全年收入增速超预期,四季化布局初见成效 | [ 评 Ta 级 ble : _T 买 itle 入 ] (维持) | [ 公 Ta 司 ble 盈 _F 利 in 预 anc 测 e] 及估值 | | | | | | |--------------------------------------------------------|--------------------------------------------------|------------|-------------|-----------------|---------------|---------------| | 市场价格:4.56 港元 | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师:张潇 | 营业收入(百万元) | 16,774 | 23,214 | 26,654 | 30,339 | 34,365 | | 执业证书编号: S0740523030001 | 增长率 yoy% 净利润(百万元) | 3.5% 2,139 | 38.4% 3,074 | 14.8% 3,569 | ...

Bosideng (3998 HK) Beautifully executed the solid strategies | Target Price | | |------------------------------|-----------| | (Previous TP | HK$5.34) | | Up/Downside | 31.1% | | Current Price | HK$4.56 | | China Consumer Discretionary | | | Walter WOO | | | (852) 3761 8776 | | | walterwoo@cmbi.com.hk | | | Stock Data | | | Mkt Cap (HK$ mn) | 49,314.1 | | Avg 3 mths t/o (HK$ mn) | 100.1 | | 52w High/Low (HK$) | 4.83/2.89 | | Total Issued Shares (mn) | 10814.5 | | Source: FactSet | | | Shareholding Structure ...

纺织服饰 2024 年 06 月 28 日 波司登 (03998) ——业绩超预期,分红率维持高位,品类拓展值得期待 报告原因:有业绩公布需要点评 买入(维持) 投资要点: 市场数据: 2024 年 06 月 27 日 | 收盘价(港币) | 4.56 | | |-------------------------------------|-----------|-----| | 恒生中国企业指数 | 6324.05 | | | 52 周最高/最低(港币) | 4.89/2.83 | | | H 股市值(亿港币) | 499.95 | | | 流通 H 股(百万股) 汇率(人民币/港币) | - 1.0956 | | 资料来源:Bloomberg 联系人 刘佩 (8621)23297818× liupei@swsresearch.com 公司发布 FY24 财年业绩,业绩大超预期,营收、利润再创历史新高。公司发布 FY24 财年 (2023 年 4 月至 2024 年 3 月)业绩,其中,收入提升 38.4%至 232.1 亿元(下文财务及 经营数据均来自业绩公告),突破 200 亿大关,归母净利润同比增长 4 ...

港股公司报告 | 公司点评 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------|----------------------------------------------------------------------------------| | 波司登（ 03998 ） | | 证券研究报告 2024 年 06 月 30 日 | | | 投资评级 | | | 关 ...

本次电话会议服务于中泰证券正式签约客户为非公开交流活动未经中泰证券授权请勿对外传播本次会议的内容包括但不限于视频、音频、文字记录内容等信息感谢您的理解与配合 中泰证券对违反上述要求的行为保留追究法律责任的权利市场有风险投资需谨慎本会议信息仅供参考不代表任何投资建议本公司不对任何人因使用本会议中的信息所引致的任何损失负担任何责任 各位投资人周末好我是关美心感谢大家接入本周的轻访周观点系列电话会议本次的一个会议内容分为两部分第一部分是在仿佛的品牌端我们看到本周波斯登是披露了2324财年的业绩我们也是先向大家更新一下本次的一个业绩交流和订货会的调研情况和观点的一个更新 那第二部分是在清空板块我们维持前期的观点重点提示628超预期的白牙股份那首先在第一部分我们看到周中的时候波斯登是披露了23和24财年的这样一个业绩情况 从数据上面来看,波士顿二次财年是有一个232亿的收入,38%的增长,30.7亿的利润和43.7%的利润增速,可以说在收入层面来讲它是要好于市场预期的。 那其中主航道品牌羽绒服业务是取得了44%的这么一个增长那分品牌来讲波斯登和雪中飞分别增长了43%和65%那其中整个波斯登的主品牌批发渠道是实现了68% ...

您看一下 会议马上开始了 谢谢啊好 麻烦您看一下 会议马上开始了 谢谢啊好 麻烦您看一下 会议马上开始了 谢谢啊好 麻烦您看一下 会议马上开始了 谢谢啊好 麻烦您看一下 会议马上开始了 谢谢啊好 麻烦您看一下 会议马上开始了 谢谢啊好 麻烦您看一下 会议马上开始了 谢谢啊好 麻烦您看一下 会议马上开始了 谢谢啊好 麻烦您看一下 会议马上开始了 谢谢啊好 麻烦您看一下 会议马上开始了 谢谢啊好 麻烦您看一下 会议马上开始了 谢谢啊好 麻烦您看一下 嗯嗯嗯 好各位投资者分析师朋友们大家上午好欢迎参加波斯敦国际控股有限公司2324财年年度业绩发布会 那今天呢我们再次相聚在美丽的常熟波斯敦总部看到非常多的投资者和分析师朋友们来到现场与我们管理层进行面对面的交流在此呢我们表示热烈的欢迎同时呢为方便全球广大投资者及时与我们进行信息同频本次会议呢依然通过路眼中和万德3C等八个线上平台进行同步双语直播 那我是集团董事会办公室主任兼资本市场总监陈浩今天出席本次会议的集团高管依然是波斯登品牌创始人集团董事局主席兼总裁高德康高总集团执行董事执行总裁梅栋梅总集团执行董事高级副总裁波斯登事业部总经理魏青松瑞总集团CFO兼副总裁朱高峰朱 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [4][7]. Core Insights - The company reported FY24 financial results with revenue of 23.21 billion, a year-on-year increase of 38.4%, and a net profit attributable to shareholders of 3.07 billion, up 43.7%, exceeding market expectations. The full-year dividend payout ratio is 81.1% [1][2]. - The four main business segments showed high-quality growth, with the down jacket segment performing particularly well. Revenue growth by category for FY24 includes brand down jackets at 43.8%, OEM management at 16.4%, women's wear at 16.6%, and diversified apparel at 0.3% [1]. - The company is expected to see new growth points from functional products such as sun protection clothing and outdoor jackets, aligning well with current fashion trends and helping to smooth seasonal fluctuations [1]. Financial Performance Summary - FY24 revenue reached 23,214 million, with a year-on-year growth of 38.4% [3]. - FY24 net profit attributable to shareholders was 3,074 million, reflecting a 43.7% increase year-on-year [3]. - The gross margin for FY24 was 59.6%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin grew by 0.5 percentage points to 13.2% [3]. - The company’s operating cash flow for FY24 was 7,266 million, significantly higher than the previous year's 3,051 million, marking a 141% increase [1][3]. Earnings Forecast and Valuation - Future earnings per share are projected to be 0.28, 0.33, and 0.38 for FY24, FY25, and FY26 respectively, with adjustments made to revenue and expense forecasts [2][7]. - The target price for FY25 is set at 6.03 HKD, based on a 17x PE valuation [2][7].

