Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 5.39 HKD per share based on a 15x price-to-earnings ratio for the fiscal year 2024/25 [5][19]. Core Views - The company's fiscal year 2023/24 performance exceeded expectations, with revenue of 23.214 billion RMB, a year-on-year increase of 38.4%, and a net profit of 3.074 billion RMB, up 43.7%. The earnings per share (EPS) was 0.28 RMB, and the annual dividend was approximately 0.25 HKD per share [3][9]. - The company is expected to maintain steady growth in fiscal year 2024/25, driven by brand enhancement, channel optimization, and customer experience improvements in its main brand, Bosideng. The OEM business is also anticipated to grow rapidly due to recovering demand and supply chain advantages [3][17]. - The recent share placement is not expected to impact the company's operations negatively, as it reflects the controlling shareholder's confidence in the company's future development [3][18]. Summary by Sections Financial Performance - For the fiscal year 2023/24, the company reported a revenue of 23.214 billion RMB, a 38.4% increase year-on-year, and a net profit of 3.074 billion RMB, reflecting a 43.7% growth. The EPS was 0.28 RMB, with a dividend yield of 6.23% [9][10]. - The brand down jacket business generated 19.521 billion RMB in revenue, up 43.8%, while the OEM business brought in 2.670 billion RMB, a 16.4% increase. Women's clothing revenue was 820 million RMB, up 16.6%, and diversified clothing revenue was 203 million RMB, a slight increase of 0.3% [10][12]. Business Segments - The main brand, Bosideng, is expected to continue its rapid growth through brand positioning and product innovation. The Snow Flying brand is also projected to capture the high-value down jacket market, while the OEM business is set to benefit from improved demand and supply chain management [3][17]. - The online sales for the brand down jacket business reached 6.836 billion RMB, a 41.3% increase, accounting for 35.0% of total revenue [10][14]. Profitability and Forecast - The report forecasts EPS for the fiscal years 2024/25, 2025/26, and 2026/27 to be 0.33 RMB, 0.38 RMB, and 0.44 RMB, respectively. The company is expected to maintain a strong return on equity (ROE) of 22.38% in 2024/25 [19][24]. - The overall gross margin for the company is 59.6%, with the brand down jacket business margin at 65.0%. The OEM business margin is 20.6%, reflecting effective cost management [14][15].

波司登(3998.HK) 更新报告 买入 2024 年 07 月 11 日 23/24 财年业绩增长亮丽,配售事项不会对集团构成重大影响 王柏俊 + 852 2532 1915 Patrick.wong@firstshanghai.com.hk 2023/2024 财年业绩概览:截至 2024 年 3 月 31 日的全年业绩,公司实现营业收入 232 亿元 (人民币,下同)、同比增加 38.4%(主要受益于品牌羽绒服的快速增长),毛利率比去年 同期提升 0.1PCT 到 59.6%,经营利润率同比提升 2.1PCT 至 18.9%(受益于营运效率的提 升,良好的费用控制及女装业务的经营亏损和商誉减值大幅减少),归母净利润 30.7 亿 元、同比增加 43.7%,归母净利率同比提升 0.5PCT 至 13.2%,拟派末期股息每股 20.0 港 仙,全年派息比率为 81.1%。存货周转天数有效降低,回到 115 天的正常水平;受益于一体 化的营运及快速补货的能力。持有净现金为120.5亿,资产负债水平健康。总体业绩亮丽。 羽绒服业务表现依然出色,贴牌加工及女装录得双位数的增长:分业务:1)品牌羽绒服业 务收入 1 ...

纺织服装 2024 年 07 月 09 日 波司登(3998.HK) 亮相"新生万物巴黎展",展现中国品牌新高度 强烈推荐(维持) 股价:4 港元 公 司 事 项 点 评 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) | 10992.10 | | 流通 A 股(百万股 | ) | | 流通 B/H 股( | 百万股) 10992.10 | | 总市值(亿元) | 401.17 | | 流通 A 股市值( | 亿元) | | 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)*年报点评*全年业绩 超预期,经营质量高增长*强烈推荐20240628 【平安证券】波司登(3998.HK)*首次覆 ...

