证券研究报告 纺织服饰 | 服装家纺 港股|首次覆盖报告 hyzqdatemark 2024 年 11 月 13 日 证券分析师 羽绒服饰头部国牌，聚焦核心主业持续快速发展。公司成立于 1976 年，前期以代工 业务为主；自 1995 年起不断蕴育出波司登、雪中飞、冰洁等羽绒品牌，进入快速增 长阶段；2018 年，公司提出"聚焦主航道，收缩多元化"战略，将发展重心移向主 品牌。公司高管团队均具备丰富经验，带领公司在近年中实现营收及利润稳增长， 并不断在国际舞台展示创新产品，巩固公司品牌形象。 丁一 SAC：S1350524040003 dingyi@huayuanstock.com | --- | --- | |------------------------------------|-----------| | | | | 基本数据 收盘价（港元） | 4.28 | | 一年内最高/最低（港 元） | 5.14/3.05 | | 总市值（百万港元） | 47,487.74 | | 流通市值（百万港元） | 47,487.74 | | 资产负债率（%） 资料来源：聚源数据 | 46.38 | 波司登(0399 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 （於開曼群島註冊成立之有限責任公司） 波司登國際控股有限公司 董事局主席 高德康 香港，2024 年 11 月 13 日 （股份代號：3998） 董事會會議通告 波司登國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）特此公告，本公司將 於 2024 年 11 月 28 日（星期四）召開董事會會議，藉以（其中包括）審議並批准本公司及其 附屬公司截至 2024 年 9 月 30 日止六個月的中期業績，以及宣派中期股息（如有）。 承董事會命 於本公告日期，本公司執行董事為高德康先生、梅冬女士、黃巧蓮女士、芮勁松先生及高曉東先生；獨立非執 行董事為董炳根先生、王耀先生及魏偉峰博士。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Views - The company has undergone a significant brand transformation and strategic focus on its core down jacket business, leading to substantial revenue and profit growth [10][15]. - The down jacket market in China has shown robust growth, with the company positioned to capture high-end market demand through product innovation and brand enhancement [15][24]. - The company has implemented a unique supply chain model that reduces inventory risk and enhances operational efficiency [43]. Summary by Sections Historical Review: The Rise and Renewal of the Company - The company, primarily engaged in down jacket production, has evolved through three main phases since its listing in 2007: diversification (2007-2013), product and channel adjustments (2014-2017), and a focus on its core business (2018-present) [10][11]. Multi-Dimensional Exploration of Brand Renewal - The company achieved a compound annual growth rate (CAGR) of 15% in revenue and 41% in profit during its first three-year strategic transformation [15]. - The brand has focused on product diversification, channel optimization, and a refined supply chain to enhance operational efficiency [15][43]. Future Growth Drivers for the Brand - The down jacket market in China grew from 69.3 billion yuan in 2014 to 146.1 billion yuan in 2021, with a CAGR of 11.2% [15]. - The company is expanding into outdoor apparel and functional clothing, launching popular products like ski jackets and sun protection clothing [15][24]. Earnings Forecast and Investment Recommendations - The company is projected to achieve a net profit of 3.62 billion yuan by 2025, with price-to-earnings (P/E) ratios of 13, 11, and 10 for FY2025-2027, compared to the average of comparable companies [2][15].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of HKD 6.31 per share, based on a FY25 PE of 18X [2]. Core Insights - The sustained profitability of Moncler and Canada Goose is attributed to precise targeting of high-end consumer demographics, an increase in direct sales channels, and an expansion of product categories. The report highlights that Bosideng has outperformed other leading apparel brands in the domestic and international markets over the past six years, which is closely linked to its reforms and expansions in these areas [2]. - The report projects Bosideng's net profits for FY25 and FY26 to be CNY 35.7 billion and CNY 41.3 billion, respectively, with an upward revision from the previous estimate of CNY 32.4 billion for FY25 [2]. Summary by Sections Company Performance - Both Moncler and Canada Goose have achieved a compound annual growth rate (CAGR) of over 20% in revenue and net profit since their listings, with Moncler showing a CAGR of 20% in revenue and 24% in net profit from 2011 to 2022 [3][4]. - Moncler's revenue in 2022 reached EUR 2.603 billion, while Canada Goose's revenue for FY2023 was CAD 1.217 billion, reflecting a CAGR of 24% from FY2015 to FY2023 [5]. Market Positioning - Moncler has established a strong luxury brand positioning through product, marketing, and channel iterations since its inception in 1952, while Canada Goose emphasizes functionality and Canadian manufacturing in its branding strategy [20][27]. - The report notes that Moncler's direct retail channel accounted for 80% of its sales in 2022, significantly higher than Canada Goose's 67% [35]. Product Strategy - Moncler has diversified its product offerings through initiatives like the Moncler Genius project, which targets younger consumers and aims to extend the brand's appeal beyond traditional outerwear [23][25]. - Canada Goose has expanded its product range to include lightweight down products and non-outerwear items, responding to diverse consumer needs and preferences [27]. Financial Projections - The report anticipates Bosideng's net profit for FY25 to be CNY 35.7 billion, with a target price adjustment reflecting a 15% increase from previous estimates [2]. - The projected net profit for FY26 is CNY 41.3 billion, indicating a positive growth trajectory for the company [2].