申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 纺织服装 | 公司研究 羽绒服动销旺盛再度上修指引，新财年防晒服发力 2024年4月19日 波司登 (3998.HK) 春节期间羽绒服销售表现超预期，年内再度上修业绩指引。FY23-24财年公司销售取得高质量增长， 买入 在波司登主品牌轻薄羽绒服持续创新、冬羽绒四大场景共同发力，以及雪中飞主攻高性价比市场的 共同作用下，终端销售旺盛，24年1月，我们已将公司业绩从增长24%上调至27%。根据公司公 维持 开电话会交流，2 月春节期间羽绒服动销顺畅，终端表现再超预期，我们再度上调业绩指引，将收 入增速从此前增长21%上调至增长30%，净利润增速预计快于收入，从增长27%上调至增长35%， 企业整体经营质量稳步提升，有望连续第9年实现净利润增速超过营收增速。 市场数据：2024年4月18日 收盘价（港币） 4.08 渠道效率提升、产品品类丰富、品牌力提升为增长核心驱动。1）做实单店经营，提质增效。根据 恒生指数 16385.87 公司公开电话会，FY24财年公司新开业了102家直营 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company achieved a revenue of 7.472 billion RMB and a net profit of 919 million RMB for the first half of the fiscal year 2024, representing year-on-year growth of 20.9% and 25.1% respectively [1]. - The main brand, Bosideng, saw a 28.1% increase in down jacket sales, with revenue growth of 25.5% and 52.2% for Bosideng and Snow Flying brands respectively [1]. - Online sales data for the main brand showed significant growth, with a 17% and 37% year-on-year increase on Tmall for Q4 2023 and Q1 2024 respectively, and Snow Flying achieving 30% and 108% growth on Douyin [1]. - The company is focused on enhancing its product mix and functionality, launching innovative products such as lightweight down jackets and multifunctional jackets, and leading the market with high UPF ratings for sun protection clothing [1]. - The report anticipates continued improvement in the company's multi-category and seasonal layout, leading to an upward revision of profit forecasts for fiscal years 2024 to 2026 [1]. Summary by Sections Financial Performance - For the fiscal year 2024, the company is projected to achieve a revenue of 21.779 billion RMB, with a growth rate of 29.83% [2]. - The net profit is expected to reach 2.888 billion RMB, reflecting a growth rate of 35.04% [2]. - Earnings per share (EPS) for fiscal years 2024, 2025, and 2026 are forecasted to be 0.26, 0.31, and 0.36 RMB respectively [2]. Market Data - The total market capitalization of the company is approximately 47.179 billion HKD [4]. - The stock has traded between 2.83 and 4.37 HKD over the past year [4]. - The turnover rate over the last three months is reported at 19.7% [4]. Profitability Metrics - The company’s gross margin is projected to be around 59.5% for fiscal year 2024, with a net profit margin of 13.3% [7]. - Return on equity (ROE) is expected to increase to 22.0% in fiscal year 2024, reaching 27.2% by fiscal year 2026 [7].

