Investment Rating - Buy (Maintained) [4] Core Views - Bosideng's FY25 interim report shows strong performance with revenue of RMB 8.8 billion (YoY +17.8%), operating profit of RMB 1.47 billion (YoY +19.6%), and net profit attributable to shareholders of RMB 1.13 billion (YoY +23.0%), all reaching historical highs for the same period [2] - The down jacket business grew significantly, contributing RMB 6.06 billion (YoY +22.7%), with new functional products like sun-protective clothing and single-shell jackets driving growth during the off-season [2] - The OEM business continued to grow, with revenue of RMB 2.32 billion (YoY +13.4%), while the women's apparel segment faced pressure, with revenue declining by 21.5% to RMB 310 million [2] - Inventory and cash flow fluctuations were observed due to controlled shipment pace, with inventory reaching RMB 5.94 billion (YoY +53.4%) and operating cash flow at -RMB 3.48 billion [2] - The company is expected to achieve revenue of RMB 26.3 billion, RMB 29.7 billion, and RMB 33.5 billion for FY25, FY26, and FY27, respectively, with net profit attributable to shareholders growing at a CAGR of 15% [2] Financial Highlights - Revenue for FY25 is projected to be RMB 26.3 billion (YoY +13%), with net profit attributable to shareholders of RMB 3.54 billion (YoY +15%) [2] - Gross margin for the down jacket business was 61.1% (YoY -0.1pp), with operating profit margin improving to 20.2% (YoY +1.2pp) [2] - The Bosideng brand contributed RMB 5.28 billion (YoY +19.4%) to the down jacket segment, with a gross margin of 66.3% (YoY +0.9pp) [2] - The Snow Flying brand saw revenue growth of 47.1% to RMB 390 million, with a gross margin of 50.1% (YoY +6.0pp) [2] - The company's PE ratio is projected to be 12.2X, 10.6X, and 9.3X for FY25, FY26, and FY27, respectively, indicating attractive valuation [2] Business Segment Analysis - Down jacket business remains the core driver, with strong growth in both the Bosideng and Snow Flying brands [2] - New functional products, such as sun-protective clothing and single-shell jackets, are contributing to off-season growth [2] - The OEM business is expanding with stable core client orders and new high-quality clients [2] - The women's apparel segment is underperforming, with a 21.5% decline in revenue and an operating loss of RMB 50.42 million [2] Valuation and Outlook - The company is expected to maintain a high dividend payout ratio, with a projected payout ratio exceeding 80% for the next three fiscal years [2] - The stock is considered undervalued with a low PE ratio and strong growth prospects, supported by the development of functional outerwear and lightweight down products [2] - The report maintains a "Buy" rating, highlighting the company's low valuation, stable growth, and high dividend attributes [2]

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2024年9月30日止六個月之中期業績 | --- | --- | --- | |-------|--------------------------------------------------------------|-------| | | | | | 摘要 | | | | ‧ | 收入增加 17.8% 至約人民幣 8,804.1 百萬元。 | | | ‧ | 毛利率小幅下降 0.1 個百分點至 49.9% 。 | | | ‧ | 經營溢利率提升 0.2 個百分點至 16.7% 。 | | | ‧ | 本公司權益股東應佔溢利上升 23.0% 至約人民幣 1,129.7 百萬元。 | | | ‧ | 董事會宣派中期股息每股普通股 ...

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].

Equity – Asia Research 从复盘Moncler和Canada Goose看企业四季化转型的驱动力 Analyzing Moncler and Canada Goose: The Driving Forces Behind Seasonal Business Transformation 盛开Kai Sheng k.sheng@htisec.com 梁希Xi Liang xi.liang@htisec.com Xiaorui Hu amber.xr.hu@htisec.com 27 Oct 2024 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券 研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请 参阅附录。(Please see appendix for English translation of the disclaimer) 投资建议与风险提示 投资建议： 通过分析对比Moncler和Canada Go ...

证券研究报告 | 公司点评 gszqdatemark 2024 10 21 年 月 日 波司登（03998.HK） 旺季启动，新品上市，期待 FY2025H1 业绩稳健增长 各地天气降温，带动秋季置装需求，期待 FY2025H1 利润快速增长。1）我们估计 FY2025H1（截至 2024/9/30 的六个月）公司收入同比有望增长 10%~20%/利润增速 有望快于收入增速，根据行业及天气情况我们判断其中品牌羽绒服业务增速快于 OEM 增速，估计女装收入同比承压、符合行业趋势。2）盈利质量方面，考虑产品结构变化， 我们估计 FY2025H1 波司登主品牌毛利率同比或略有下降；考虑业务结构变化，我们 估计公司毛利率同比或基本稳定。 新品持续创新，重点发力户外，近期"三合一鹅绒冲锋衣"等陆续上架销售。过去几年 内，波司登品牌品质提升驱动产品单价向上+穿着场景拓宽带动销售量增长，FY2024 主 品牌毛利率高达 69.6%/品牌羽绒服业务毛利率高达 65.0%。1）持续升级羽绒新品品 质，重点布局户外场景，推出叠变轻薄羽绒服（获得 ISPO 全球户外大奖）、机能教父 联名款、意大利潮牌 MSGM 联名款等等，升级迭 ...

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]

%% %% 丨证券研究报告丨 港股研究丨公司点评丨波司登（3998.HK） [Table_Title] 零售趋势向好，打造多品牌集团 | --- | --- | --- | --- | |-----------------------------------------------------------------------|--------------------------------------|-------|-------| | 报告要点 | | | | | [Table_Summary] 波司登宣布投资加拿大奢侈羽绒服品牌 Moose Knuckles | ， Moose Knuckles 已在中国、北美和 | | | 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SFC：BUU942 请阅读最后评级说明和重要声明 波司登（3998.HK） cjzqdt11111 2024-10-17 [Table_BaseData] 当前股价（HKD） 4.75 注：股价为 2024 年 10 月 16 日收盘价 [Table_Title2] 零售趋势向好 ...

23/1023/1123/1224/0124/0224/0324/0524/0624/0724/0824/0924/10 证券研究报告 | 公司点评 | 服装家纺 | --- | --- | |----------------------------------|------------------------------------------| | 波司登 (03998) | 报告日期： 2024 年 10 月 16 日 | | 旺季开门红，新战投推进国际化进程 | | | ——波司登点评报告 | | 投资要点 ❑ 新财年防晒服业务专业度加码、助力新财年夏季业绩突破： 3 月公司推出新一代专业防晒衣，以突出的专业性能（UPF100+、高于 国标 66%凉感、透气效果提升 35%+）打造差异化，并推出与 Christelle Kocher（香奈儿旗下高级手工坊艺术总监）的联名产品、与时尚芭莎合作打 造 SHOWROOM、与北京电影节合作大秀助力话题度提升，在产品系列上除 已有的骄阳系列 24 年新增都市轻户外系列扩大覆盖生活场景，产品系列扩 张为新财年防晒服业务延续高增打下坚实基础。 ❑ 叠变系列为代表的多 ...

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]