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]

港股公司报告 | 公司点评 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|------------------------------------------------------------------| | 波司登（ 03998 ） | | 证券研究报告 \n2024 年 10 月 11 日 | | | 投资评级 | | | 战略投资 Moo ...

Financial Performance - For the fiscal year ending March 31, 2024, the company reported revenue of RMB 23,214.03 million, a 38.5% increase from RMB 16,774.22 million in the previous year[14]. - Gross profit for the same period was RMB 13,833.54 million, reflecting a gross margin of 59.6%, slightly up from 59.5% in the prior year[14]. - Operating profit increased to RMB 4,397.56 million, resulting in an operating margin of 18.9%, compared to 16.8% in the previous year[14]. - The net profit attributable to equity shareholders was RMB 3,074.07 million, a 43.8% increase from RMB 2,138.57 million in the previous year[14]. - The company declared a total dividend of 25.0 HKD cents per share, up from 18.0 HKD cents in the previous year[14]. - The company maintained a debt ratio of 18.0%, down from 18.9% in the previous year, indicating improved financial stability[14]. - For the fiscal year 2023/24, the company achieved a revenue of RMB 23.21 billion, representing a year-on-year growth of 38.4%, and a net profit attributable to shareholders of RMB 3.07 billion, up 43.7% year-on-year[20]. - The gross profit for the fiscal year 2023/24 increased by 38.7% to approximately RMB 13,833.5 million, with a gross margin of 59.6%[123][124]. - Operating profit surged by 55.6% to approximately RMB 4,397.6 million, with an operating margin of 18.9%[127]. Brand and Market Position - Bosideng was ranked 47th in Brand Finance's "2023 Global Most Valuable Apparel Brands" list, highlighting its strong brand value[11]. - The company has been recognized as one of the top 50 most valuable apparel brands globally by Brand Finance and ranked 462nd in the World Brand Lab's 2023 Global Brand 500 list[23]. - The company’s brand campaigns are designed to deepen consumer recognition and enhance brand reputation, contributing to sales growth[46]. - The company is committed to sustainable fashion, participating in the UN Sustainable Development Goals Summit and maintaining an MSCI ESG rating of A[25]. - The company is focusing on the core business of down jackets, aiming to become a global leader in the down jacket industry while also expanding into "fashion functional technology apparel" categories[157]. Product Innovation and Development - The company launched innovative products, including lightweight down jackets and multifunctional outdoor apparel, which have received international design awards[23]. - The company has launched a new line of sun-protective clothing in spring/summer 2023, which received positive consumer feedback due to its innovative fabric and design[46]. - The company introduced innovative down jacket designs, including cross-border combinations with sweatshirts and other fashion items, enhancing versatility and style[75]. - The new Puff-themed series focuses on comfort and warmth, utilizing advanced technology to improve product performance[77]. - The company is committed to creating differentiated products through innovative design and technology, targeting the outdoor and urban commuting markets[59]. - The company emphasizes product innovation by integrating consumer preferences into the design process, resulting in a series of new products[70]. Operational Efficiency and Management - The inventory turnover days decreased to 144 days, down from 150 days in the previous year, indicating better inventory management[15]. - The company’s cash flow from operating activities remained robust, with inventory turnover days decreasing by 29 days and accounts receivable turnover days decreasing by 4 days year-on-year[22]. - The company’s logistics strategy focuses on digitalization to ensure efficient product operations across various sales channels[53]. - The company maintains a flexible supply chain model with a first-order control of approximately 40%, allowing for rapid replenishment and efficient turnover during peak sales seasons[58]. - The company has achieved a 99% replenishment availability rate for top-selling products, ensuring that popular items remain in stock while avoiding production of slow-moving items[60]. - The company emphasizes digital transformation to drive business growth and enhance organizational efficiency, transitioning from traditional management to digital management[34]. Retail Strategy and Sales Channels - The company’s retail strategy emphasizes optimizing channel structure and enhancing customer service, leading to a strong online sales presence[24]. - The company is focusing on online sales channels, achieving significant growth in e-commerce rankings and sales performance[83]. - The total revenue from the brand down jacket business for the fiscal year ending March 31, 2024, was RMB 19,521.3 million, representing a 43.8% increase from RMB 13,574.5 million in the previous year[85]. - Self-operated sales accounted for 73.5% of the brand down jacket revenue, totaling RMB 14,345.1 million, up 38.4% from RMB 10,367.5 million in the previous year[85]. - The company opened over 1,400 seasonal stores during the fiscal year, primarily in provincial capitals, focusing on popular seasonal products[90]. Sustainability and Corporate Responsibility - The company is committed to sustainable development, aiming for net-zero emissions in operational processes by 2038, aligning with the UN Sustainable Development Goals[30]. - The overall business strategy focuses on long-term value creation, integrating social responsibility and environmental sustainability into corporate practices[30]. - The company emphasizes sustainable fashion and aims to achieve its mission of "warming the world" while pursuing a long-term goal of becoming a century-old brand[170]. Governance and Management Structure - The board consists of eight directors, with five executive directors and three independent non-executive directors, ensuring compliance with listing rules[172]. - The board has committed to reviewing and monitoring the company's practices to ensure compliance with governance codes[183]. - The company maintains high standards of corporate governance, emphasizing accountability and transparency to meet shareholder expectations[163]. - The board reviews its structure and composition at least annually to maintain a balanced mix of executive and non-executive directors[188]. - The company aims to enhance the proportion of female board members when suitable candidates are identified, based on a comprehensive review of their capabilities and experience[199].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 5.39 HKD per share based on a 15x price-to-earnings ratio for the fiscal year 2024/25 [5][19]. Core Views - The company's fiscal year 2023/24 performance exceeded expectations, with revenue of 23.214 billion RMB, a year-on-year increase of 38.4%, and a net profit of 3.074 billion RMB, up 43.7%. The earnings per share (EPS) was 0.28 RMB, and the annual dividend was approximately 0.25 HKD per share [3][9]. - The company is expected to maintain steady growth in fiscal year 2024/25, driven by brand enhancement, channel optimization, and customer experience improvements in its main brand, Bosideng. The OEM business is also anticipated to grow rapidly due to recovering demand and supply chain advantages [3][17]. - The recent share placement is not expected to impact the company's operations negatively, as it reflects the controlling shareholder's confidence in the company's future development [3][18]. Summary by Sections Financial Performance - For the fiscal year 2023/24, the company reported a revenue of 23.214 billion RMB, a 38.4% increase year-on-year, and a net profit of 3.074 billion RMB, reflecting a 43.7% growth. The EPS was 0.28 RMB, with a dividend yield of 6.23% [9][10]. - The brand down jacket business generated 19.521 billion RMB in revenue, up 43.8%, while the OEM business brought in 2.670 billion RMB, a 16.4% increase. Women's clothing revenue was 820 million RMB, up 16.6%, and diversified clothing revenue was 203 million RMB, a slight increase of 0.3% [10][12]. Business Segments - The main brand, Bosideng, is expected to continue its rapid growth through brand positioning and product innovation. The Snow Flying brand is also projected to capture the high-value down jacket market, while the OEM business is set to benefit from improved demand and supply chain management [3][17]. - The online sales for the brand down jacket business reached 6.836 billion RMB, a 41.3% increase, accounting for 35.0% of total revenue [10][14]. Profitability and Forecast - The report forecasts EPS for the fiscal years 2024/25, 2025/26, and 2026/27 to be 0.33 RMB, 0.38 RMB, and 0.44 RMB, respectively. The company is expected to maintain a strong return on equity (ROE) of 22.38% in 2024/25 [19][24]. - The overall gross margin for the company is 59.6%, with the brand down jacket business margin at 65.0%. The OEM business margin is 20.6%, reflecting effective cost management [14][15].