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to see robust revenue growth of 10% to 20% year-on-year in FY2025H1, driven by increased demand for autumn apparel due to colder weather [1] - The main brand's gross margin is projected to slightly decline, while overall gross margin is expected to remain stable [1] - The company is focusing on product innovation, particularly in outdoor apparel, with new launches such as the "three-in-one down jacket" [1] - The company is enhancing channel efficiency through refined management of individual stores and increasing the number of seasonal stores [1] - The company maintains a healthy operational status with a low initial order ratio and efficient inventory turnover [2] Financial Summary - For FY2025, the company is projected to achieve revenue of approximately 26,622 million yuan, representing a year-on-year growth of 14.7% [3] - The net profit for FY2025 is estimated at 3,574 million yuan, with a growth rate of 16.3% year-on-year [3] - The company's earnings per share (EPS) for FY2025 is expected to be 0.32 yuan [3] - The projected price-to-earnings (P/E) ratio for FY2025 is 14 times [2][3] Growth Potential - The brand's down jacket business is anticipated to grow by over 10%, while OEM business is expected to grow by 15% to 20% in FY2025 [2] - The company is actively expanding its product categories and enhancing brand innovation, which is expected to drive long-term growth [2]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company announced a strategic investment in the international luxury down jacket brand Moose Knuckles, expanding its international business and enhancing its brand portfolio [4] - Recent seasonal sales have been strong, with product innovations such as "Light Warm Goose Down" and "Stack Change" series receiving positive feedback [4] - The company is optimizing its store structure and expanding into incremental markets, particularly focusing on strategic cities with low store penetration [4] - A strategic cooperation agreement with Harbin has been signed to jointly promote the creation of a winter apparel brand IP [4] - The company has over 40 years of experience in the down jacket industry, with a solid foundation and strong consumer recognition, and is expanding into outdoor and functional apparel sectors [4] Financial Performance - FY24 revenue is projected at 232.1 billion yuan, a 38.4% year-on-year increase [7] - FY24 net profit attributable to the parent company is expected to be 3.07 billion yuan, a 43.7% year-on-year increase [7] - Gross margin for FY24 is 59.6%, slightly up by 0.1 percentage points [8] - Net profit margin for FY24 is 13.2%, up by 0.5 percentage points [8] Strategic Investments and Innovations - The strategic investment in Moose Knuckles aims to fill the gap in the luxury trendy down jacket market [4] - Product innovations include the "Stack Change" series, which offers multi-functional designs for different scenarios, and the VERTEX series, which enhances the high-end outdoor product line [4] - The company has upgraded its Puff series in collaboration with the Italian brand MSGM, improving both warmth and fashion appeal [4] Market Expansion and Channel Optimization - The company is deepening channel stratification and focusing on top-tier stores as experimental hubs [4] - Strategic incremental markets, such as Jiamusi in Heilongjiang, are being targeted for new store openings and upgrades [4] - The cooperation with Harbin aims to leverage the city's winter tourism boom to boost sales and brand visibility [4] Future Outlook - The company is expected to maintain steady growth, with projected net profits of 3.63 billion, 4.19 billion, and 4.78 billion yuan for FY24-26, respectively [4] - The PE ratios for FY24-26 are estimated at 13x, 11x, and 10x, respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company has launched a new generation of professional sun protection clothing, enhancing its summer performance for the new fiscal year with features such as UPF100+ and improved