Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The main brand of the company is expected to achieve stable growth despite a warm winter, with a projected revenue increase of approximately 8.3% year-on-year for FY26H1 [3][8] - The OEM business is anticipated to face temporary pressure due to tariff policies in 2025, leading to a decline in revenue for FY26 [3] - The company maintains high operational quality, with significant growth expected in its three main product series [3] - Long-term prospects remain positive due to strong brand equity and operational management capabilities, with a high dividend payout ratio of over 80% in the past four years, resulting in a dividend yield of over 7% [3][8] Financial Projections - Total revenue is projected to grow from CNY 23,214 million in FY2024A to CNY 30,983 million in FY2028E, with year-on-year growth rates of 38.39%, 11.58%, 4.28%, 7.03%, and 7.18% respectively [1] - Net profit attributable to the parent company is expected to increase from CNY 3,074 million in FY2024A to CNY 4,387 million in FY2028E, with corresponding growth rates of 43.74%, 14.31%, 5.49%, 8.83%, and 8.75% [1] - The latest diluted EPS is projected to rise from CNY 0.26 in FY2024A to CNY 0.38 in FY2028E [1]

Investment Rating - The investment rating for the company is "Buy-A" and is maintained [1][8] Core Views - The company is expected to achieve steady revenue growth for FY2026, continuing its high-quality operational performance despite a challenging external environment [4][6] - The brand's down jacket business is projected to show resilient growth, with mid-single-digit revenue growth anticipated, particularly for the main brand and the Xuezhongfei brand, which is expected to grow even faster [6] - The company has made strides in internationalization and high-end product offerings, with a new premium product line launched in Paris, marking a significant milestone for the brand [6] - The private label processing business is facing pressure due to tariffs and client operational challenges, with a projected revenue decline of 11.7% in FY2026H1 [7] - The women's wear and school uniform segments are expected to see double-digit declines, aligning with industry trends [7] Financial Performance and Forecast - For FY2026, the company is projected to have revenues of 27.07 billion yuan, with a year-on-year growth of 4.5% [11] - Net profit forecasts for FY2026, FY2027, and FY2028 are 3.728 billion yuan, 3.997 billion yuan, and 4.286 billion yuan respectively, with corresponding P/E ratios of 11.9, 11.1, and 10.4 [8][11] - The gross margin is expected to remain stable around 57.5% for FY2026 [11] - The return on equity (ROE) is projected to be 20.8% for FY2026, slightly declining in subsequent years [11]

Investment Rating - The investment rating for the company is "Buy-A" and is maintained [1][8] Core Views - The company is expected to achieve steady revenue growth for FY2026, continuing its high-quality operational performance despite a challenging external environment [4][6] - The brand's down jacket business is projected to show resilient growth, with mid-single-digit revenue growth anticipated, particularly for the main brand and the Snow Flying brand, which is expected to grow even faster [6] - The company has made strides in internationalization and high-end product offerings, exemplified by the launch of the AREAL series in Paris [6] - The private label processing business is under pressure due to tariffs and client operational challenges, with a forecasted revenue decline of 11.7% in FY2026H1 [7] - The women's wear and school uniform segments are expected to see double-digit declines, aligning with industry trends [7] Financial Performance and Forecast - For FY2026, the company is projected to generate revenues of 27.07 billion yuan, with a year-on-year growth of 4.5% [11] - Net profit forecasts for FY2026, FY2027, and FY2028 are 3.728 billion yuan, 3.997 billion yuan, and 4.286 billion yuan respectively, with corresponding P/E ratios of 11.9, 11.1, and 10.4 [8][11] - The gross margin is expected to remain stable around 57.5% for FY2026 [11] - The return on equity (ROE) is projected to be 20.8% for FY2026, slightly declining in subsequent years [11]