纺织服饰/服装家纺 公 司 创新产品及精细运营驱动成长，防晒大秀引领新风尚 研 波司登（03998.HK） 究 ——港股公司信息更新报告 2024年04月19日 吕明（分析师） 张霜凝（联系人） 投资评级：买入（维持） lvming@kysec.cn zhangshuangning@kysec.cn 证 书编号：S0790520030002 证书编号：S0790122070037  上调FY2024预测，创新驱动成长，防晒大秀引领新风尚，维持“买入”评级 日期 2024/4/19 4月18日，波司登与法国高奢时尚设计师Christelle Kocher首次防晒衣跨界联名合 港 当前股价(港元) 4.320 作呈献防晒衣胶囊系列，凭借产品创新、场景拓展以及渠道精细化管理，FY2024 股 一年最高最低(港元) 4.370/2.830 业绩有望超预期，其中预计波司登主品牌收入增长30%+，我们上调盈利预测，预 公 司 总市值(亿港元) 471.79 计FY2024-2026归母净利润为28.8/33.9/39.2亿元（原为27.2/31.6/36.5亿元），对 信 流通市值(亿港元) 471.79 应 EPS ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expanding its product matrix by entering the sunscreen market, which is expected to drive sales and enhance its brand value [3][4] - The demand for sunscreen clothing is increasing, with the Chinese sunscreen clothing market projected to reach 95.8 billion RMB by 2026, growing at a CAGR of approximately 9.6% from 2024 to 2026 [4] - The company has launched a capsule collection of sunscreen clothing in collaboration with French designer Christelle Kocher, marking the beginning of a new era for its sunscreen products [3][4] Summary by Sections Market Performance - As of April 18, 2024, the company's stock price is 4.08 HKD, with a market capitalization of 44,557.85 million HKD [3] - The company's performance relative to the Hang Seng Index shows a decline of 2.4% over the past month, but a gain of 17.9% over the past three months [3] Financial Projections - Revenue projections for FY2024, FY2025, and FY2026 are 216.2 billion RMB, 250.4 billion RMB, and 287.9 billion RMB, respectively, with year-on-year growth rates of 28.9%, 15.8%, and 15.0% [4][7] - The projected net profit for FY2024, FY2025, and FY2026 is 28.9 billion RMB, 33.8 billion RMB, and 39.0 billion RMB, reflecting growth rates of 35.0%, 16.9%, and 15.6% [4][7] Product Development - The company has been actively developing sunscreen clothing since 2020, addressing consumer needs through innovative fabric and technology [3][4] - The introduction of the "sunscreen 2.0 era" aims to combine fashion with functionality, enhancing the appeal of its products [3][4] Market Trends - The increasing awareness of sun protection among consumers is driving the growth of the sunscreen clothing market, with lightweight outdoor activity participants rising from 67.1% in 2023 to 80.9% in March 2024 [4]

Core Viewpoint - Bosideng (03998) has seen a stock price increase of over 4%, currently trading at 4.52 HKD, with a transaction volume of 112 million HKD, driven by the launch of new summer sun protection clothing lines and strong revenue growth in this segment [1] Group 1: Product Launch and Revenue Growth - Bosideng recently collaborated with the prestigious fashion media "Harper's Bazaar" to host a summer sun protection clothing launch event in Shanghai, introducing the "Pride Series 3.0" and "Urban Light Outdoor" product lines [1] - The company's sun protection clothing segment achieved revenue of approximately 500 million RMB in the summer of 2023, a significant increase from around 100 million RMB in the same period last year [1] Group 2: Market Forecast and Analyst Ratings - Morgan Stanley previously projected that Bosideng's retail sales of sun protection clothing would grow more than fivefold in the fiscal year 2024 and double in the fiscal year 2025 [1] - The company's earnings forecasts for fiscal years 2024 to 2026 have been raised by 1% to 3%, with a reaffirmed "Overweight" rating and an increased target price from 4.9 HKD to 5.4 HKD [1] - Zheshang Securities believes that the company's enhanced expertise in sun protection clothing and the further diversification of its product range will contribute to a breakthrough in summer performance for the new fiscal year [1]

证券研究报告 | 公司点评 2024年04月18日 波司登（03998.HK） FY2023/24 业绩估计快速增长，品类创新，进军防晒市场 公司举办全球首场防晒衣专场发布会，发布2024年春夏新款防晒服饰。我们跟 买入（维持） 踪公司波司登主品牌 2024 年进一步扩充品类，完善夏季功能性防晒服饰品类布 股票信息 局：1）推出骄阳3.0、都市轻户外、户外露营产品系列，契合当前服装消费流行 趋势，我们判断年初至今公司防晒服饰品类销售高速增长、受到消费者欢迎。2） 行业 服装 强调专业性、功能性，我们跟踪判断品牌大部分产品 UPF 防晒指数达 80~100+ 前次评级 买入 （国家标准为UPF40+），同时多采用透气、凉感的科技面料提升夏日穿着体验。 4月18日收盘价(港元) 4.08 我们判断 2024 年以来公司重点发力防晒服饰品类，有望在实现销售高速增长的 总市值(百万港元) 44,557.85 同时抢占年轻消费者心智，助力品牌年轻化。 总股本(百万股) 10,921.04 FY2023/24收入预计增长30%左右，有望超出此前市场预期。考虑2023Q4行 其中自由流通股(%) 100.00 业销售表现、 ...

