Investment Rating - The investment rating for the company is "Outperform the Market" [5][21]. Core Insights - The company achieved a high-quality revenue and profit growth in the fiscal year 2023/24, with revenue increasing by 38.4% to 23.21 billion yuan and net profit rising by 43.7% to 3.074 billion yuan [1][7]. - The company is recognized as a leading domestic down jacket brand, demonstrating strong operational resilience and growth potential in a challenging external environment [2][21]. - The company has successfully optimized inventory and improved operational efficiency, with a significant reduction in inventory turnover days by 29 days to 115 days [1][13]. Summary by Relevant Sections Financial Performance - For the fiscal year 2023/24, the company reported a revenue of 23.21 billion yuan, a year-on-year increase of 38.4%, and a net profit of 3.074 billion yuan, up 43.7% [1][7]. - The operating profit margin improved by 2.1 percentage points to 18.9%, and the net profit margin increased by 0.5 percentage points to 13.2% [1][13]. - The company maintained a healthy operating cash flow and a high dividend payout ratio of 81.1% [1]. Business Segments - Revenue from branded down jackets reached 19.52 billion yuan, a year-on-year increase of 43.8%, with the core brand Bosideng growing by 42.7% [9][11]. - The OEM management business generated 2.67 billion yuan, up 16.4%, while women's clothing revenue increased by 16.6% to 820 million yuan [9][11]. - The diversified clothing segment saw a slight increase of 0.3% to 200 million yuan, primarily driven by school uniform sales [9]. Innovation and Channel Strategy - The company launched innovative products, including new sun-protective clothing and a three-in-one down jacket, achieving significant sales growth [17][18]. - Online sales grew by 41%, reflecting strong brand momentum, while offline store efficiency improved significantly, with self-operated store revenue increasing by 69% [19][20]. - The company closed 206 underperforming stores, optimizing its retail structure and enhancing overall store performance [19][20]. Future Outlook - The company has raised its profit forecasts for FY2025-2027, expecting net profits of 3.601 billion yuan, 4.088 billion yuan, and 4.561 billion yuan, representing year-on-year growth rates of 17.1%, 13.5%, and 11.6% respectively [2][21]. - The target price has been adjusted to 5.1-5.5 HKD, reflecting the company's growth potential and strong dividend yield [2][21].

公司研究 24 财年业绩超预期,期待继续高质量增长 ——波司登(3998.HK)2024 财年业绩点评 买入(维持) 当前价:4.56 港元 作者 分析师:唐佳睿 CFA FCPA(Aust.) ACCA CAIA FRM 执业证书编号:S0930516050001 021-52523866 tangjiarui@ebscn.com 分析师:孙未未 执业证书编号:S0930517080001 021-52523672 sunww@ebscn.com 分析师:朱洁宇 执业证书编号:S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 | 总股本(亿股 ) | 109.64 | |-----------------------|-----------| | 总市值(亿港元): | 499.95 | | 一年最低/最高(港元 ): | 2.83/4.69 | | 近 3 月换手率: | 20.6% | | | | -40% -30% -20% -10% 0% 10% 20% 30% 23/0423/0623/0823/1023/1224/0224/0424/06 波 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Insights - The company is expected to achieve significant revenue growth driven by