纺织服饰 波司登（ ） 买入 维持 03998.HK -A( ) 羽绒服旺季销售超预期收官，看好防晒服助力春夏销售 2024年4月21日 公司研究/公司快报 公司近一年市场表现 事件描述  根据中国经济网，4月18日，波司登应第十四届北京国际电影节组委会之邀，在北 京雁栖湖国际会议中心南广场举行防晒衣时尚秀，推出“骄阳系列3.0”及“都市轻户外” 系列防晒服新品。 事件点评  2024年开启防晒服2.0时代，产品注重专业防晒功能与时尚色彩版型设计。4月 资料来源：最闻，山西证券研究所 18日，公司应第十四届北京国际电影节组委会之邀，在北京举行防晒衣时尚秀，推出“骄 阳系列3.0”及“都市轻户外”系列防晒服新品，产品更加注重专业防晒功能的研发和时 市场数据：2024年4月19日 尚色彩版型设计，打破传统防晒衣单一形式，采用高科技面料，打造出具备更强防晒效 收盘价（港元）： 4.320 果和穿着舒适度的专业防晒服。今年，公司将强势布局防晒服产品，在渠道销售方面， 年内最高/最低（港元）： 4.370/2.830 预计今年将增加防晒服全国销售门店数量，并引入优质加盟商共同销售，扩大销售渠道。 流通A股/总股本（ ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [7]. Core Insights - The company has raised its revenue growth guidance for FY2024 to 30%, expecting profit growth to outpace revenue growth. This adjustment is attributed to strong sales performance during peak seasons and the early launch of spring and summer products [4][5]. - The company is positioned as a leader in the down jacket business, with ongoing expansion into diverse product categories, which is expected to drive growth. The company also offers a high dividend yield of approximately 5% [4]. - For FY2025, several product lines are anticipated to perform well, including sun protection clothing and outdoor products, with expectations of doubling revenue for sun protection clothing to around 1 billion RMB [4][5]. Financial Summary - The company forecasts revenue for FY2024 to reach 30 billion RMB, with a target of over 45 billion RMB for lightweight down products in FY2025. The projected net profits for FY2024, FY2025, and FY2026 are 28.7 billion, 33.9 billion, and 39.7 billion RMB respectively [4][6]. - The company's financial performance shows a consistent growth trajectory, with a CAGR of no less than 14% over the next three years, supported by strong sales in winter down jackets and the introduction of new product lines [5][6].

港股公司报告 | 公司点评 波司登（03998） 证券研究报告 2024年04月 20日 投资评级 看好全年业绩表现 行业 非必需性消费/纺织及 服饰 春夏季防晒产品掀起销售小高潮，公司春夏“防晒衣”上市，以羽绒服为 6个月评级 买入（维持评级） 基石衍生跨季产品，拓展增量业务。 当前价格 4.32港元 目标价格 港元 防晒市场扩容，品牌力+专业科技抢占中高端市场份额 基本数据 港股总股本(百万股) 10,921.04 中国防晒衣市场不断扩容，2021 年市场规模已达 611 亿元，据中研普华 产业研究院数据，2021年至2026年，市场将以9.4%的年复合增长率增长。 港股总市值(百万港元) 47,178.90 防晒衣在消费人群中热度持续攀升，根据魔镜洞察数据，2023年主流社交 每股净资产(港元) 1.21 媒体上与防晒衣相关的话题突破437.1万条、同比上升104.5%。 资产负债率(%) 48.55 同时，消费者的需求场景从单一化转变为覆盖日常、户外、商务等多样化， 一 年内最高/最低(港元) 4.37/2.83 防晒诉求从功能性为主，进阶为功能性与时尚感并进，凭借品牌在羽绒服 作者 领域积累的品牌影 ...

FY2023/24业绩有望超预期，品类拓展与渠道优化共振 波司登（3998.HK）/纺织服 证券研究报告/公司点评 2024年4月19日 饰 [评Ta级ble：_T买itl入e]（维持） [公Ta司ble盈_F利in预anc测e]及估值 市场价格：3.77元 指标 FY2022A FY2023 FY2024E FY2025E FY2026E 分析师：张潇 营业收入（百万元） 16,214 16,774 21,663 25,189 28,797 增长率yoy% 20.0% 3.5% 29.1% 16.3% 14.3% 执业证书编号：S0740523030001 净利润（百万元） 2,062 2,139 2,874 3,401 3,918 Email：zhangxiao06@zts.com.cn 增长率yoy% 20.6% 3.7% 34.4% 18.3% 15.2% 每股收益（元） 0.19 0.20 0.26 0.31 0.36 分析师：郭美鑫 每股现金流量 0.24 0.28 0.32 0.36 0.44 执业证书编号：S0740520090002 净资产收益率 17.7% 17.3% 20.6% 19.9 ...

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、 ...