覆盖报告 hyzqdatemark 2024 年 11 月 13 日 证券分析师 羽绒服饰头部国牌，聚焦核心主业持续快速发展。公司成立于 1976 年，前期以代工 业务为主；自 1995 年起不断蕴育出波司登、雪中飞、冰洁等羽绒品牌，进入快速增 长阶段；2018 年，公司提出"聚焦主航道，收缩多元化"战略，将发展重心移向主 品牌。公司高管团队均具备丰富经验，带领公司在近年中实现营收及利润稳增长， 并不断在国际舞台展示创新产品，巩固公司品牌形象。 丁一 SAC：S1350524040003 dingyi@huayuanstock.com | --- | --- | |------------------------------------|-----------| | | | | 基本数据 收盘价（港元） | 4.28 | | 一年内最高/最低（港 元） | 5.14/3.05 | | 总市值（百万港元） | 47,487.74 | | 流通市值（百万港元） | 47,487.74 | | 资产负债率（%） 资料来源：聚源数据 | 46.38 | 波司登(0399 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Views - The company has undergone a significant brand transformation and strategic focus on its core down jacket business, leading to substantial revenue and profit growth [10][15]. - The down jacket market in China has shown robust growth, with the company positioned to capture high-end market demand through product innovation and brand enhancement [15][24]. - The company has implemented a unique supply chain model that reduces inventory risk and enhances operational efficiency [43]. Summary by Sections Historical Review: The Rise and Renewal of the Company - The company, primarily engaged in down jacket production, has evolved through three main phases since its listing in 2007: diversification (2007-2013), product and channel adjustments (2014-2017), and a focus on its core business (2018-present) [10][11]. Multi-Dimensional Exploration of Brand Renewal - The company achieved a compound annual growth rate (CAGR) of 15% in revenue and 41% in profit during its first three-year strategic transformation [15]. - The brand has focused on product diversification, channel optimization, and a refined supply chain to enhance operational efficiency [15][43]. Future Growth Drivers for the Brand - The down jacket market in China grew from 69.3 billion yuan in 2014 to 146.1 billion yuan in 2021, with a CAGR of 11.2% [15]. - The company is expanding into outdoor apparel and functional clothing, launching popular products like ski jackets and sun protection clothing [15][24]. Earnings Forecast and Investment Recommendations - The company is projected to achieve a net profit of 3.62 billion yuan by 2025, with price-to-earnings (P/E) ratios of 13, 11, and 10 for FY2025-2027, compared to the average of comparable companies [2][15].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of HKD 6.31 per share, based on a FY25 PE of 18X [2]. Core Insights - The sustained profitability of Moncler and Canada Goose is attributed to precise targeting of high-end consumer demographics, an increase in direct sales channels, and an expansion of product categories. The report highlights that Bosideng has outperformed other leading apparel brands in the domestic and international markets over the past six years, which is closely linked to its reforms and expansions in these areas [2]. - The report projects Bosideng's net profits for FY25 and FY26 to be CNY 35.7 billion and CNY 41.3 billion, respectively, with an upward revision from the previous estimate of CNY 32.4 billion for FY25 [2]. Summary by Sections Company Performance - Both Moncler and Canada Goose have achieved a compound annual growth rate (CAGR) of over 20% in revenue and net profit since their listings, with Moncler showing a CAGR of 20% in revenue and 24% in net profit from 2011 to 2022 [3][4]. - Moncler's revenue in 2022 reached EUR 2.603 billion, while Canada Goose's revenue for FY2023 was CAD 1.217 billion, reflecting a CAGR of 24% from FY2015 to FY2023 [5]. Market Positioning - Moncler has established a strong luxury brand positioning through product, marketing, and channel iterations since its inception in 1952, while Canada Goose emphasizes functionality and Canadian manufacturing in its branding strategy [20][27]. - The report notes that Moncler's direct retail channel accounted for 80% of its sales in 2022, significantly higher than Canada Goose's 67% [35]. Product Strategy - Moncler has diversified its product offerings through initiatives like the Moncler Genius project, which targets younger consumers and aims to extend the brand's appeal beyond traditional outerwear [23][25]. - Canada Goose has expanded its product range to include lightweight down products and non-outerwear items, responding to diverse consumer needs and preferences [27]. Financial Projections - The report anticipates Bosideng's net profit for FY25 to be CNY 35.7 billion, with a target price adjustment reflecting a 15% increase from previous estimates [2]. - The projected net profit for FY26 is CNY 41.3 billion, indicating a positive growth trajectory for the company [2].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to see robust revenue growth of 10% to 20% year-on-year in FY2025H1, driven by increased demand for autumn apparel due to colder weather [1] - The main brand's gross margin is projected to slightly decline, while overall gross margin is expected to remain stable [1] - The company is focusing on product innovation, particularly in outdoor apparel, with new launches such as the "three-in-one down jacket" [1] - The company is enhancing channel efficiency through refined management of individual stores and increasing the number of seasonal stores [1] - The company maintains a healthy operational status with a low initial order ratio and efficient inventory turnover [2] Financial Summary - For FY2025, the company is projected to achieve revenue of approximately 26,622 million yuan, representing a year-on-year growth of 14.7% [3] - The net profit for FY2025 is estimated at 3,574 million yuan, with a growth rate of 16.3% year-on-year [3] - The company's earnings per share (EPS) for FY2025 is expected