breathability [3] - The introduction of multiple product lines, including the "叠变" series, has initiated the peak season sales, supported by strategic collaborations and marketing events [4] - The strategic investment in the Canadian luxury down jacket brand MooseKnuckles marks a significant step in expanding the company's international presence and core business focus [5] - Revenue and profit forecasts indicate a steady growth trajectory, with projected revenues of 263 billion, 297 billion, and 335 billion for the fiscal years ending March 2025, 2026, and 2027, respectively, reflecting a year-on-year growth of 13% [5][10] Summary by Sections Business Performance - The company is expected to achieve revenues of 23,214 million in FY2024, with a year-on-year growth of 38.39%, and net profit of 3,074 million, reflecting a growth of 43.74% [6][10] - The forecast for FY2025 and FY2026 shows continued growth in both revenue and net profit, with expected revenues of 26,272 million and 29,688 million, and net profits of 3,544 million and 4,066 million, respectively [6][10] Strategic Initiatives - The collaboration with renowned designers and participation in high-profile events have significantly increased brand visibility and market engagement [3][4] - The acquisition of MooseKnuckles is aimed at enhancing the company's product offerings and expanding its market reach, particularly in Asia [5] Financial Projections - The company is projected to maintain a high dividend payout ratio exceeding 80% over the next three fiscal years, indicating strong cash flow and shareholder returns [5] - The estimated P/E ratios for the upcoming fiscal years are 13.7, 11.9, and 10.5, suggesting that the stock is currently undervalued [5][10]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Viewpoints - The report highlights that the sustained profitability improvement of Moncler and Canada Goose is driven by three key factors: precise targeting of high-end consumer groups, increased proportion of direct sales channels, and expansion of product categories [3] - The company's market performance over the past six years is attributed to its reforms and expansions in brand upgrading, direct sales channel proportion, and new product categories [3] - The company is expected to achieve net profits of 3.57 billion and 4.13 billion yuan in FY25 and FY26, respectively, with a PE ratio of 17-18X for FY25, translating to a reasonable value range of 5.96-6.31 HKD per share [3] Historical Performance of Moncler and Canada Goose - Both Moncler and Canada Goose have achieved a compound annual growth rate (CAGR) of over 20% in revenue and net profit since their IPOs [4][5] - Moncler's revenue grew from 364 million euros in 2011 to 2.603 billion euros in 2022, with a CAGR of 20% [4] - Canada Goose's revenue grew from 218 million CAD in FY2015 to 1.217 billion CAD in FY2023, with a CAGR of 24% [5] - The Asia-Pacific region is the largest revenue contributor for both companies, accounting for 43% of Moncler's revenue and 29% of Canada Goose's revenue in 2022 [5] Profitability Trends - Moncler's gross margin increased from 67% in 2011 to 76.4% in 2022, while its net margin rose from 15.4% to 23.3% over the same period [8][9] - Canada Goose's gross margin increased from 40.6% in FY2014 to 67% in FY2023, with its net margin peaking at 17.3% in FY2018 before declining post-pandemic [8][9] - Moncler's recovery post-pandemic has been stronger compared to Canada Goose, which saw a significant decline in net margin due to increased e-commerce investments and rising labor costs [8] Leadership and Development Strategies - Moncler's CEO, Remo Ruffini, has a strong background in the fashion industry, which has helped the company transition into a luxury brand [12] - Canada Goose's CEO, Dani Reiss, has focused on maintaining the brand's "Made in Canada" identity and functional product positioning [12] - Moncler has diversified its product lines and expanded into non-outerwear categories, while Canada Goose has emphasized its core product functionality and brand heritage [12][27] Channel and Supply Chain Strategies - Moncler's direct sales channel accounts for 80% of its revenue, significantly higher than Canada Goose's 67% [34] - Moncler has a more balanced growth strategy between store expansion and store efficiency, while Canada Goose has relied more on store expansion for growth [31] - Canada Goose maintains a higher proportion of in-house production, with 8 owned factories, compared to Moncler's