innovation and cold winter conditions, with FY2024 revenue projected at HKD 232.14 billion (+38.4%) and net profit at HKD 30.74 billion (+43.7%) [5][11]. - The brand's down jacket business is expected to continue its strong performance, with a revenue increase of 43.8% to HKD 195.21 billion [11][15]. - The company has successfully expanded its product offerings and optimized its distribution channels, contributing to overall growth [19][20]. Summary by Sections 1. Performance Overview - FY2024 revenue is projected at HKD 232.14 billion, a 38.4% increase from FY2023, with net profit expected to reach HKD 30.74 billion, reflecting a 43.7% growth [8][11]. - The company achieved a strong performance in H2 FY2024, with revenue of HKD 157.42 billion (+48.60%) and net profit of HKD 21.55 billion (+53.49%) [11]. 2. Brand Performance - The main brand, Bosideng, generated revenue of HKD 167.85 billion (+42.7%), while the mid-range brand, Xuezhongfei, saw revenue growth of 65.3% to HKD 20.19 billion [15][19]. - The company has established a brand matrix that includes Bosideng, Xuezhongfei, and Bingjie, with all brands showing growth [15][19]. 3. OEM and Diversified Business - The OEM business reported revenue of HKD 26.7 billion (+16.4%), driven by stable orders from core clients and the addition of new high-quality clients [22]. - The diversified clothing business, primarily focused on school uniforms, achieved revenue of HKD 2.03 billion (+0.3%), with a focus on upgrading distribution channels [26][27]. 4. Channel Performance - Online sales reached HKD 68.36 billion (+41.3%), accounting for 35% of the brand's down jacket revenue, while offline sales increased to HKD 126.85 billion (+45.2%) [19][20]. - The company has optimized its retail network, with a total of 3,217 stores, despite a net decrease of 206 stores [17][20]. 5. Financial Metrics - The company’s gross margin for FY2024 is expected to remain stable at 59.6%, with a net profit margin of 13.2% [8][11]. - Earnings per share (EPS) are projected at HKD 0.3 for FY2024, with a price-to-earnings (P/E) ratio of 15.9 [8][11].

FY2024 业绩大超预期,未来两年目标中双增长 本报告导读: FY2024 收入、利润大超预期,维持高比例分红水平,期待 FY2025 延续亮眼表现,未 来两年收入目标中双增长。 波司登(3998) 评级: 增持 [当前价格 Table_CurPrice] :(港元) 4.56 ——波司登 FY2024 业绩点评 | [table_Authors] | 刘佳昆 ( 分析师 ) | 曹冬青 ( 研究助理 ) | |-------------------|---------------------------|-----------------------------| | | 021-38038184 | 0755-23976666 | | | liujiakun029641@gtjas.com | caodongqing026730@gtjas.com | | 登记编号 | S0880524040004 | S0880122070070 | | 交易数据 | | |----------------------------|-----------| | 52 周内股价区间 ( 港元 ) | 2.89-4.83 ...

公 司 报 告 波司登(3998.HK) 全年业绩超预期,经营质量高增长 强烈推荐(维持) 事项: 股价:4.56 港元 主要数据 | 行业 | 纺织服装 | |--------------------------|---------------------------------| | 公司网址 | www.bosideng.com;company.boside | | | ng.com | | 大股东 / 持股 | 康博投资公司 /26.01% | | 实际控制人 | 高德康,梅冬 | | 总股本 ( 百万股 ) | 10963.73 | | 流通 H 股 ( 百万股 | 10963.73 | | 流通 B/H 股 ( 百万股 | ) | | 总市值(亿港元) | 500 | | 流通 H 股市值 ( | 亿港元 ) 500 | | 每股净资产 ( 元 ) | 1.26 | | 资产负债率 (%) | 46.38 | | 行情走势图 | | 相关研究报告 【平安证券】波司登(3998.HK)*首次覆盖报告*再次 腾飞的羽绒服专家*强烈推荐20240510 证券分析师 王源 投资咨询资格编号 S106052 ...