to be 0.32 yuan [3] - The projected price-to-earnings (P/E) ratio for FY2025 is 14 times [2][3] Growth Potential - The brand's down jacket business is anticipated to grow by over 10%, while OEM business is expected to grow by 15% to 20% in FY2025 [2] - The company is actively expanding its product categories and enhancing brand innovation, which is expected to drive long-term growth [2]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company announced a strategic investment in the international luxury down jacket brand Moose Knuckles, expanding its international business and enhancing its brand portfolio [4] - Recent seasonal sales have been strong, with product innovations such as "Light Warm Goose Down" and "Stack Change" series receiving positive feedback [4] - The company is optimizing its store structure and expanding into incremental markets, particularly focusing on strategic cities with low store penetration [4] - A strategic cooperation agreement with Harbin has been signed to jointly promote the creation of a winter apparel brand IP [4] - The company has over 40 years of experience in the down jacket industry, with a solid foundation and strong consumer recognition, and is expanding into outdoor and functional apparel sectors [4] Financial Performance - FY24 revenue is projected at 232.1 billion yuan, a 38.4% year-on-year increase [7] - FY24 net profit attributable to the parent company is expected to be 3.07 billion yuan, a 43.7% year-on-year increase [7] - Gross margin for FY24 is 59.6%, slightly up by 0.1 percentage points [8] - Net profit margin for FY24 is 13.2%, up by 0.5 percentage points [8] Strategic Investments and Innovations - The strategic investment in Moose Knuckles aims to fill the gap in the luxury trendy down jacket market [4] - Product innovations include the "Stack Change" series, which offers multi-functional designs for different scenarios, and the VERTEX series, which enhances the high-end outdoor product line [4] - The company has upgraded its Puff series in collaboration with the Italian brand MSGM, improving both warmth and fashion appeal [4] Market Expansion and Channel Optimization - The company is deepening channel stratification and focusing on top-tier stores as experimental hubs [4] - Strategic incremental markets, such as Jiamusi in Heilongjiang, are being targeted for new store openings and upgrades [4] - The cooperation with Harbin aims to leverage the city's winter tourism boom to boost sales and brand visibility [4] Future Outlook - The company is expected to maintain steady growth, with projected net profits of 3.63 billion, 4.19 billion, and 4.78 billion yuan for FY24-26, respectively [4] - The PE ratios for FY24-26 are estimated at 13x, 11x, and 10x, respectively [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company has announced an investment in the Canadian luxury down jacket brand Moose Knuckles, which has established 36 stores in China, North America, and Europe, and is distributed through renowned retailers such as Harrods and Saks Fifth Avenue [5]. - The acquisition aims to create a multi-brand group, leveraging the company's resources to enhance Moose Knuckles' development in the Chinese market, while also expanding its overseas business in the future [5]. - Short-term retail data is favorable, with Moose Knuckles expected to contribute to growth through high-priced sunscreen clothing and strong sales in the shell jacket segment [5]. - The company is adjusting its product structure flexibly, with strong sales performance in functional products and a positive outlook for offline sales growth due to recent consumption policies and nationwide cooling [5]. Financial Projections - The projected net profit for FY2024, FY2025, and FY2026 is expected to be 3.6 billion, 4.1 billion, and 4.6 billion respectively, with year-on-year growth rates of 18%, 13%, and 12% [6]. - The estimated P/E ratios for the same periods are 13, 12, and 11 [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company has launched a new generation of professional sun protection clothing, enhancing its summer performance for the new fiscal year with features such as UPF100+ and improved breathability [3] - The introduction of multiple product lines, including the "叠变" series, has initiated the peak season sales, supported by strategic collaborations and marketing events [4] - The strategic investment in the Canadian luxury down jacket brand MooseKnuckles marks a significant step in expanding the company's international presence and core business focus [5] - Revenue and profit forecasts indicate a steady growth trajectory, with projected revenues of 263 billion, 297 billion, and 335 billion for the fiscal years ending March 2025, 2026, and 2027, respectively, reflecting a year-on-year growth of 13% [5][10] Summary by Sections Business Performance - The company is expected to achieve revenues of 23,214 million in FY2024, with a year-on-year growth of 38.39%, and net profit of 3,074 million, reflecting a growth of 43.74% [6][10] - The forecast for FY2025 and FY2026 shows continued growth in both revenue and net profit, with expected revenues of 26,272 million and 29,688 million, and net profits of 3,544 million and 4,066 million, respectively [6][10] Strategic Initiatives - The collaboration with renowned designers and participation in high-profile events have significantly increased brand visibility and market engagement [3][4] - The acquisition of MooseKnuckles is aimed at enhancing the company's product offerings and expanding its market reach, particularly in Asia [5] Financial Projections - The company is projected to