Core Viewpoint - The company anticipates a decline in sales for its main brand during the peak season due to unexpected cold weather and intensified competition, leading to a downward revision of profit forecasts for FY26-28. However, the company maintains solid operational quality and a positive outlook for sustainable high-quality performance growth through product innovation and brand leadership strategies [1]. Group 1: Sales and Revenue Forecast - The main brand is expected to see a single-digit revenue growth in FY26, with a slowdown in growth rate in the second half compared to the first half, primarily due to fluctuating and warmer weather affecting down jacket demand [2]. - The company expects its direct sales to outperform distribution channels, with overall offline sales remaining stable and online sales driving revenue growth [2]. - OEM business revenue is projected to decline in FY26 due to tariff disruptions and weak terminal demand, but is expected to return to approximately 10% growth in FY27 due to new customer onboarding and capacity expansion [2]. Group 2: Profitability and Margin Outlook - The company anticipates that the gross margin for the main brand and OEM business will remain stable, with overall group gross margin benefiting from structural changes in OEM and down jackets, expected to rise moderately in FY26 [3]. - The company is maintaining prudent discount levels and effective inventory management, leading to healthy inventory levels and improved average selling prices (ASP) for new products, although warmer weather may temporarily increase the proportion of lower-margin lightweight products [3]. Group 3: Earnings Forecast and Valuation - The company has revised down its net profit forecasts for FY26-28 by 4.2%, 6.9%, and 10.1% to 3.74 billion, 4.04 billion, and 4.33 billion yuan respectively, primarily due to anticipated slower revenue growth for the main brand in the second half of FY26 and ongoing declines in OEM revenue [3]. - The target price has been adjusted down by 7% to 5.41 HKD, with a revised price-to-earnings (PE) ratio of 14X for FY26, reflecting a slight slowdown in short-term growth [3].

Investment Rating - The report maintains an "Overweight" rating for Bosideng (03998) and raises the target price from HKD 6 to HKD 6.3 [1] Core Insights - Bosideng's management anticipates a sales growth of 4% to 5% for the fiscal year ending March 2023, along with an expansion in net profit margin [1] - The report forecasts that Bosideng will regain growth momentum in the fiscal year 2027, driven by initiatives such as enhancing popular products, expanding new store formats, and further penetrating emerging markets [1]

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The report indicates a slight downward adjustment in the company's full-year performance expectations due to the impact of a warm winter and high OEM base [2][11] - The company is expected to achieve a revenue growth rate of 4-5% for FY2026, with profit growth anticipated to outpace revenue growth [11] - The brand's high-quality development is supported by collaborations with designers and technological advancements, despite sales disruptions caused by weather conditions [11] Financial Summary - Total revenue projections (in million RMB) are as follows: - FY2024: 23,214 - FY2025: 25,902 (+11.6%) - FY2026E: 27,149 (+4.8%) - FY2027E: 29,243 (+7.7%) - FY2028E: 31,594 (+8.0%) [4] - Gross profit and net profit attributable to the parent company are projected as follows: - FY2024: 13,834 (Net profit: 3,074) - FY2025: 14,840 (Net profit: 3,514) - FY2026E: 15,545 (Net profit: 3,723) - FY2027E: 16,676 (Net profit: 4,023) - FY2028E: 17,932 (Net profit: 4,358) [4] - The company’s PE ratio is projected to decrease from 12.14 in FY2024 to 10.14 in FY2028 [4] Market Data - The current stock price is 4.30 HKD, with a market capitalization of 50,239 million HKD [8] - The stock has a 52-week price range of 3.67 to 5.20 HKD [8] Future Projections - The report anticipates a net profit of 37.2 billion RMB for FY2026, with subsequent projections of 40.2 billion RMB for FY2027 and 43.6 billion RMB for FY2028 [11] - The company is expected to maintain a strong brand presence through innovative product lines and strategic partnerships, enhancing its market position [11]

Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Insights - The company is expected to face challenges in FY26 due to a warm winter, impacting its main business of down jackets, with sales growth projected in the single digits [9][10]. - Despite the short-term challenges, the company is actively pursuing product innovation and AI digital transformation, which are expected to support sustainable growth in the medium term [9]. - The report has slightly adjusted the earnings forecast for FY26-28, with expected earnings per share of 0.32, 0.34, and 0.37 yuan respectively [10]. Financial Summary - **Revenue Forecast**: - FY24A: 23,214 million yuan - FY25A: 25,902 million yuan - FY26E: 27,052 million yuan (4.4% growth) - FY27E: 28,918 million yuan (6.9% growth) - FY28E: 30,960 million yuan (7.1% growth) [4] - **Profit Forecast**: - Operating Profit FY26E: 5,104 million yuan (2.8% growth) - Net Profit FY26E: 3,706 million yuan (5.5% growth) [4] - **Earnings Per Share**: - FY26E: 0.32 yuan - FY27E: 0.34 yuan - FY28E: 0.37 yuan [4][10] - **Valuation Metrics**: - FY26 PE Ratio: 16 times - Target Price: 5.84 HKD (1 RMB = 1.14 HKD) [10]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.41 [7][5] Core Views - The company is expected to face sales impacts due to external environmental fluctuations, including a less severe cold wave and intensified competition during the traditional sales peak period [1] - Despite these challenges, the company maintains solid operational quality, with good inventory and discount levels under pressure [1] - The focus on down jackets and fashionable functional apparel, along with product innovation and brand leadership strategies, is expected to drive sustainable high-quality performance growth [1] Revenue and Growth Expectations - The main brand is projected to see a revenue growth in FY26, with a slowdown in growth rate from 8.3% in the first half to a lower rate in the second half due to fluctuating weather conditions [2] - The OEM business is expected to experience a high single-digit decline in revenue for FY26, but is anticipated to return to approximately 10% growth in FY27 due to new customer acquisition and capacity expansion [3] Profitability and Margin Analysis - The report anticipates that the gross margin for the main brand and OEM business will remain stable, with an overall increase in group gross margin driven by changes in the OEM and down jacket product mix [4] - The company is expected to maintain healthy inventory levels and prudent discount strategies, which will support gross margin despite a temporary increase in the proportion of lower-margin lightweight products due to warmer weather [4] Earnings Forecast and Valuation - The report revises down the net profit forecast for FY26-28 by 4.2%, 6.9%, and 10.1% to RMB 3.74 billion, RMB 4.04 billion, and RMB 4.33 billion respectively, primarily due to anticipated slower revenue growth for the main brand and ongoing declines in the OEM segment [5] - The target price is adjusted down by 7% to HKD 5.41, reflecting a revised PE ratio of 14X for FY26 [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.41 [7][5]. Core Views - The company is expected to face sales impacts due to external environmental fluctuations, including a less severe cold wave and increased competition during the traditional sales peak period [1]. - Despite these challenges, the company maintains solid operational quality, with good inventory and discount levels under pressure, and is focused on its core down jacket business and fashion functional apparel to drive brand growth [1]. - The report anticipates a high dividend payout ratio of 70-80% in the future [1]. Revenue and Growth Expectations - The main brand is projected to see a revenue growth slowdown in the second half of FY26, with an expected increase of 8.3% compared to the first half, primarily due to fluctuating weather conditions affecting down jacket demand [2]. - The company expects its direct sales to outperform its distribution channels, with overall offline sales remaining stable and online sales driving revenue growth [2]. - OEM business revenue is expected to decline in FY26 but is projected to return to approximately 10% growth in FY27 due to new customer acquisition and capacity expansion [3]. Profitability and Margin Outlook - The report forecasts that the gross margin for the main brand and OEM business will remain stable, with the overall group gross margin benefiting from changes in the OEM and down jacket business structure [4]. - The company is expected to maintain healthy inventory levels and prudent discount strategies, although warmer weather may temporarily increase the proportion of lower-margin lightweight products [4]. Earnings Forecast and Valuation - The report revises down the net profit forecast for FY26-28 by 4.2%, 6.9%, and 10.1% to RMB 3.74 billion, RMB 4.04 billion, and RMB 4.33 billion respectively, primarily due to anticipated slower revenue growth for the main brand and ongoing OEM revenue decline [5]. - The target price is adjusted down by 7% to HKD 5.41, reflecting a PE ratio of 14X for FY26, compared to a previous estimate of 14.7X [5].

Core Viewpoint - JPMorgan has raised the target price for Bosideng (03998) from HKD 6 to HKD 6.3, maintaining an "Overweight" rating [1] Group 1: Financial Performance - Bosideng's management anticipates a sales growth of 4% to 5% for the fiscal year ending March 2023 [1] - The net profit margin is also expected to expand during this period [1] Group 2: Future Growth Initiatives - For the fiscal year 2027, JPMorgan expects Bosideng to regain growth momentum driven by various initiatives [1] - Key initiatives include enhancing popular products, expanding new store formats, and further penetrating emerging markets [1]