Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 8.804 billion HKD for FY2025H1, representing a year-on-year increase of 17.83%, and a net profit of 1.13 billion HKD, up by 23% [5][17] - The company maintains a high dividend payout ratio of over 50% and expects continued growth driven by product innovation, category expansion, and channel optimization [5][48] - The company is a leader in the down jacket market, with strong performance from its main brand Bosideng and the mid-range brand Xuezhongfei [5][20] Summary by Sections 1. FY2025H1 Performance - The company achieved a revenue of 88.04 billion HKD, with the main brand Bosideng generating 52.8 billion HKD (up 19.4%) and Xuezhongfei 3.9 billion HKD (up 47.1%) [5][20] - The online sales increased by 24.1% to 13.5 billion HKD, accounting for 22% of the down jacket revenue [23][24] 2. OEM Business - The OEM business generated 23.16 billion HKD, reflecting a growth of 13.39%, supported by stable core customer orders and new client acquisitions [28] 3. Women's Wear Business - The women's wear segment reported a revenue of 3.08 billion HKD, down 21.5%, primarily due to a sluggish market demand [29][30] 4. Diversified Clothing Business - The diversified clothing segment, particularly school uniforms, saw a revenue increase of 21.3% to 1.17 billion HKD, driven by enhanced regional coverage [32] 5. Profitability and Financial Metrics - The gross margin for FY2025H1 was 49.9%, with a net profit margin of 12.8%, reflecting operational efficiency improvements [36][39] - The company’s total operating expenses accounted for 34.57% of revenue, a slight increase from the previous period [36][38] 6. Inventory and Cash Flow - The inventory level rose to 59.39 billion HKD, with an average turnover period of 189 days, attributed to proactive raw material stocking [44] - The net cash flow from operations was -34.83 billion HKD, mainly due to increased procurement [44][47] 7. Earnings Forecast and Investment Recommendation - The company maintains its profit forecast, expecting net profits of 25.5 billion HKD, 29.5 billion HKD, and 33.9 billion HKD for FY2025-2027, with corresponding P/E ratios of 11.7, 10.1, and 8.9 [48]

证券研究报告·海外公司点评·纺织及服饰(HS) 波司登（03998.HK） FY2025H1 业绩点评：主品牌高质量增长，期 待旺季销售 2024 年 12 月 02 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业总收入（百万元） | 16774 | 23214 | 26428 | 30076 | 34180 | | 同比 (%) | 3.46 | 38.39 | 13.85 | 13.80 | 13.65 | | 归母净利润（百万元） | 2139 | 3074 | 3607 | 4100 | 4661 | | 同比 (%) | 3.70 | 43.74 | 17.35 | 13.66 | 13.68 | | EPS- 最新摊薄（元 / 股） | 0.19 | 0.28 | 0.33 ...