波司登(3998.HK) 更新报告 买入 2024 年 07 月 11 日 23/24 财年业绩增长亮丽,配售事项不会对集团构成重大影响 王柏俊 + 852 2532 1915 Patrick.wong@firstshanghai.com.hk 2023/2024 财年业绩概览:截至 2024 年 3 月 31 日的全年业绩,公司实现营业收入 232 亿元 (人民币,下同)、同比增加 38.4%(主要受益于品牌羽绒服的快速增长),毛利率比去年 同期提升 0.1PCT 到 59.6%,经营利润率同比提升 2.1PCT 至 18.9%(受益于营运效率的提 升,良好的费用控制及女装业务的经营亏损和商誉减值大幅减少),归母净利润 30.7 亿 元、同比增加 43.7%,归母净利率同比提升 0.5PCT 至 13.2%,拟派末期股息每股 20.0 港 仙,全年派息比率为 81.1%。存货周转天数有效降低,回到 115 天的正常水平;受益于一体 化的营运及快速补货的能力。持有净现金为120.5亿,资产负债水平健康。总体业绩亮丽。 羽绒服业务表现依然出色,贴牌加工及女装录得双位数的增长:分业务:1)品牌羽绒服业 务收入 1 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Views - The company's fundamentals remain robust, with superior earnings elasticity and certainty [4]. - The recent share placement by the founder aims to optimize the shareholder structure and enhance market liquidity, which is expected to attract more quality domestic and international investors [4]. - The company has shown significant improvements in store efficiency and inventory levels, focusing on creating benchmark TOP stores and enhancing both offline and online sales channels [4]. - The brand's influence is expected to grow through innovation and the integration of traditional craftsmanship into modern designs, as showcased at the "Newborn of All Things Paris Exhibition" [4]. - The recent share placement does not affect the company's long-term investment value, with projected net profits for FY2025-2027 expected to be 36.3 billion, 42.4 billion, and 48.7 billion respectively, reflecting year-on-year growth of 18%, 17%, and 15% [4][8]. Summary by Sections Event Description - On July 3, 2024, the founder and chairman of the company conducted a placement of 400 million shares at a price of 4.31 HKD per share, representing 3.64% of the total share capital [4]. Financial Forecasts - The company is projected to achieve revenues of 23.21 billion, 26.64 billion, 30.26 billion, and 34.02 billion for FY2024 to FY2027, with respective growth rates of 38%, 15%, 14%, and 12% [8]. - Net profits are forecasted to be 3.07 billion, 3.63 billion, 4.24 billion, and 4.87 billion for the same period, with growth rates of 44%, 18%, 17%, and 15% [8]. - The earnings per share (EPS) are expected to be 0.28, 0.33, 0.39, and 0.44, with corresponding price-to-earnings (P/E) ratios of 12.68, 11.37, 9.73, and 8.47 [8].

纺织服装 2024 年 07 月 09 日 波司登(3998.HK) 亮相"新生万物巴黎展",展现中国品牌新高度 强烈推荐(维持) 股价:4 港元 公 司 事 项 点 评 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) | 10992.10 | | 流通 A 股(百万股 | ) | | 流通 B/H 股( | 百万股) 10992.10 | | 总市值(亿元) | 401.17 | | 流通 A 股市值( | 亿元) | | 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)*年报点评*全年业绩 超预期,经营质量高增长*强烈推荐20240628 【平安证券】波司登(3998.HK)*首次覆 ...