Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 8.804 billion HKD for FY2025H1, representing a year-on-year increase of 17.83%, and a net profit of 1.13 billion HKD, up by 23% [5][17] - The company maintains a high dividend payout ratio of over 50% and expects continued growth driven by product innovation, category expansion, and channel optimization [5][48] - The company is a leader in the down jacket market, with strong performance from its main brand Bosideng and the mid-range brand Xuezhongfei [5][20] Summary by Sections 1. FY2025H1 Performance - The company achieved a revenue of 88.04 billion HKD, with the main brand Bosideng generating 52.8 billion HKD (up 19.4%) and Xuezhongfei 3.9 billion HKD (up 47.1%) [5][20] - The online sales increased by 24.1% to 13.5 billion HKD, accounting for 22% of the down jacket revenue [23][24] 2. OEM Business - The OEM business generated 23.16 billion HKD, reflecting a growth of 13.39%, supported by stable core customer orders and new client acquisitions [28] 3. Women's Wear Business - The women's wear segment reported a revenue of 3.08 billion HKD, down 21.5%, primarily due to a sluggish market demand [29][30] 4. Diversified Clothing Business - The diversified clothing segment, particularly school uniforms, saw a revenue increase of 21.3% to 1.17 billion HKD, driven by enhanced regional coverage [32] 5. Profitability and Financial Metrics - The gross margin for FY2025H1 was 49.9%, with a net profit margin of 12.8%, reflecting operational efficiency improvements [36][39] - The company’s total operating expenses accounted for 34.57% of revenue, a slight increase from the previous period [36][38] 6. Inventory and Cash Flow - The inventory level rose to 59.39 billion HKD, with an average turnover period of 189 days, attributed to proactive raw material stocking [44] - The net cash flow from operations was -34.83 billion HKD, mainly due to increased procurement [44][47] 7. Earnings Forecast and Investment Recommendation - The company maintains its profit forecast, expecting net profits of 25.5 billion HKD, 29.5 billion HKD, and 33.9 billion HKD for FY2025-2027, with corresponding P/E ratios of 11.7, 10.1, and 8.9 [48]

证券研究报告·海外公司点评·纺织及服饰(HS) 波司登（03998.HK） FY2025H1 业绩点评：主品牌高质量增长，期 待旺季销售 2024 年 12 月 02 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | 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 | 4100 | 4661 | | 同比 (%) | 3.70 | 43.74 | 17.35 | 13.66 | 13.68 | | EPS- 最新摊薄（元 / 股） | 0.19 | 0.28 | 0.33 ...

Summary of the Conference Call Company and Industry Overview - The conference call pertains to the Boston Group, a leading brand in the down jacket industry, focusing on fashion, functionality, and technological apparel. Key Points and Arguments 1. **Financial Performance**: The Boston Group reported a revenue increase of 17.8% for the first half of the 2024-25 fiscal year, with operating profit rising by 19.6% and net profit attributable to shareholders increasing by 23% [5][6][50]. 2. **Profit Growth**: The company has achieved a consistent trend where profit growth has outpaced revenue growth for seven consecutive years, indicating strong operational efficiency [5][6]. 3. **Segment Performance**: The down jacket segment saw a revenue increase of 22.7%, while the women's wear segment experienced a decline of 21.5%. The diversified clothing business grew by 21.3% [6][8]. 4. **Inventory Management**: Inventory levels increased by 53.4%, attributed to fluctuations in raw material prices and proactive stockpiling of down materials in anticipation of market demand [9][10]. 5. **Cash Flow**: The company reported a healthy cash flow position, with cash and cash equivalents amounting to 9.1 billion, an increase of approximately 1 billion from the previous year [10][11]. 6. **Market Strategy**: The company is focusing on enhancing its core down jacket business while reassessing its women's wear segment due to its underperformance in recent years [16][18]. 7. **Brand Development**: The Boston Group is committed to brand-led growth, emphasizing innovation and quality in product offerings, and has engaged in various marketing initiatives to strengthen brand recognition [21][22][54]. 8. **Digital Transformation**: The company is investing in digital systems to improve operational efficiency and supply chain management, aiming for a more integrated approach to inventory and sales [12][48]. 