纺织服饰 2024 年 07 月 06 日 波司登 (03998) 上 市 公 司 ——配售不改基本面向好趋势,新财年业务进展积极 公 司 研 究 / 公 司 点 评 报告原因:强调原有的投资评级 证 券 研 究 报 告 | 市场数据: | 2024 年 07 月 05 日 | |------------------------|---------------------------------| | 收盘价(港币) | 4.08 | | 恒生中国企业指数 | 6382.27 | | 52 周最高/最低(港币) | 4.89/2.83 | | H 股市值(亿港币) | 448.48 | | 流通 H 股(百万股) | 10992.1 | | 汇率(人民币 / 港币) | 1.0954 | 一年内股价与基准指数对比走势: | 77% | |-----------| | 27% | | -23% | | | | 资料来源: | | 证券分析师 | |-------------------------| | 王立平 A0230511040052 | | wanglp@swsresearch.com | | 刘佩 A ...

品类拓展引领增长,看好公司长期发展 | [ 评 Ta 级 ble : _T 买 itl 入 e] (维持) | [ 公 Ta 司 ble 盈 _F 利 in 预 an 测 ce 及 ] 估值 | | | | | | |--------------------------------------------------------|----------------------------------------------------|--------------------|-------------|-----------------|---------------|---------------| | 市场价格:4.01 港元 | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师:张潇 | 营业收入(百万元) | 16,774 | 23,214 | 26,654 | 30,339 | 34,365 | | 执业证书编号: S0740523030001 | 增长率 yoy% 净利润(百万元) | 3.5% 2,139 | 38.4% 3,074 | 14. ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The company's chairman plans to place 400 million existing shares at HKD 4.31 per share, aiming to increase liquidity and optimize shareholder structure [6] - The company's fundamentals remain strong, with FY2025 performance expected to continue its robust growth [6] - The company is a leading domestic mid-to-high-end down jacket brand, with comprehensive advantages in products, operations, and channels [6] - The company has maintained a dividend payout ratio above 80% for three consecutive years, with expectations of continuation in FY2025 [6] Financial Summary - Revenue for FY2024 is projected to be RMB 23.214 billion, a 38.4% increase from FY2023 [4] - Gross profit for FY2024 is expected to reach RMB 13.834 billion [4] - Net profit for FY2024 is forecasted to be RMB 3.074 billion, a 43.7% increase from FY2023 [4] - The company's PE ratio for FY2025 is estimated at 11X, decreasing to 8X by FY2027 [4] Market Data - The company's current share price is HKD 4.01 [1] - The 52-week price range is HKD 2.89 to HKD 4.87 [3] - The current market capitalization is HKD 44.078 billion [3] Industry - The company operates in the textile and apparel industry [4] Event Analysis - The share placement is expected to be completed by July 5, 2024, with a one-year lock-up period [6] - Historical data shows that share placements in Hong Kong typically only affect stock prices on the announcement day, with no lasting impact [6] - The company's strong fundamentals and clear short-to-long-term plans in products, channels, and operations are expected to further capture market opportunities [6]

纺织服饰/服装家纺 波司登(03998.HK) 2024 年 07 月 04 日 基本面向好趋势不改,创新驱动助力中长期行稳致远 ——港股公司信息更新报告 投资评级:买入(维持) 吕明(分析师) 周嘉乐(分析师) 张霜凝(分析师) lvming@kysec.cn 证书编号:S0790520030002 zhoujiale@kysec.cn 证书编号:S0790522030002 zhangshuangning@kysec.cn 证书编号:S0790524070006 基本面向好趋势不改,创新驱动助力中长期行稳致远,维持"买入"评级 波司登亮相"新生万物巴黎展"(7 月 6 日~20 日在卢浮宫西翼的法国装饰艺术博 物馆举行),融合非遗魅力展现中国品牌新高度,坚定文化自信、品牌自强,坚持 以匠心铸就品质,以创新引领潮流。公司羽绒服龙头地位稳固,预计产品迭代、 品类创新、渠道优化持续驱动增长,短期股价受配售影响,长期基本面趋势不改, 我们维持 FY2025-2027 盈利预测,预计归母净利润 36.2/41.7/47.7 亿元,对应 EPS 为 0.3/0.4/0.4 元,当前股价对应 PE 为 11.1/9.6 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The report highlights that the company has announced a share placement by its controlling shareholder to meet funding needs and support charitable initiatives. The placement involves transferring 400 million shares at a price of HKD 4.31 per share, totaling HKD 17.24 billion [2] - The company's financial performance for the fiscal year ending March 31, 2024, exceeded expectations, with revenue of HKD 23.21 billion (up 38.4% year-on-year), operating profit of HKD 4.40 billion (up 55.6%), and net profit attributable to shareholders of HKD 3.07 billion (up 43.7%). The strong performance was driven by excellent results in the down jacket segment and steady growth in OEM and women's wear businesses [2] - The company is set to enhance its marketing efforts for the new fiscal year, particularly in the sun protection clothing segment, with the launch of a new generation of professional sun protection garments and participation in high-profile fashion events [2] Summary by Sections Financial Performance - For the fiscal year ending March 31, 2024, the company reported revenue of HKD 23.21 billion, a