Investment Rating - The report maintains a "Buy" rating for Bosideng (03998.HK) [1] Core Views - Bosideng reported FY24 revenue of 23.214 billion yuan, a year-on-year increase of 38.4%, and a net profit of 3.074 billion yuan, up 43.7%, exceeding expectations. The revenue growth was driven by innovation in main brand products and channel optimization, while net profit growth outpaced revenue due to stable gross margins and reduced expense ratios. The annual dividend is set at 0.20 HKD per share, with a payout ratio of 81.1% [2][3] Summary by Sections Financial Performance - FY24 total revenue reached 23.214 billion yuan, with a year-on-year growth of 38.39% - FY24 net profit attributable to shareholders was 3.074 billion yuan, reflecting a year-on-year increase of 43.74% - The EPS for FY24 is projected at 0.28 yuan, with a P/E ratio of 14.80 [2][3][7] Brand Performance - The main brand's down jacket business generated 19.52 billion yuan in FY24, a year-on-year increase of 43.8%, accounting for 84.1% of total revenue, with a gross margin of 65% [2] - Revenue growth by brand: Bosideng +42.7%, Xuezhongfei +65.3%, Bingjie +15.9% [2] - Online and offline revenue growth was 41% and 45% respectively, with online sales accounting for 35% of total revenue [2] Operational Efficiency - Gross margin for FY24 was stable at 59.6%, with a slight increase of 0.1 percentage points year-on-year [2] - The expense ratio decreased by 2.5 percentage points to 41.2%, driven by improved store efficiency and strict cost control [2] - Inventory turnover days improved by 29 days to 115 days, benefiting from enhanced supply chain management and digital transformation [2] Future Outlook - The company aims to focus on down jackets and fashionable functional apparel, with new product categories expected to contribute 10-20% of revenue over the next three years [2] - The net profit forecast for FY25-26 has been raised to 3.61 billion and 4.10 billion yuan respectively, with a projected P/E of 13 and 11 [2]

业绩超预期来自冷冬催化+户外扩品类 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 ) | 474.73 | | 最新收盘价(港元 | ): 4.33 | 自由流通市值(亿港元 ) | 474.73 | | | | 自由流通股数(亿 ) | 10,963.73 | 事件概述 公司 FY23/24 财年收入/归母净利为 232.14/30.74 亿元,同比增长 38.4%/43.7%,业绩超出市场预期,我 们分析主要由于冷冬催化叠加公司四季户外品类贡献第二增长曲线。经营性现金流净额为 73.39 亿元,大幅高 于净利,主要由于应收账款下降以及存货周转效率提升。FY23/24 财年公司获得政府补助 2.16 亿元,商誉减值 亏损为 0.7 亿元(去年同期为 1.18 亿元),应占联营公司及合营企业亏损为 0.14 亿元,扣除 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [3]. Core Views - The company reported a strong financial performance for FY2024, with revenue increasing by 38% year-on-year to 23.21 billion yuan and net profit rising by 44% to 3.07 billion yuan, surpassing market expectations [1][2]. - The gross margin slightly improved to 59.6%, while the net profit margin increased to 13.2%, reflecting strong operational efficiency [1]. - The company plans to continue expanding its product categories and enhancing its brand presence, particularly in functional apparel, which is expected to drive future growth [1]. Financial Performance Summary - **Revenue and Profit Growth**: FY2024 revenue reached 23.21 billion yuan, a 38% increase from the previous year, while net profit was 3.07 billion yuan, up 44% [1][2]. - **Earnings Per Share (EPS)**: The latest diluted EPS for FY2024 is 0.28 yuan, with projections for FY2025 at 0.33 yuan [2][10]. - **Dividends**: The company declared a final dividend of 0.20 HKD per share, with a total annual payout of 0.25 HKD, resulting in a payout ratio of 81% and a dividend yield of 5.8% based on the closing price [1]. Business Segment Performance - **Brand Down Jacket Sales**: Revenue from brand down jackets grew by 44% to 19.52 billion yuan, accounting for 84% of total revenue, driven by strong consumer demand and new product launches [1]. - **OEM Business**: The OEM segment saw a stable revenue increase of 16% to 2.67 billion yuan, contributing 12% to total revenue [1]. - **Women's Apparel**: Sales in the women's clothing segment increased by 17% to 820 million yuan, maintaining a steady performance in line with industry trends [1]. Future Outlook - The company anticipates continued high-quality growth in FY2025, with revenue expected to increase by approximately 15% and net profit growth likely to outpace revenue growth [1][2]. - The brand down jacket business is projected to grow by 10% to 20% in FY2025, supported by product category expansion and innovation [1].