9. **Sustainability Initiatives**: The Boston Group is aligning its operations with sustainable practices and aims to lead in the sustainable fashion movement [50][52]. Additional Important Content 1. **Challenges in Women's Wear**: The overall decline in the high-end women's wear market has prompted the company to limit investments in this segment, focusing resources on more profitable areas [16][18]. 2. **Market Competition**: The company acknowledges increased competition in the down jacket market but believes its brand strength and operational strategies will help it navigate these challenges [32][33]. 3. **Future Outlook**: The management expressed confidence in achieving its annual targets despite external market pressures, citing strong brand loyalty and innovative product offerings as key drivers [30][51]. 4. **Product Innovation**: The introduction of new product categories, such as multifunctional jackets, has been well-received, contributing positively to overall sales growth [41][44]. This summary encapsulates the essential insights from the conference call, highlighting the Boston Group's financial performance, strategic focus, and market positioning within the apparel industry.

Investment Rating - The investment rating for the company is "Outperform the Market" [2][3]. Core Views - The company achieved a net profit growth of 23% in the first half of the fiscal year, with a revenue increase of 18%. The brand's down jacket business performed particularly well, reflecting strong market leadership [2][8]. - Despite a challenging macroeconomic environment, the company continues to show robust growth, with historical highs in performance for the first half of the fiscal year [32]. - The company maintains a stable gross margin, with a slight year-on-year decrease of 0.1 percentage points to 49.9%, attributed to changes in sales structure and product mix [8][15]. Summary by Relevant Sections Financial Performance - For the first half of the fiscal year ending September 30, the company reported a revenue of 8.8 billion yuan, up 17.8% year-on-year, and a net profit of 1.13 billion yuan, up 23% year-on-year [2][8]. - The revenue breakdown includes brand down jackets (6.06 billion yuan, +22.7%), OEM processing (2.32 billion yuan, +13.4%), women's wear (310 million yuan, -21.5%), and diversified clothing (170 million yuan, +21.3%) [8][9]. Profitability Metrics - The operating profit margin improved by 0.2 percentage points to 16.7%, while the net profit margin increased by 0.5 percentage points to 12.8% [8][15]. - The company’s gross margin for brand down jackets was 61.1%, with slight declines in OEM processing and women's wear margins [15][27]. Inventory and Cash Flow - Inventory increased by 53.4% year-on-year, with inventory turnover days rising by 29 days to 189 days, primarily due to rising down prices and proactive inventory management [23][26]. - The company maintains a strong cash flow position and plans to distribute an interim dividend of 0.06 HKD per share [2][8]. Growth Drivers - New product categories, such as sun protection clothing and functional jackets, are contributing to revenue growth, with online sales for brand down jackets increasing by 24% [26][32]. - The company is optimizing its offline channel quality, closing 29 stores to focus on enhancing the performance of top stores, resulting in significant revenue growth per store [26][32]. Future Outlook - The company forecasts net profits of 3.6 billion, 4.1 billion, and 4.6 billion yuan for FY2025, FY2026, and FY2027, respectively, reflecting growth rates of 17.1%, 13.5%, and 11.6% [33][32]. - The target price is maintained at 5.1 to 5.5 HKD, corresponding to a PE ratio of 15-16x for FY2025, indicating a favorable investment opportunity in the undervalued, high-growth, and high-dividend yielding sector of down jackets [32][33].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved high-quality growth in the first half of the fiscal year 2024/25, with revenue and net profit increasing by 17.8% and 23.0% year-on-year, respectively [1] - The company continues to focus on its main brand and product categories, enhancing its market position and operational efficiency [4] - The company is expected to perform well in the winter sales season, leveraging its leading position in the down jacket market [5] Financial Performance Summary - Revenue for the first half of fiscal year 2024/25 reached 8.8 billion RMB, with a year-on-year growth of 17.8% [1] - Net profit attributable to shareholders was 1.13 billion RMB, reflecting a year-on-year increase