year-on-year increase of 38.39%, and net profit of HKD 3.07 billion, reflecting a growth of 43.74% [3][8] - The operating profit margin reached 22.3%, marking a historical high, with the down jacket business generating revenue of HKD 19.52 billion, up 43.8% [2] Future Projections - Revenue projections for the fiscal years ending March 31, 2025, 2026, and 2027 are estimated at HKD 26.25 billion, HKD 29.66 billion, and HKD 33.45 billion, respectively, with year-on-year growth rates of 13% [3][8] - Net profit for the same periods is projected to be HKD 3.51 billion, HKD 3.98 billion, and HKD 4.50 billion, with corresponding growth rates of 14% and 13% [3][8] Valuation - The report indicates that the company's current valuation is attractive, with a projected P/E ratio of 11.5 for FY2025, 10.1 for FY2026, and 8.9 for FY2027, highlighting its low valuation, steady growth, and high dividend yield [2][3]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company reported FY2024 results with revenue of 23.2 billion and net profit of 3.07 billion, representing year-on-year increases of 38% and 44% respectively, exceeding expectations with a dividend payout ratio of 81% [5][6]. - The expansion of product categories has been effective, with significant revenue growth from both the Bosideng and Xuezhongfei brands, achieving year-on-year increases of 43% and 65% to 16.8 billion and 2 billion respectively [5]. - The company has optimized its inventory levels and maintained healthy cash flow, with net cash of 12 billion, a 49% year-on-year increase, and a net cash flow from operating activities of 7.34 billion, up 141% year-on-year [5]. Summary by Sections Financial Performance - For FY2024, the company achieved revenue of 23.2 billion, a 38% increase year-on-year, and a net profit of 3.07 billion, a 44% increase year-on-year [5][6]. - The gross margin for the Bosideng brand decreased by 1.2 percentage points to 69.6%, while the gross margin for the Xuezhongfei brand remained stable at 46.0% [5]. Product and Channel Development - The company has successfully expanded its product categories, with strong sales in sun protection clothing, jackets, and lightweight down jackets contributing to revenue growth [5]. - The company has focused on enhancing the efficiency of its top stores and has seen significant improvements in both online and offline sales channels [5]. Future Outlook - The company is expected to continue its steady growth, with projected net profits of 3.63 billion, 4.24 billion, and 4.87 billion for FY2025, FY2026, and FY2027, respectively, representing year-on-year growth rates of 18%, 17%, and 15% [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.9, based on a 17x PE for FY2024 [1][3][5]. Core Insights - The company reported a revenue increase of 38.4% year-on-year to RMB 23.214 billion and a net profit increase of 43.7% to RMB 3.074 billion for FY2024, exceeding market expectations [2][3]. - The growth was driven by category innovation, particularly in the brand's down jacket business, which saw a revenue increase of 43.8% to RMB 19.52 billion [2]. - The company is focusing on both online and offline development to enhance operational efficiency, including the expansion into emerging platforms like Douyin [2]. Financial Performance Summary - For FY2024, the company achieved a revenue of RMB 23.214 billion, with a growth rate of 38.4% [4]. - The net profit for FY2024 was RMB 3.074 billion, reflecting a growth rate of 43.7% [4]. - The EPS for FY2024 is projected at RMB 0.28, with forecasts of RMB 0.32, RMB 0.37, and RMB 0.42 for FY2025, FY2026, and FY2027 respectively [4][11]. Business Segment Performance - The main brand, Bosideng, generated revenue of RMB 16.78 billion, growing by 42.7%, while the OEM business revenue increased by 16.4% to RMB 2.67 billion [2]. - The women's wear segment showed a recovery with a revenue increase of 16.6% to RMB 820 million [2]. - The company’s diversified business, primarily through the Saimite school uniform brand, reported a slight growth of 0.3% to RMB 203 million [2]. Operational Strategy - The company is enhancing store efficiency by concentrating resources in key markets and improving single-store performance [2]. - Online sales strategies include innovative marketing content and technological upgrades to explore new sales models [2].