纺织服饰 2024 年 07 月 06 日 波司登 (03998) 上 市 公 司 ——配售不改基本面向好趋势,新财年业务进展积极 公 司 研 究 / 公 司 点 评 报告原因:强调原有的投资评级 证 券 研 究 报 告 | 市场数据: | 2024 年 07 月 05 日 | |------------------------|---------------------------------| | 收盘价(港币) | 4.08 | | 恒生中国企业指数 | 6382.27 | | 52 周最高/最低(港币) | 4.89/2.83 | | H 股市值(亿港币) | 448.48 | | 流通 H 股(百万股) | 10992.1 | | 汇率(人民币 / 港币) | 1.0954 | 一年内股价与基准指数对比走势: | 77% | |-----------| | 27% | | -23% | | | | 资料来源: | | 证券分析师 | |-------------------------| | 王立平 A0230511040052 | | wanglp@swsresearch.com | | 刘佩 A ...

品类拓展引领增长,看好公司长期发展 | [ 评 Ta 级 ble : _T 买 itl 入 e] (维持) | [ 公 Ta 司 ble 盈 _F 利 in 预 an 测 ce 及 ] 估值 | | | | | | |--------------------------------------------------------|----------------------------------------------------|--------------------|-------------|-----------------|---------------|---------------| | 市场价格:4.01 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. ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The company's chairman plans to place 400 million existing shares at HKD 4.31 per share, aiming to increase liquidity and optimize shareholder structure [6] - The company's fundamentals remain strong, with FY2025 performance expected to continue its robust growth [6] - The company is a leading domestic mid-to-high-end down jacket brand, with comprehensive advantages in products, operations, and channels [6] - The company has maintained a dividend payout ratio above 80% for three consecutive years, with expectations of continuation in FY2025 [6] Financial Summary - Revenue for FY2024 is projected to be RMB 23.214 billion, a 38.4% increase from FY2023 [4] - Gross profit for FY2024 is expected to reach RMB 13.834 billion [4] - Net profit for FY2024 is forecasted to be RMB 3.074 billion, a 43.7% increase from FY2023 [4] - The company's PE ratio for FY2025 is estimated at 11X, decreasing to 8X by FY2027 [4] Market Data - The company's current share price is HKD 4.01 [1] - The 52-week price range is HKD 2.89 to HKD 4.87 [3] - The current market capitalization is HKD 44.078 billion [3] Industry - The company operates in the textile and apparel industry [4] Event Analysis - The share placement is expected to be completed by July 5, 2024, with a one-year lock-up period [6] - Historical data shows that share placements in Hong Kong typically only affect stock prices on the announcement day, with no lasting impact [6] - The company's strong fundamentals and clear short-to-long-term plans in products, channels, and operations are expected to further capture market opportunities [6]