事件描述 事件点评 ➢ 线下线上均取得靓丽增长,单店经营效率显著提升。品牌羽绒服业务分渠 波司登 恒生指数 | 来源:最闻,山西证券研究所 | | |-----------------------------------|---------------| | 市场数据: 2024 年 6 月 27 | | | 收盘价(港元): | 4.560 | | 年内最高 / 最低(港元): | 4.890/2.830 | | 流通 A 股 / 总股本(亿股): | 109.64/109.64 | | 流通 A 股市值(亿港元): | 499.95 | | 总市值(亿港元): | 499.95 | | 来源:最闻,山西证券研究所 | | | 分析师: | | | 王冯 | | | 执业登记编码: S0760522030003 | | | 邮箱: wangfeng@sxzq.com | | | 孙萌 | | | 执业登记编码: S0760523050001 | | | 邮箱: sunmeng@sxzq.com | | 波司登发布 2023/24 财年年度业绩。报告期内,公司实现营收 232.14 亿元,同 比增长 38.4 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][21]. Core Insights - The company achieved a high-quality revenue and profit growth in the fiscal year 2023/24, with revenue increasing by 38.4% to 23.21 billion yuan and net profit rising by 43.7% to 3.074 billion yuan [1][7]. - The company is recognized as a leading domestic down jacket brand, demonstrating strong operational resilience and growth potential in a challenging external environment [2][21]. - The company has successfully optimized inventory and improved operational efficiency, with a significant reduction in inventory turnover days by 29 days to 115 days [1][13]. Summary by Relevant Sections Financial Performance - For the fiscal year 2023/24, the company reported a revenue of 23.21 billion yuan, a year-on-year increase of 38.4%, and a net profit of 3.074 billion yuan, up 43.7% [1][7]. - The operating profit margin improved by 2.1 percentage points to 18.9%, and the net profit margin increased by 0.5 percentage points to 13.2% [1][13]. - The company maintained a healthy operating cash flow and a high dividend payout ratio of 81.1% [1]. Business Segments - Revenue from branded down jackets reached 19.52 billion yuan, a year-on-year increase of 43.8%, with the core brand Bosideng growing by 42.7% [9][11]. - The OEM management business generated 2.67 billion yuan, up 16.4%, while women's clothing revenue increased by 16.6% to 820 million yuan [9][11]. - The diversified clothing segment saw a slight increase of 0.3% to 200 million yuan, primarily driven by school uniform sales [9]. Innovation and Channel Strategy - The company launched innovative products, including new sun-protective clothing and a three-in-one down jacket, achieving significant sales growth [17][18]. - Online sales grew by 41%, reflecting strong brand momentum, while offline store efficiency improved significantly, with self-operated store revenue increasing by 69% [19][20]. - The company closed 206 underperforming stores, optimizing its retail structure and enhancing overall store performance [19][20]. Future Outlook - The company has raised its profit forecasts for FY2025-2027, expecting net profits of 3.601 billion yuan, 4.088 billion yuan, and 4.561 billion yuan, representing year-on-year growth rates of 17.1%, 13.5%, and 11.6% respectively [2][21]. - The target price has been adjusted to 5.1-5.5 HKD, reflecting the company's growth potential and strong dividend yield [2][21].

公司研究 24 财年业绩超预期,期待继续高质量增长 ——波司登(3998.HK)2024 财年业绩点评 买入(维持) 当前价:4.56 港元 作者 分析师:唐佳睿 CFA FCPA(Aust.) ACCA CAIA FRM 执业证书编号:S0930516050001 021-52523866 tangjiarui@ebscn.com 分析师:孙未未 执业证书编号:S0930517080001 021-52523672 sunww@ebscn.com 分析师:朱洁宇 执业证书编号:S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 | 总股本(亿股 ) | 109.64 | |-----------------------|-----------| | 总市值(亿港元): | 499.95 | | 一年最低/最高(港元 ): | 2.83/4.69 | | 近 3 月换手率: | 20.6% | | | | -40% -30% -20% -10% 0% 10% 20% 30% 23/0423/0623/0823/1023/1224/0224/0424/06 波 ...