reliance on third-party suppliers [37] Product Diversification and Seasonal Risk Mitigation - Moncler has successfully diversified its product portfolio, with non-outerwear products accounting for 25% of its revenue in 2020, up from 12% in 2014 [38] - Canada Goose plans to increase its non-down product revenue to 25% by FY2028, aiming to reduce seasonal dependency [38] Market Performance and Valuation - The company's market performance over the past six years has been strong, with a cumulative increase of 571.7% in stock price, outperforming many peers [41][42] - The report forecasts the company's net profit to reach 3.57 billion and 4.13 billion yuan in FY25 and FY26, respectively, with a PE ratio of 17-18X for FY25 [3]

Investment Rating - The report maintains a "Buy" rating for Bosideng (03998) with a target price of 4.96 HKD, indicating a positive outlook for the stock over the next six months [1]. Core Insights - Bosideng has strategically invested in the international luxury down jacket brand Moose Knuckles, positioning itself as a key investor while the controlling shareholder remains the private equity firm CVC Capital Partners. This investment is seen as a significant step in expanding Bosideng's international business footprint [1]. - The Moose Knuckles brand is recognized for its high-quality materials and craftsmanship, with a focus on stylish and functional designs. The collaboration with Bosideng is expected to drive growth in the Asian market and enhance brand innovation [1]. - Bosideng is optimistic about the sales performance of its lightweight down jackets, which are being redefined to combine fashion with functionality, appealing to modern consumer preferences [1]. Summary by Sections Investment Rating - The report maintains a "Buy" rating for Bosideng with a target price of 4.96 HKD [1]. Company Overview - Bosideng has become a key investor in Moose Knuckles, a luxury down jacket brand headquartered in Montreal, Canada, which is expanding its retail presence globally [1]. - Moose Knuckles operates over 36 stores in more than 30 countries, including China, North America, and Europe, and collaborates with renowned retailers for distribution [1]. Financial Projections - The report projects Bosideng's revenue for FY25-27 to be 26.5 billion RMB, 30.1 billion RMB, and 34.1 billion RMB, respectively, with net profits of 3.6 billion RMB, 4.1 billion RMB, and 4.6 billion RMB for the same periods [2]. - Earnings per share (EPS) are expected to be 0.33 RMB, 0.37 RMB, and 0.42 RMB, with price-to-earnings (PE) ratios of 13, 11, and 10 times [2].

Financial Performance - For the fiscal year ending March 31, 2024, the company reported revenue of RMB 23,214.03 million, a 38.5% increase from RMB 16,774.22 million in the previous year[14]. - Gross profit for the same period was RMB 13,833.54 million, reflecting a gross margin of 59.6%, slightly up from 59.5% in the prior year[14]. - Operating profit increased to RMB 4,397.56 million, resulting in an operating margin of 18.9%, compared to 16.8% in the previous year[14]. - The net profit attributable to equity shareholders was RMB 3,074.07 million, a 43.8% increase from RMB 2,138.57 million in the previous year[14]. - The company declared a total dividend of 25.0 HKD cents per share, up from 18.0 HKD cents in the previous year[14]. - The company maintained a debt ratio of 18.0%, down from 18.9% in the previous year, indicating improved financial stability[14]. - For the fiscal year 2023/24, the company achieved a revenue of RMB 23.21 billion, representing a year-on-year growth of 38.4%, and a net profit attributable to shareholders of RMB 3.07 billion, up 43.7% year-on-year[20]. - The gross profit for the fiscal year 2023/24 increased by 38.7% to approximately RMB 13,833.5 million, with a gross margin of 59.6%[123][124]. - Operating profit surged by 55.6% to approximately RMB 4,397.6 million, with an operating margin of 18.9%[127]. Brand and Market Position - Bosideng was ranked 47th in Brand Finance's "2023 Global Most Valuable Apparel Brands" list, highlighting its strong brand value[11]. - The company has been recognized as one of the top 50 most valuable apparel brands globally by Brand Finance and ranked 462nd in the World Brand Lab's 2023 Global Brand 500 list[23]. - The company’s brand campaigns are designed to deepen consumer recognition and enhance brand reputation, contributing to sales growth[46]. - The company is committed to sustainable fashion, participating in the UN Sustainable