智通财经APP获悉，波司登(03998)涨超3%，截至发稿，涨3.37%，报3.99港元，成交额3029.19万港元。 消息面上，波司登近期携手权威时尚媒体《时尚芭莎》在上海举办夏季防晒衣新品发布活动，推出“骄阳系列3.0”及“都市轻户外”系列产品。据悉，2023年夏季，公司防晒服产品实现营收约5亿元，较上年同期的约1亿元大幅增长。山西证券预计其2024年防晒服产品营收有望达到10亿元。 摩通大根指出，将波司登最新推出的防晒服饰与Uniqlo、Beneunder、Descente、Kolon、Nike、Adidas、Fila等竞争对手的产品进行比较，该行结论是波司登有更广泛/更清晰的品类覆盖、更好的业绩、量化指标及物超所值，预期公司可获得更多市场份额。该行预期，波司登的防晒服饰零售额将于2024财年增长5倍以上，并于2025财年翻倍。 ...

Financial Performance - The company's revenue increased by 20.9% to approximately RMB 7,471.7 million for the first half of the 2023/24 fiscal year[8]. - Profit attributable to equity shareholders rose by 25.1% to approximately RMB 918.6 million[8]. - Operating profit rose by 30.2% to approximately RMB 1,231.0 million, with an operating margin of 16.5%[117]. - The company reported a total comprehensive income of RMB 859,855 thousand for the period, compared to RMB 504,144 thousand in the previous year, marking a growth of 70.5%[170]. - The profit before tax for the six months ended September 30, 2023, was RMB 1,300,534,000, representing a 29.0% increase from RMB 1,007,195,000 in 2022[194]. - The company reported a net loss of RMB 11.9 million from its joint ventures and associates as of September 30, 2023[109]. - The company incurred a foreign exchange loss of RMB 67,033 thousand from overseas operations during the period[176]. Revenue Breakdown - The brand down jacket business generated revenue of approximately RMB 4,939.7 million, accounting for 66.1% of total revenue, with a year-on-year increase of 28.1%[14]. - The women's wear business recorded revenue of approximately RMB 392.7 million, representing a year-on-year increase of 15.4%[14]. - The OEM/ODM business generated approximately RMB 2,042.9 million in revenue for the first half of the 2023/24 fiscal year, accounting for 27.3% of total revenue, representing a 7.8% increase year-over-year[70]. - The diversified clothing business segment generated revenue of approximately RMB 96.4 million, representing a year-on-year growth of 9.8%[93]. - The school uniform business under the brand "Saimite" achieved revenue of approximately RMB 85.1 million, an increase of 11.7% compared to the same period last year[100]. Product Innovation and Development - The company launched functional products such as sun-protective clothing in the spring/summer of 2023, successfully expanding its product offerings[17]. - The brand launched a new line of sun-protective clothing in Spring/Summer 2023, which received positive consumer feedback due to its innovative fabric and stylish design[20]. - Bosideng launched a new generation of lightweight down jackets, redefining the product with cross-disciplinary designs and materials, enhancing versatility and style for consumers[41]. - The company introduced a three-in-one down jacket, featuring a breathable design and advanced moisture-wicking technology, catering to the growing outdoor sports market[43]. - The upgraded sun protection clothing series utilizes Tri-Tech+ fabric technology, maintaining UPF100+ after hundreds of washes, ensuring long-lasting sun protection[45]. Brand Development and Marketing - The company continues to focus on brand development and was ranked 47th in the Brand Finance "Global 50 Most Valuable Apparel Brands" list[18]. - The company continues to enhance its brand image through various