of 23.0% [1] - Earnings per share (EPS) for the period was 0.1 RMB, with a proposed interim dividend of 0.06 HKD per share [1] - Gross margin for the first half of the fiscal year was 49.9%, a slight decrease of 0.1 percentage points year-on-year [1] - Operating profit margin improved by 0.2 percentage points to 16.7%, while net profit margin increased by 0.5 percentage points to 12.8% [1] Business Segment Performance - The main business segments include brand down jackets, OEM processing, women's wear, and diversified clothing, with revenue contributions of 68.9%, 26.3%, 3.5%, and 1.3%, respectively [1] - Revenue growth rates for these segments were +22.7%, +13.4%, -21.5%, and +21.3% year-on-year [1] - The brand down jacket segment saw revenue growth driven by the main brand Bosideng, which accounted for 87.1% of the down jacket business [1] Market Strategy and Outlook - The company is enhancing its product innovation and expanding its market presence, particularly in the high-end segment through acquisitions and strategic investments [4] - The focus remains on strengthening brand leadership, category management, channel operations, and customer experience [4] - The company anticipates continued strong sales performance as it enters the winter season, supported by its diversified product offerings [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [8][9]. Core Insights - The company reported record high mid-term revenue and net profit for FY25, with revenue increasing by 17.8% to 8.8 billion RMB and net profit rising by 23.0% to 1.13 billion RMB, aligning with expectations [8][13]. - The down jacket business saw over 20% growth, with revenue increasing by 23% to 6.06 billion RMB, while the gross margin slightly decreased by 0.1 percentage points due to a shift in sales mix [8]. - The self-operated channel led growth, with revenue from this segment increasing by 37% to 2.26 billion RMB, showcasing the company's genuine growth capabilities [8]. - Effective cost control contributed to a steady improvement in profitability, with the operating profit margin rising by 0.2 percentage points to 16.7% [8][15]. - The company has a solid asset quality with ample cash reserves, enhancing its risk resilience, as cash net value increased to 6.4 billion RMB from 5.5 billion RMB year-on-year [8]. Financial Summary - For FY25E, the company expects revenue of 16.77 billion RMB, with a year-on-year growth rate of 38% [7]. - The projected net profit for FY25E is 2.14 billion RMB, reflecting an 18% year-on-year growth [7]. - The earnings per share (EPS) is anticipated to be 0.20 RMB for FY25E, with a price-to-earnings (PE) ratio of 19 [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [15]. Core Views - The company has demonstrated high-quality growth in its down jacket business, with a focus on enhancing channel quality and expanding product categories to meet changing consumer demands [3][4]. - The financial forecasts predict significant revenue and profit growth, with expected net profits of 3.62 billion, 4.20 billion, and 4.78 billion RMB for FY25, FY26, and FY27 respectively, corresponding to P/E ratios of 11.5, 9.9, and 8.7 [2][4]. Financial Data and Valuation - Main revenue for 2023A was 16.77 billion RMB, with a projected increase to 23.21 billion RMB in 2024A, reflecting a growth rate of 38% [2]. - The net profit for 2023A was 2.14 billion RMB, expected to rise to 3.07 billion RMB in 2024A, marking a growth rate of 44% [2]. - The company’s gross margin for FY25H1 was 49.9%, with a slight decrease attributed to rising raw material costs and changes in product mix [3][4]. Operational Analysis - The down jacket segment led revenue growth with a year-on-year increase of 22.7%, while the women's clothing segment saw a decline of 21.5% [3]. - The company has optimized its store count, reducing the number of stores while enhancing the quality of its retail channels, resulting in improved operational efficiency [3][4]. - Inventory levels increased by 53.4% year-on-year, attributed to proactive raw material procurement and a slowdown in distributor shipments [4]. Earnings Forecast and Investment Recommendations - The report forecasts net profits of 3.62 billion RMB, 4.20 billion RMB, and 4.78 billion RMB for FY25, FY26, and FY27, respectively, maintaining the previous profit estimates [4]. - The company is expected to continue innovating its product lines, including functional apparel, to adapt to evolving consumer preferences [4].