maintain a high dividend payout ratio exceeding 80% over the next three fiscal years, indicating strong cash flow and shareholder returns [5] - The estimated P/E ratios for the upcoming fiscal years are 13.7, 11.9, and 10.5, suggesting that the stock is currently undervalued [5][10]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Viewpoints - The report highlights that the sustained profitability improvement of Moncler and Canada Goose is driven by three key factors: precise targeting of high-end consumer groups, increased proportion of direct sales channels, and expansion of product categories [3] - The company's market performance over the past six years is attributed to its reforms and expansions in brand upgrading, direct sales channel proportion, and new product categories [3] - The company is expected to achieve net profits of 3.57 billion and 4.13 billion yuan in FY25 and FY26, respectively, with a PE ratio of 17-18X for FY25, translating to a reasonable value range of 5.96-6.31 HKD per share [3] Historical Performance of Moncler and Canada Goose - Both Moncler and Canada Goose have achieved a compound annual growth rate (CAGR) of over 20% in revenue and net profit since their IPOs [4][5] - Moncler's revenue grew from 364 million euros in 2011 to 2.603 billion euros in 2022, with a CAGR of 20% [4] - Canada Goose's revenue grew from 218 million CAD in FY2015 to 1.217 billion CAD in FY2023, with a CAGR of 24% [5] - The Asia-Pacific region is the largest revenue contributor for both companies, accounting for 43% of Moncler's revenue and 29% of Canada Goose's revenue in 2022 [5] Profitability Trends - Moncler's gross margin increased from 67% in 2011 to 76.4% in 2022, while its net margin rose from 15.4% to 23.3% over the same period [8][9] - Canada Goose's gross margin increased from 40.6% in FY2014 to 67% in FY2023, with its net margin peaking at 17.3% in FY2018 before declining post-pandemic [8][9] - Moncler's recovery post-pandemic has been stronger compared to Canada Goose, which saw a significant decline in net margin due to increased e-commerce investments and rising labor costs [8] Leadership and Development Strategies - Moncler's CEO, Remo Ruffini, has a strong background in the fashion industry, which has helped the company transition into a luxury brand [12] - Canada Goose's CEO, Dani Reiss, has focused on maintaining the brand's "Made in Canada" identity and functional product positioning [12] - Moncler has diversified its product lines and expanded into non-outerwear categories, while Canada Goose has emphasized its core product functionality and brand heritage [12][27] Channel and Supply Chain Strategies - Moncler's direct sales channel accounts for 80% of its revenue, significantly higher than Canada Goose's 67% [34] - Moncler has a more balanced growth strategy between store expansion and store efficiency, while Canada Goose has relied more on store expansion for growth [31] - Canada Goose maintains a higher proportion of in-house production, with 8 owned factories, compared to Moncler's reliance on third-party suppliers [37] Product Diversification and Seasonal Risk Mitigation - Moncler has successfully diversified its product portfolio, with non-outerwear products accounting for 25% of its revenue in 2020, up from 12% in 2014 [38] - Canada Goose plans to increase its non-down product revenue to 25% by FY2028, aiming to reduce seasonal dependency [38] Market Performance and Valuation - The company's market performance over the past six years has been strong, with a cumulative increase of 571.7% in stock price, outperforming many peers [41][42] - The report forecasts the company's net profit to reach 3.57 billion and 4.13 billion yuan in FY25 and FY26, respectively, with a PE ratio of 17-18X for FY25 [3]

Investment Rating - The report maintains a "Buy" rating for Bosideng (03998) with a target price of 4.96 HKD, indicating a positive outlook for the stock over the next six months [1]. Core Insights - Bosideng has strategically invested in the international luxury down jacket brand Moose Knuckles, positioning itself as a key investor while the controlling shareholder remains the private equity firm CVC Capital Partners. This investment is seen as a significant step in expanding Bosideng's international business footprint [1]. - The Moose Knuckles brand is recognized for its high-quality materials and craftsmanship, with a focus on stylish and functional designs. The collaboration with Bosideng is expected to drive growth in the Asian market and enhance brand innovation [1]. - Bosideng is optimistic about the sales performance of its lightweight down jackets, which are being redefined to combine fashion with functionality, appealing to modern consumer preferences [1]. Summary by Sections Investment Rating - The report maintains a "Buy" rating for Bosideng with a target price of 4.96 HKD [1]. Company Overview - Bosideng has become a key investor in Moose Knuckles, a luxury down jacket brand headquartered in Montreal, Canada, which is expanding its retail presence globally [1]. - Moose Knuckles operates over 36 stores in more than 30 countries, including China, North America, and Europe, and collaborates with renowned retailers for distribution [1]. Financial Projections - The report projects Bosideng's revenue for FY25-27 to be 26.5 billion RMB, 30.1 billion RMB, and 34.1 billion RMB, respectively, with net profits of 3.6 billion RMB, 4.1 billion RMB, and 4.6 billion RMB for the same periods [2]. - Earnings per share (EPS) are expected to be 0.33 RMB, 0.37 RMB, and 0.42 RMB, with price-to-earnings (PE) ratios of 13, 11, and 10 times [2].