纺织服饰/服装家纺 波司登(03998.HK) 2024 年 07 月 04 日 基本面向好趋势不改,创新驱动助力中长期行稳致远 ——港股公司信息更新报告 投资评级:买入(维持) 吕明(分析师) 周嘉乐(分析师) 张霜凝(分析师) lvming@kysec.cn 证书编号:S0790520030002 zhoujiale@kysec.cn 证书编号:S0790522030002 zhangshuangning@kysec.cn 证书编号:S0790524070006 基本面向好趋势不改,创新驱动助力中长期行稳致远,维持"买入"评级 波司登亮相"新生万物巴黎展"(7 月 6 日~20 日在卢浮宫西翼的法国装饰艺术博 物馆举行),融合非遗魅力展现中国品牌新高度,坚定文化自信、品牌自强,坚持 以匠心铸就品质,以创新引领潮流。公司羽绒服龙头地位稳固,预计产品迭代、 品类创新、渠道优化持续驱动增长,短期股价受配售影响,长期基本面趋势不改, 我们维持 FY2025-2027 盈利预测,预计归母净利润 36.2/41.7/47.7 亿元,对应 EPS 为 0.3/0.4/0.4 元,当前股价对应 PE 为 11.1/9.6 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The report highlights that the company has announced a share placement by its controlling shareholder to meet funding needs and support charitable initiatives. The placement involves transferring 400 million shares at a price of HKD 4.31 per share, totaling HKD 17.24 billion [2] - The company's financial performance for the fiscal year ending March 31, 2024, exceeded expectations, with revenue of HKD 23.21 billion (up 38.4% year-on-year), operating profit of HKD 4.40 billion (up 55.6%), and net profit attributable to shareholders of HKD 3.07 billion (up 43.7%). The strong performance was driven by excellent results in the down jacket segment and steady growth in OEM and women's wear businesses [2] - The company is set to enhance its marketing efforts for the new fiscal year, particularly in the sun protection clothing segment, with the launch of a new generation of professional sun protection garments and participation in high-profile fashion events [2] Summary by Sections Financial Performance - For the fiscal year ending March 31, 2024, the company reported revenue of HKD 23.21 billion, a year-on-year increase of 38.39%, and net profit of HKD 3.07 billion, reflecting a growth of 43.74% [3][8] - The operating profit margin reached 22.3%, marking a historical high, with the down jacket business generating revenue of HKD 19.52 billion, up 43.8% [2] Future Projections - Revenue projections for the fiscal years ending March 31, 2025, 2026, and 2027 are estimated at HKD 26.25 billion, HKD 29.66 billion, and HKD 33.45 billion, respectively, with year-on-year growth rates of 13% [3][8] - Net profit for the same periods is projected to be HKD 3.51 billion, HKD 3.98 billion, and HKD 4.50 billion, with corresponding growth rates of 14% and 13% [3][8] Valuation - The report indicates that the company's current valuation is attractive, with a projected P/E ratio of 11.5 for FY2025, 10.1 for FY2026, and 8.9 for FY2027, highlighting its low valuation, steady growth, and high dividend yield [2][3]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company reported FY2024 results with revenue of 23.2 billion and net profit of 3.07 billion, representing year-on-year increases of 38% and 44% respectively, exceeding expectations with a dividend payout ratio of 81% [5][6]. - The expansion of product categories has been effective, with significant revenue growth from both the Bosideng and Xuezhongfei brands, achieving year-on-year increases of 43% and 65% to 16.8 billion and 2 billion respectively [5]. - The company has optimized its inventory levels and maintained healthy cash flow, with net cash of 12 billion, a 49% year-on-year increase, and a net cash flow from operating activities of 7.34 billion, up 141% year-on-year [5]. Summary by Sections Financial Performance - For FY2024, the company achieved revenue of 23.2 billion, a 38% increase year-on-year, and a net profit of 3.07 billion, a 44% increase year-on-year [5][6]. - The gross margin for the Bosideng brand decreased by 1.2 percentage points to 69.6%, while the gross margin for the Xuezhongfei brand remained stable at 46.0% [5]. Product and Channel Development - The company has successfully expanded its product categories, with strong sales in sun protection clothing, jackets, and lightweight down jackets contributing to revenue growth [5]. - The company has focused on enhancing the efficiency of its top stores and has seen significant improvements in both online and offline sales channels [5]. Future Outlook - The company is expected to continue its steady growth, with projected net profits of 3.63 billion, 4.24 billion, and 4.87 billion for FY2025, FY2026, and FY2027, respectively, representing year-on-year growth rates of 18%, 17%, and 15% [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.9, based on a 17x PE for FY2024 [1][3][5]. Core Insights - The company reported a revenue increase of 38.4% year-on-year to RMB 23.214 billion and a net profit increase of 43.7% to RMB 3.074 billion for FY2024, exceeding market expectations [2][3]. - The growth was driven by category innovation, particularly in the brand's down jacket business, which saw a revenue increase of 43.8% to RMB 19.52 billion [2]. - The company is focusing on both online and offline development to enhance operational efficiency, including the expansion into emerging platforms like Douyin [2]. Financial Performance Summary - For FY2024, the company achieved a revenue of RMB 23.214 billion, with a growth rate of 38.4% [4]. - The net profit for FY2024 was RMB 3.074 billion, reflecting a growth rate of 43.7% [4]. - The EPS for FY2024 is projected at RMB 0.28, with forecasts of RMB 0.32, RMB 0.37, and RMB 0.42 for FY2025, FY2026, and FY2027 respectively [4][11]. Business Segment Performance - The main brand, Bosideng, generated revenue of RMB 16.78 billion, growing by 42.7%, while the OEM business revenue increased by 16.4% to RMB 2.67 billion [2]. - The women's wear segment showed a recovery with a revenue increase of 16.6% to RMB 820 million [2]. - The company’s diversified business, primarily through the Saimite school uniform brand, reported a slight growth of 0.3% to RMB 203 million [2]. Operational Strategy - The company is enhancing store efficiency by concentrating resources in key markets and improving single-store performance [2]. - Online sales strategies include innovative marketing content and technological upgrades to explore new sales models [2].