配售不改长期发展趋势 波司登(3998.HK) | | | | 3998 | |-------------------|------|------------------------------|-----------| | 上次评级: 买入 | | 52 周最高价 /最低价(港元) : | 4.82/2.89 | | 目标价格(港元 ): | | 总市值(亿港元 ) | 441 | | 最新收盘价(港元): | 4.01 | 自由流通市值 (亿港元) | 441 | | | | 自由流通股数(亿 ) | 10,992.10 | 事件概述 公司公告集团创办人、董事局主席及控股股东高德康设立的信托间接全资拥有的盈新国际投资知会,其已 订立大宗交易协议,拟按每股 4.31 港元的价格,配售持有的公司 4 亿股股份。配售价较昨日收盘价 4.77 港元 有 9.6%折价。配售所得款项将主要用于卖方资金需求及慈善事业发展等。 分析判断 受配售影响,股价产生短期波动,不改长期看好公司发展,我们认为公司在 FY24 高增长基础上,仍具有 超预期可能:(1)短期来看, 7 月 6 日,波司登即将亮相在卢浮宫西翼的法国装饰艺术 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.38 [8][9]. Core Insights - The company reported a strong FY24 performance with a net profit increase of 43.7% year-on-year to RMB 3.074 billion, driven by significant revenue growth and improved operational leverage [2][3]. - The company declared a final dividend of HKD 0.2 per share, resulting in a total payout ratio of 81% and a dividend yield exceeding 5% [2]. - Future earnings per share (EPS) estimates for FY25, FY26, and FY27 are projected at RMB 0.33, RMB 0.38, and RMB 0.42 respectively, with a price-to-earnings (PE) ratio of 15x for FY25 [2][3]. Financial Performance - For FY24, the company achieved a revenue of RMB 23.214 billion, reflecting a year-on-year growth of 38.4%, with the main brand's revenue increasing by 42.7% to RMB 16.785 billion [3][4]. - The gross margin remained stable at 59.5%, while the net profit margin improved to 13.2%, up 0.5 percentage points year-on-year [4]. - Cash flow from operating activities saw a significant increase of 141% year-on-year, reaching RMB 7.339 billion, with net cash rising by 49% to RMB 12.047 billion [5]. Business Segments - The main brand and the "Xuezhongfei" brand both exhibited strong growth, with the latter's revenue increasing by 65.3% to RMB 2.019 billion [3]. - The company is focusing on product innovation and channel optimization, which has led to improved single-store efficiency despite a net reduction of 186 stores [3][4]. - The OEM, women's wear, and diversified businesses also reported revenue growth of 16.4%, 16.6%, and 0.3% respectively [3]. Future Outlook - The company aims to continue its high-quality growth trajectory by enhancing brand leadership, product innovation, and channel upgrades in the down jacket segment [6]. - The OEM business will deepen cooperation with existing core clients while expanding new customer resources [6]. - The women's wear segment will focus on clear brand positioning and operational efficiency to achieve healthy growth [6].

2024 年 07 月 01 日 公司研究 评级:买入(维持) 研究所: | 证券分析师: | 马川琪 S0350523050001 | |---------------|---------------------------| | | macq@ghzq.com.cn | | 联系人 : | 廖小慧 S0350122080035 | | | liaoxh@ghzq.com.cn | 最近一年走势 | 相对恒生指数表现 | | | 2024/06/28 | |----------------------|----|----|--------------| | 市场数据 | | | 2024/06/28 | | 当前价格(港元) | | | 4.87 | | 52 周价格区间(港元) | | | 2.83-4.89 | | 总市值(百万港元) | | | 53,531.52 | | 流通市值(百万港元) | | | 53,531.52 | | 总股本(万股) | | | 1,099,209.94 | | 流通股本(万股) | | | 1,099,209.94 | | 日均成交额(百万港元) | | | 403. ...