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港股通 证券研究报告 波司登 (3998 HK) 品牌羽绒服增长亮眼，盈利能力稳健 华泰研究 中报点评 2024 年 11 月 29 日│中国香港 服装 公司公布 FY1H25 业绩情况：公司收入同比+17.8%至 88.04 亿元，归母净 利润同比+23.0%至 11.30 亿元。中期业绩的亮眼增长主要得益于核心业务 品牌羽绒服的优异表现，FY1H25 公司品牌羽绒服/OEM/女装/多元化服装业 务营收分别同比+22.7%/+13.4%/-21.5%/+21.8%至 60.63/23.16/3.08/1.17 亿。此外，公司宣派中期股息 6.0 港仙/股。考虑到公司新品类带来新增长 动力、渠道优化及精细化运营成效佳，市场竞争力提升，维持"买入"评级。 品类持续迭代创新，线上线下均实现快速增长 在公司坚持品牌引领、产品创新和渠道优化的策略下，主品牌波司登收入同 比+19.4%至 52.80 亿元。上半财年，主品牌打造了防晒衣、单壳冲锋衣、 冲锋衣鹅绒服系列等爆款产品，实现品类延申，给淡季销售带来突破。此外， 雪中飞/冰洁期内收入分别同比+47.1%/+61.5%至 3.90 和 0.21 亿元。雪中 飞得益于 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 8.804 billion and a net profit of 1.130 billion for FY24/25H1, representing a year-on-year growth of 17.8% and 23% respectively, driven by successful product category expansions such as sun-protective clothing and lightweight down jackets [1] - The company received government subsidies of 196 million, an increase from 110 million in the same period last year, and reported goodwill impairment losses of 70 million [1] - The company plans to distribute an interim dividend of 0.06 HKD per share [1] Summary by Sections Revenue and Profit Analysis - The revenue breakdown for FY24/25H1 shows down jacket/OEM/women's wear/diversified clothing revenues of 6.063 billion, 2.316 billion, 308 million, and 117 million respectively, with year-on-year growth rates of 22.7%, 13.4%, -21.5%, and 21.3% [2] - The down jacket segment saw revenue contributions from brands such as Bosideng, Xuezhongfei, and Bingjie, with year-on-year growth rates of 19.4%, 47.1%, and 61.5% respectively [2] - Direct sales and wholesale revenues were 2.262 billion and 3.429 billion respectively, with year-on-year growth of 36.7% and 12.6% [2] Margin and Cost Management - The gross margin for FY24/25H1 was stable at 49.9%, with a slight year-on-year decrease of 0.1 percentage points [2] - Operating profit margin (OPM) and net profit margin were 16.7% and 12.8%, reflecting increases of 0.2 and 0.3 percentage points year-on-year [2] - The sales expense ratio decreased by 1.4 percentage points to 25.8%, attributed to improved cost control [2] Inventory and Receivables - Inventory increased by 53.4% year-on-year to 5.939 billion, with raw materials accounting for 35% of the total [2] - The inventory turnover days rose to 189 days, an increase of 29 days year-on-year, indicating a strategic shift in supply chain management [2] Future Outlook - The company is expected to benefit from a flexible supply chain management approach, allowing for timely replenishment based on sales performance [6] - New product launches in sun-protective clothing and lightweight down jackets are anticipated to enhance seasonal product offerings [6] - The company maintains a cautious revenue forecast for FY25-27, projecting revenues of 26.5 billion, 30.1 billion, and 34.2 billion respectively [6]