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 ...

波司登(03998.HK) | FY24 拓展仍值得期待 | | | | | | 2024 年 06 月 28 日 | |-------------------------|-----|----|----|----|----|---------------------------------| | | | | | | | 证券分析师 汤军 | | | | | | | | 执业证书: S0600517050001 | | | | | | | | 021-60199793 | | | | | | | | tangj@dwzq.com.cn | | | | | | | | 证券分析师 赵艺原 | | | | | | | | 执业证书: S0600522090003 | | | | | | | | | 买入(维持) 盈利预测与估值 FY2023A FY2024A FY2025E FY2026E FY2027E 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 410 ...

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 ...

波司登(03998.HK) FY2024 净利润+44%,优秀业绩再超预期 FY2024 公司收入同比+38%/净利润同比+44%,业绩表现靓丽,再超市场预期。公司发布 FY2024(截至 2024/3/30 止十二个月)业绩公告:全财年主营业务收入/净利润分别同比增长 38%/44%至 232.1/30.7 亿元。1)盈利质量方面:FY2024 公司毛利率同比+0.1pct 至 59.6%, 销售/管理费用率同比分别-1.8pct/-0.7pct 至 34.7%/6.5%,净利率同比+0.5pct 至 13.2%。2) 分红方面:公司宣派末期股息每股普通股 20.0 港仙,全年合计每股 25.0 港仙,全年派息比率 达 81%,以 2024/6/26 收盘价计算的股息率为 5.8%。 分业务:FY2024 品牌羽绒服终端销售火热、带动业务收入高速增长 40%+,贴牌加工业务 收入稳健增长 16%。 1、品牌羽绒服业务:FY2024 收入同比+44%至 195.2 亿元,收入占比达 84%,毛利率同比 -1.2pct 至 65.0%。1)收入:2023 年冬季内国内各地迅速降温,公司推出优质新品迎合消费 需求 ...

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]

公 纺织服装 司 2024年05月 10日 报 波司登(3998.HK) 告 再次腾飞的羽绒服专家 强烈推荐（首次） 平安观点： 波司登是我国改革开放初期成立的第一代民族品牌。早在问世之初，波司登便 公 股价：4.62 港元 凭借扎实的产品和创意性营销快速打开销售市场，并领航羽绒服行业。在发展 历程中，公司也曾一度因经营失焦而陷入低谷；但波司登积极求变，持续转型 司 主要数据 创新。自 2018 年起，公司转型调整并重新起航，提出“聚焦主航道，聚焦主 首 品牌”的发展战略。在2018-2020年第一个三年期改革中，再次迎来了经营业 行业 纺织服装 次 公司网址 www.bosideng.com;company.boside 绩的又一次腾飞。本篇报告是我们重点分析公司转型成功的举措，并分析公司 ng.com 未来成长的驱动因素。 覆 大股东/持股 康博投资有限公司/26.01%  “聚焦主航道与主品牌”，波司登做对了什么？ 盖 实际控制人 高德康，梅东冬 总股本(百万股) 10953.53 1）产品：聚焦羽绒服功能性及时尚性。一方面，公司重视羽绒服产品的 报 流通A股(百万股) 功能性，从蓬松度、防水性、防风 ...

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨波司登（ ） 3998.HK [防Ta晒b衣le_迈T入itle] 时代，上调全年预期 2.0 报告要点 [2T0a2b4le年_S4um月m1a8ry日] ，波司登应第十四届北京国际电影节组委会之邀，在北京燕山脚下的雁栖湖 国际会议中心南广场举行防晒衣时尚秀。防晒服强产品力&品牌力有望助力春夏季销售，此外 今年1-2月天气仍偏冷，预计将拉动波司登羽绒服FY2024（2023/4/1-2024/3/31）销售增长， 因此我们上调公司预期。 ...

2024年04月21日 公 司点评 公 买入 / 维持 司 波司登(03998) 研 究 目标价: 昨收盘:4.32 波司登近况点评：冬季动销强劲，上调全年盈利预测，防晒新品 发布助力销售全季化 事件：公司4月18日受邀参加第十四届北京国际电影节，在北京雁 ◼ 走势比较 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。 太 10% 开启防晒服2.0时代，全季化销售布局稳步推荐。公司持续升级级防 2% 晒衣产品系列，其防晒衣科技功能性领先市场，UPF防晒指数高达100+、 平 洋 (6%)12/4/32 2/7/32 21/9/32 32/11/32 3/2/42 51/4/42 高 出于 骄市 阳系场上 列、U 假PF 日50 系+左 列右 、的 户标 外准 露。 营公 系司 列的 等防 春晒 夏衣 新矩 品阵 。不 同断 时完 公善 司， 具目 备前 扎已 实推 的 (14%) 证 终端渠道基础，防晒系列有望借助渠道渗透+营销投入实现快速放量。4月 券 (22%) 18日举办波司登品牌全球首场防晒服专场发布会，进一步扩大品牌声量， 股 (30%) 助力防晒新 ...