Financial Performance - Revenue increased by 38.4% year-on-year to approximately RMB 23,214.0 million[2] - Gross profit margin slightly increased by 0.1 percentage points to approximately 59.6%[2] - Operating profit rose by 55.6% year-on-year to approximately RMB 4,397.6 million[2] - Profit attributable to equity shareholders increased by 43.7% year-on-year to approximately RMB 3,074.1 million[2] - Net profit for the year was RMB 3,120.1 million, compared to RMB 2,156.4 million in the previous year[6] - Basic earnings per share increased to RMB 28.34 from RMB 19.75[6] - Total revenue for the year ended March 31, 2024, reached RMB 23,214,033 thousand, a significant increase from RMB 16,774,220 thousand in the previous year, representing a growth of approximately 38.5%[15] - The profit before tax for the year ended March 31, 2024, was RMB 4,541,210,000, compared to RMB 2,887,313,000 for the year ended March 31, 2023, indicating an increase of about 57.5%[18] - The total comprehensive income for the year ended March 31, 2024, was RMB 4,541,210,000, compared to RMB 2,887,313,000 for the year ended March 31, 2023, indicating a growth of about 57.5%[18] Revenue Breakdown - Revenue from clothing sales amounted to RMB 23,041,393 thousand, up from RMB 16,603,642 thousand, indicating a growth of about 38.5% year-over-year[15] - Revenue from external customers for down jackets reached RMB 19,521,311,000 for the year ended March 31, 2024, up from RMB 13,574,497,000 in the previous year, reflecting a growth of approximately 44.0%[17] - The OEM management business recorded revenue of RMB 2,669.7 million, contributing 11.5% to total revenue, and grew by 16.4% year-on-year[58] - The women's wear business achieved revenue of RMB 819.8 million, making up 3.5% of total revenue, with a year-on-year increase of 16.6%[58] - The diversified clothing business generated revenue of RMB 203.2 million, accounting for 0.9% of total revenue, with a slight increase of 0.3% year-on-year[58] Dividends and Shareholder Returns - The board proposed a final dividend of 20.0 HK cents per share[2] - The proposed final dividend of HKD 0.20 per share amounts to approximately RMB 2,001,530,000, compared to RMB 1,354,379,000 for the previous year, indicating a 47.6% increase[54][56] - The total dividends payable for the year reached RMB 2,494,170,000, up from RMB 1,784,412,000 in the previous year, marking a 39.8% increase[54] Assets and Liabilities - Total assets less current liabilities amounted to RMB 14,588.1 million[8] - Cash and cash equivalents increased to RMB 6,227.0 million from RMB 3,718.2 million[7] - Inventory rose to RMB 3,197.5 million from RMB 2,689.3 million[7] - Trade receivables and notes receivable total RMB 1,585,095,000 as of March 31, 2024, up from RMB 1,010,653,000 in 2023[40] - Trade payables increased significantly to RMB 1,308,359,000 from RMB 667,461,000, reflecting a growth of 96% year-over-year[47] - The total amount of notes payable rose to RMB 3,868,527,000, compared to RMB 2,429,863,000, marking a 59.5% increase[47] Operational Efficiency - The company operates through four main segments: down jackets, OEM management, women's wear, and diversified clothing, which includes seasonal clothing like school uniforms and children's wear[14] - The company’s management monitors segment performance based on revenue and expenses, with segment profit defined as revenue minus cost of sales and direct administrative expenses[16] - The company has implemented a unified inventory management platform across 9 major warehouses and 12 smaller warehouses, enhancing operational efficiency[66] - The logistics system automatically matches transportation resources to each order, maximizing service efficiency while maintaining reasonable costs[70] Market and Brand Development - The company has experienced a dual enhancement in brand value and operational performance despite external pressures, indicating resilience in achieving sustainable high-quality development[57] - Bosideng was ranked 47th in the Brand Finance "2023 Global Apparel Brands" list and improved its position in the "China Brand Value 500" list by 30 places to 145th[62] - The company launched a new line of sun-protective clothing in spring/summer 2023, which received positive consumer feedback due to its innovative fabric and design[63] - The company collaborated with Douyin to create the "China Good Down" IP, enhancing brand visibility and consumer engagement through a snow mountain pop-up store[64] Research and Development - The company has invested in advanced research