证券研究报告 | 2024年12月01日 波司登（03998.HK） 优于大市 上半财年净利润增长 23%，品牌羽绒服主业表现亮眼 上半财年公司收入增长 18%，品牌羽绒服主业收入增长 23%。公司是国内羽 绒服龙头品牌集团。截至 9/30 的上半财年收入增长 17.8%至 88.0 亿元， 净利润增长 23.0%至 11.3 亿元，品牌羽绒服/贴牌加工/女装/多元化服 装收入分别同比变动+23%/+13%/-22%/+21%至 61/23/3/1 亿元。 集团毛利率基本稳定，同比小幅下降 0.1 百分点至 49.9%，其中品牌羽 绒服/贴牌加工毛利率分别同比变动-0.1/-0.3 百分点至 61.1%/20.1%， 品牌羽绒服业务毛利率小幅下降主要由于销售结构变化，性价比羽绒服 雪中飞同比增速达到 47%占比提升，拉低了整体毛利率，细分品牌看， 波司登/雪中飞均实现毛利率同比增长 0.9/6.0 百分点。得益于公司有 效的费用管控，销售费用率同比下降 1.4 百分点；管理费用率同比增加 0.9 百分点，主要由于授予员工的期权费用摊销增加。经营利润率提升 0.2 百分点至 16.7%，归母净利率同比增加 0. ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved high-quality growth in the first half of the fiscal year 2024/25, with revenue and net profit increasing by 17.8% and 23.0% year-on-year, respectively [1] - The company continues to focus on its main brand and product categories, enhancing its market position and operational efficiency [4] - The company is expected to perform well in the winter sales season, leveraging its leading position in the down jacket market [5] Financial Performance Summary - Revenue for the first half of fiscal year 2024/25 reached 8.8 billion RMB, with a year-on-year growth of 17.8% [1] - Net profit attributable to shareholders was 1.13 billion RMB, reflecting a year-on-year increase of 23.0% [1] - Earnings per share (EPS) for the period was 0.1 RMB, with a proposed interim dividend of 0.06 HKD per share [1] - Gross margin for the first half of the fiscal year was 49.9%, a slight decrease of 0.1 percentage points year-on-year [1] - Operating profit margin improved by 0.2 percentage points to 16.7%, while net profit margin increased by 0.5 percentage points to 12.8% [1] Business Segment Performance - The main business segments include brand down jackets, OEM processing, women's wear, and diversified clothing, with revenue contributions of 68.9%, 26.3%, 3.5%, and 1.3%, respectively [1] - Revenue growth rates for these segments were +22.7%, +13.4%, -21.5%, and +21.3% year-on-year [1] - The brand down jacket segment saw revenue growth driven by the main brand Bosideng, which accounted for 87.1% of the down jacket business [1] Market Strategy and Outlook - The company is enhancing its product innovation and expanding its market presence, particularly in the high-end segment through acquisitions and strategic investments [4] - The focus remains on strengthening brand leadership, category management, channel operations, and customer experience [4] - The company anticipates continued strong sales performance as it enters the winter season, supported by its diversified product offerings [5]

上 市 公 司 证 券 研 究 报 告 公 司 点 评 / 公 司 点 评 | --- | --- | |--------------------------|-------------------------------| | 市场数据： | 2024 年 11 月 29 日 | | 收盘价（港币） | 4.05 | | 恒生中国企业指数 | 6946.68 | | 52 周最高/最低（港币） | 5.14/3.18 | | H 股市值（亿港币） | 449.36 | | 流通 H 股（百万股） | 11,095.27 | | 汇率（人民币 / 港币） | 1.0828 | 纺织服饰 一年内股价与基准指数对比走势： -23% 27% 77% HSCEI 波司登 报告原因：有业绩公布需要点评 资料来源：Bloomberg 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 刘佩 (8621)23297818× liupei@swsresearch.com | --- | --- ...

华福证券 基本数据 日期 2024-11-29 收盘价： 4.05 港元 总股本/流通股本(百万股) 11,095.27/11,095.27 流通市值(百万港元) 44,935.82 每股净资产(港元) 1.33 资产负债率(%) 50.39 一年内最高/最低价(港元) 5.14/3.18 天气异常、内需复苏不及预期、新品拓展不及预期、原材料涨价。 财务数据和估值 2023A 2024A 2025E 2026E 2027E 主营收入（百万元） 16,774 23,214 26,800 30,404 34,687 增长率 3% 38% 15% 13% 14% 归母净利润（百万 元） 2,139 3,074 3,616 4,202 4,776 增长率 4% 44% 18% 16% 14% 司 मे 波司登（03998.HK） FY25H1 业绩点评：中报高质量兑现，期待旺季 销售 事件：公司于 11.28 发布 FY25H1 业绩，上半年实现营收 88.04 亿元，同比 +17.8%，实现权益股东应占溢利 11.30 亿元，同比+23%，每股派息 6.0 港 仙，符合预期。 经营分析： 羽绒服业务引领增长，聚焦高 ...

港股公司报告 | 公司点评 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------|------------------- ...