Development Goals Summit and maintaining an MSCI ESG rating of A[25]. - The company is focusing on the core business of down jackets, aiming to become a global leader in the down jacket industry while also expanding into "fashion functional technology apparel" categories[157]. Product Innovation and Development - The company launched innovative products, including lightweight down jackets and multifunctional outdoor apparel, which have received international design awards[23]. - The company has launched a new line of sun-protective clothing in spring/summer 2023, which received positive consumer feedback due to its innovative fabric and design[46]. - The company introduced innovative down jacket designs, including cross-border combinations with sweatshirts and other fashion items, enhancing versatility and style[75]. - The new Puff-themed series focuses on comfort and warmth, utilizing advanced technology to improve product performance[77]. - The company is committed to creating differentiated products through innovative design and technology, targeting the outdoor and urban commuting markets[59]. - The company emphasizes product innovation by integrating consumer preferences into the design process, resulting in a series of new products[70]. Operational Efficiency and Management - The inventory turnover days decreased to 144 days, down from 150 days in the previous year, indicating better inventory management[15]. - The company’s cash flow from operating activities remained robust, with inventory turnover days decreasing by 29 days and accounts receivable turnover days decreasing by 4 days year-on-year[22]. - The company’s logistics strategy focuses on digitalization to ensure efficient product operations across various sales channels[53]. - The company maintains a flexible supply chain model with a first-order control of approximately 40%, allowing for rapid replenishment and efficient turnover during peak sales seasons[58]. - The company has achieved a 99% replenishment availability rate for top-selling products, ensuring that popular items remain in stock while avoiding production of slow-moving items[60]. - The company emphasizes digital transformation to drive business growth and enhance organizational efficiency, transitioning from traditional management to digital management[34]. Retail Strategy and Sales Channels - The company’s retail strategy emphasizes optimizing channel structure and enhancing customer service, leading to a strong online sales presence[24]. - The company is focusing on online sales channels, achieving significant growth in e-commerce rankings and sales performance[83]. - The total revenue from the brand down jacket business for the fiscal year ending March 31, 2024, was RMB 19,521.3 million, representing a 43.8% increase from RMB 13,574.5 million in the previous year[85]. - Self-operated sales accounted for 73.5% of the brand down jacket revenue, totaling RMB 14,345.1 million, up 38.4% from RMB 10,367.5 million in the previous year[85]. - The company opened over 1,400 seasonal stores during the fiscal year, primarily in provincial capitals, focusing on popular seasonal products[90]. Sustainability and Corporate Responsibility - The company is committed to sustainable development, aiming for net-zero emissions in operational processes by 2038, aligning with the UN Sustainable Development Goals[30]. - The overall business strategy focuses on long-term value creation, integrating social responsibility and environmental sustainability into corporate practices[30]. - The company emphasizes sustainable fashion and aims to achieve its mission of "warming the world" while pursuing a long-term goal of becoming a century-old brand[170]. Governance and Management Structure - The board consists of eight directors, with five executive directors and three independent non-executive directors, ensuring compliance with listing rules[172]. - The board has committed to reviewing and monitoring the company's practices to ensure compliance with governance codes[183]. - The company maintains high standards of corporate governance, emphasizing accountability and transparency to meet shareholder expectations[163]. - The board reviews its structure and composition at least annually to maintain a balanced mix of executive and non-executive directors[188]. - The company aims to enhance the proportion of female board members when suitable candidates are identified, based on a comprehensive review of their capabilities and experience[199].