and technology, focusing on new categories and materials, with its champion thermal comfort ski suit winning the ISPO award in the 2023/24 fiscal year[69] - The group filed 545 patents in the 2023/24 fiscal year, bringing the total to 971 patents as of March 31, 2024, enhancing its position as an expert in down jackets[74] Corporate Governance and Compliance - The company has complied with the corporate governance code, except for the separation of roles between the chairman and CEO, which is held by the same individual due to his unique experience and reputation in the industry[136] - The audit committee reviewed the accounting principles and practices adopted by the group and discussed financial reporting matters with the auditors[137] - The auditors, KPMG, confirmed that the financial figures in the annual report are consistent with the group's consolidated financial statements[138] Employee and Talent Management - The total employee cost for the year ended March 31, 2024, was approximately RMB 2,656.6 million, an increase from RMB 1,839.8 million in the previous fiscal year[127] - The company employed 11,831 full-time employees as of March 31, 2024, a decrease of 352 from the previous year[127] - The company has established a comprehensive talent development system, outputting 736 outstanding university students, 112 backup managers, 37 backup directors, and 18 retail general managers through the "Eagle System" project[131] Sustainability and ESG - The group is committed to integrating ESG principles into its management to promote sustainable high-quality development[123] - The company maintained an MSCI ESG rating of A, leading in the Chinese textile and apparel industry[124]

Investment Rating - The report maintains a "Buy" rating for Bosideng (03998 HK) with a FY2025 PE of 14x [2] Core Views - Bosideng is expected to achieve a 30% revenue growth in FY2024, driven by strong sales in its down jacket business and steady growth in OEM operations [1] - The company is expanding its product portfolio into functional apparel, including lightweight down jackets and sun protection clothing, which is expected to contribute to future growth [2] - Bosideng's online sales account for over 30% of total revenue, with significant improvements in profitability and efficiency [2] Product Expansion - Bosideng has successfully upgraded its main brand, with the gross margin of the Bosideng brand reaching 70 8% in FY2023 [2] - The company has introduced lightweight down jackets and sun protection clothing, with the lightweight down category accounting for approximately 20% of down jacket sales in FY2023 [2] - The sun protection category achieved sales of over 100 million yuan in 2023 and is expected to continue growing in 2024 [2] Channel Efficiency - Bosideng has optimized its offline channels by focusing on single store management, with 3,183 stores as of FY2023 [2] - The company's online sales have grown rapidly, with a CAGR of 34% over the past five years, accounting for 35 6% of total down jacket sales in FY2023 [37] - Bosideng has a comprehensive presence across major e-commerce platforms, including Tmall, JD com, and Douyin [38] Supply Chain Improvement - Bosideng has maintained a low initial order ratio, with less than 40% of orders placed at the beginning of the year, allowing for flexible replenishment based on sales performance [2] - The company's inventory turnover days decreased to 142 days in FY2023, down by 6 days year over year, and further improved to 158 days in FY2024H1, down by 20 days year over year [2] - Bosideng has upgraded its supply chain to support rapid replenishment and efficient logistics, with a target of 99% availability for top selling items [42] Financial Performance - Bosideng's revenue is expected to grow to 21 61 billion yuan in FY2024, representing a 28 8% year over year increase [45] - The company's net profit is forecasted to reach 2 87 billion yuan in FY2024, a 34 2% year over year increase, with continued growth expected in FY2025 and FY2026 [46] - Bosideng has maintained a high dividend payout ratio, with an average of around 80% from FY2019 to FY2023 [1] Valuation and Investment Outlook - Bosideng's valuation is relatively low compared to peers, with a FY2025 PE of 13 9x, below the industry average of 15 8x [50] - The company's expansion into new product categories and improved operational efficiency are expected to drive stable growth and enhance its valuation [49] - Bosideng's strong brand positioning and high dividend payout make it an attractive investment opportunity [51]