港股通 证券研究报告 波司登 (3998 HK) 品牌羽绒服增长亮眼，盈利能力稳健 华泰研究 中报点评 2024 年 11 月 29 日│中国香港 服装 公司公布 FY1H25 业绩情况：公司收入同比+17.8%至 88.04 亿元，归母净 利润同比+23.0%至 11.30 亿元。中期业绩的亮眼增长主要得益于核心业务 品牌羽绒服的优异表现，FY1H25 公司品牌羽绒服/OEM/女装/多元化服装业 务营收分别同比+22.7%/+13.4%/-21.5%/+21.8%至 60.63/23.16/3.08/1.17 亿。此外，公司宣派中期股息 6.0 港仙/股。考虑到公司新品类带来新增长 动力、渠道优化及精细化运营成效佳，市场竞争力提升，维持"买入"评级。 品类持续迭代创新，线上线下均实现快速增长 在公司坚持品牌引领、产品创新和渠道优化的策略下，主品牌波司登收入同 比+19.4%至 52.80 亿元。上半财年，主品牌打造了防晒衣、单壳冲锋衣、 冲锋衣鹅绒服系列等爆款产品，实现品类延申，给淡季销售带来突破。此外， 雪中飞/冰洁期内收入分别同比+47.1%/+61.5%至 3.90 和 0.21 亿元。雪中 飞得益于 ...

证券研究报告|港股公司点评报告 [Table_Date] 2024 年 11 月 29 日 [Table_Title] 逆势维持较快增长，店效大幅提升 | --- | --- | --- | --- | |-------------------------------|-------|----------------------------------|-----------| | [Table_DataInfo] 评级： 买入 | | 股票代码： | 3998 | | 上次评级： 买入 | | 52 周最高价/最低价(港元 )： | 4.66/3.24 | | | | 目标价格(港元)： 总市值(亿港元 ) | 467.11 | | 最新收盘价(港元)： | 4.21 | 自由流通市值 (亿港元) | 467.11 | | | | 自由流通股数 (亿) | 11,095.27 | [Table_Summary] 事件概述 公司 FY24/25H1 收入/归母净利为 88.04/11.30 亿元，同比增长 17.8%/23%，在消费低迷背景下实现较快增 长我们分析主要得益于防晒服、轻薄羽等拓品类进展顺利带来店 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [5]. Core Insights - The company reported a revenue increase of 18% year-on-year and a net profit increase of 23% for FY2025H1, exceeding expectations with revenues reaching 8.8 billion and net profits of 1.13 billion [2]. - The gross margin slightly decreased by 0.1 percentage points to 49.9%, while the net profit margin improved by 0.5 percentage points to 12.8% [2]. - The company declared an interim dividend of 0.06 HKD per share [2]. Business Segments Summary 1. **Brand Down Jackets**: - Revenue increased by 22.7% to 6.06 billion, accounting for 68.9% of total revenue, with a gross margin of 61.1% [3]. - The main brand saw a 19% increase in sales to 5.28 billion, with a gross margin of 66.3% [3]. - The "Xuezhongfei" brand experienced a significant growth of 47% in sales to 390 million [3]. 2. **OEM Business**: - Sales grew by 13.4% to 2.32 billion, representing 26.3% of total sales, with a gross margin of 20.1% [3]. - The business is expected to grow by 15% to 20% for the full year [3]. 3. **Women's Wear**: - Sales decreased by 21.5% to 310 million, with a gross margin of 61.8% [3]. 4. **Diversified Clothing Business**: - Sales increased by 21.3% to 120 million, with a gross margin of 27.6% [3]. Inventory and Supply Chain Management - The company has maintained a low initial order ratio, with first orders not exceeding 40%, allowing for flexible replenishment based on sales [3]. - Inventory turnover days increased by 29 days to 189 days, with total inventory rising by 86% to 5.94 billion [3]. Financial Projections - The company expects stable growth in the brand down jacket business of over 10% and a 15% to 20% growth in OEM business for FY2025 [3]. - Revenue is projected to grow by approximately 15% for FY2025, with net profit growth expected to outpace revenue growth [3]. Financial Metrics - For FY2025, the company forecasts a net profit of 3.57 billion, with a corresponding PE ratio of 12 times [4]. - The projected revenue for FY2025 is 26.62 billion, with a year-on-year growth rate of 14.7% [4].