consumer engagement initiatives and marketing campaigns[19]. - The group has developed a cross-channel membership system that enhances user engagement and reduces customer acquisition costs[36]. - The company is actively expanding its business in Greater China through partnerships and collaborations with celebrities and KOLs to enhance brand exposure[108]. Operational Efficiency and Management - The company aims to enhance its operational efficiency through improved store management and channel structure[17]. - In the first half of the 2023/24 fiscal year, Bosideng's inventory turnover days decreased to 160 days, down by 21 days compared to the same period in 2022[24]. - The company maintained a low initial order ratio of approximately 40% and implemented a pull-based replenishment mechanism, enhancing inventory management and sales responsiveness[27]. - The group has implemented advanced algorithms in logistics to maximize service efficiency while maintaining reasonable costs, significantly enhancing user experience[32]. Awards and Recognitions - Bosideng received multiple industry recognitions, including the "Favorite Chinese Brand" award from the China National Brand Network in the first half of the fiscal year[19]. - The group has been recognized as a "Standard Leader" in down jackets for four consecutive years by the National Market Supervision Administration[38]. - The group has received multiple design awards, including the ISPO Award and Red Dot Design Award, for its innovative products in the first half of the fiscal year[39]. Financial Position and Investments - As of September 30, 2023, the group had cash and cash equivalents of approximately RMB 2,807.8 million, with net cash used in operating activities of approximately RMB 585.5 million and net cash generated from investing activities of approximately RMB 1,161.2 million[125]. - The group's bank borrowings amounted to approximately RMB 918.4 million as of September 30, 2023, an increase from RMB 770.4 million as of March 31, 2023, with a debt-to-equity ratio of 21.6%[127]. - The company completed the acquisition of non-controlling interests in Jesse Group, resulting in a payment of RMB 14,157 thousand[180]. Employee and Talent Development - The group employed 11,929 full-time employees, a decrease of 254 from March 31, 2023[139]. - The company has successfully cultivated 736 outstanding university students, 112 backup managers, 37 backup directors, and 18 backup retail general managers through its "Eagle System" talent development program[153]. - The group aims to enhance its brand influence and attract top university graduates through initiatives like the "Million Annual Salary Plan" and the "Eagle Plan" for campus recruitment[139]. Future Outlook - The company plans to continue expanding its market presence and product offerings in the upcoming fiscal year[186]. - The company expects to see continued growth in the second half of the fiscal year, driven by seasonal demand for down jackets[188].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 波 司 登 國 際 控 股 有 限 公 司 Bosideng International Holdings Limited （於開曼群島註冊成立之有限責任公司） （股份代號：3998） 截至2023年9月30日止六個月之中期業績 摘要 ‧ 收入增加20.9%至約人民幣7,471.7百萬元。 ‧ 毛利率與去年同期持平，約為50.0%。 ‧ 經營溢利率提升1.2個百分點至16.5%。 ‧ 本公司權益股東應佔溢利上升25.1%至約人民幣918.6百萬元。 ‧ 董事會宣派中期股息每股普通股5.0港仙。 ...

Financial Performance - The total revenue for the fiscal year 2022/23 reached RMB 16,774.22 million, representing an increase of 3.5% compared to RMB 16,213.61 million in 2021/22[20] - Gross profit for the same period was RMB 9,975.88 million, with a gross margin of 59.5%, slightly down from 60.1% in the previous year[20] - Operating profit increased to RMB 2,826.37 million, reflecting an operating margin of 16.8%, up from 15.8% in 2021/22[20] - Net profit attributable to equity shareholders was RMB 2,138.57 million, a rise from RMB 2,062.32 million in the prior year, maintaining a net profit margin of 12.7%[20] - The company reported a net cash flow from operating activities of RMB 3.05 billion, a year-on-year increase of 14.3%[29] - The company's revenue for the fiscal year 2022/23 reached RMB 16.77 billion, representing a year-on-year growth of 3.5%[26] - Profit attributable to equity shareholders increased to RMB 2.14 billion, a year-on-year growth of 3.7%[26] Dividend and Shareholder Returns - The company declared a total dividend of 18.0 HKD cents per share, unchanged from the previous year, with a mid-term dividend of 4.5 HKD cents and a final dividend of 13.5 HKD cents[20] - The board proposed a final dividend of HKD 0.135 per share, equivalent to approximately RMB 0.124 per share, subject to shareholder approval[152] Assets and Liabilities - The company’s total assets amounted to RMB 20,942.68 million, with total liabilities of RMB 8,338.31 million, resulting in a debt ratio of 18.9%[20] - The group's debt ratio was 18.9% as of March 31, 2023, down from 20.8% the previous year[156] Brand and Market Position - The brand was ranked 48th in the Brand Finance "Global 50 Most Valuable Apparel Brands" list for 2022[19] - In the fiscal year 2022/23, Bosideng was recognized as the "global leader in down jacket sales" and "number one in sales revenue globally" by Euromonitor[50] - Bosideng was ranked 48th in the Brand Finance Apparel 50 list, reflecting its growing brand value in the global apparel market[48] Business Strategy and Focus - The company plans to continue focusing on its core down apparel business while enhancing brand development and product upgrades[9] - The company aims to become the most respected fashion functional apparel group globally, with a mission to "warm the world" through its products[14] - The company aims to solidify its position as a "global leader in down jackets," enhancing brand recognition and expanding market share through a brand matrix strategy[180] Operational Efficiency - The current ratio improved to 2.4 times, indicating strong liquidity compared to 2.2 times in the previous year[20] - The company's inventory turnover days decreased to 144 days, indicating improved operational efficiency[29] - The inventory turnover days as of March 31, 2023, were 144 days, a decrease of 6 days compared to the same period in 2022, indicating improved operational efficiency[59] Digital Transformation and Innovation - The company is committed to digital transformation, integrating big data into key operational processes to enhance efficiency and decision-making accuracy[33] - The company has established a digital operation platform focusing on user, retail, and product, with initial versions launched between May and September 2022, aiming for mobile office, online business, digital operations, and intelligent decision-making[70] - The company has implemented a digital quality control system to ensure real-time monitoring and traceability of product quality, enhancing user experience and brand perception[64] Product Development and Innovation - The company launched a new generation of lightweight down jackets, enhancing sales cycles and expanding product categories[30] - The company successfully redefined lightweight down jackets, broadening market appeal and extending sales seasons across different regions[52] - The product development process includes customer research, market analysis, and feedback loops to ensure continuous improvement and innovation[77] Sustainability and ESG Initiatives - The company received an ESG rating upgrade to "A" from MSCI, indicating industry-leading performance in environmental, social, and governance practices[34] - The company is committed to sustainable high-quality development, aligning with national "dual carbon" strategies and enhancing its ESG capabilities[39] - The MSCI ESG rating was upgraded to A, reflecting improvements in labor management and product carbon footprint[160] Retail and Sales Channels - The online retail segment saw significant growth, with the company achieving the top ranking in women's clothing on Tmall during the Double Eleven shopping festival[32] - The online sales revenue for all brands reached approximately RMB 4,929.3 million, showing a robust year-on-year increase of 22.5%[139] - The company is actively expanding its online business and enhancing its new retail platform presence to improve overall sales performance[113] Challenges and Market Conditions - The women's apparel segment faced significant challenges due to the pandemic, impacting logistics and offline customer traffic, leading to a soft performance across all brands[113] - The Ice Cleansing brand's revenue fell to RMB 125.5 million, a decline of 46.7% year-on-year, due to economic slowdown and intensified competition in the mid-to-low-end apparel market[95] Governance and Management - The board consists of eight directors, with five being executive directors and three independent non-executive directors, ensuring compliance with listing rules[192] - The company emphasizes accountability and transparency in corporate governance, aligning with shareholder expectations and maintaining high governance standards[186] - The chairman and CEO roles are held by the same individual, Gao Dekang, which the board believes is essential for strong market leadership[200]