配售不改长期发展趋势 波司登(3998.HK) | | | | 3998 | |-------------------|------|------------------------------|-----------| | 上次评级: 买入 | | 52 周最高价 /最低价(港元) : | 4.82/2.89 | | 目标价格(港元 ): | | 总市值(亿港元 ) | 441 | | 最新收盘价(港元): | 4.01 | 自由流通市值 (亿港元) | 441 | | | | 自由流通股数(亿 ) | 10,992.10 | 事件概述 公司公告集团创办人、董事局主席及控股股东高德康设立的信托间接全资拥有的盈新国际投资知会,其已 订立大宗交易协议,拟按每股 4.31 港元的价格,配售持有的公司 4 亿股股份。配售价较昨日收盘价 4.77 港元 有 9.6%折价。配售所得款项将主要用于卖方资金需求及慈善事业发展等。 分析判断 受配售影响,股价产生短期波动,不改长期看好公司发展,我们认为公司在 FY24 高增长基础上,仍具有 超预期可能:(1)短期来看, 7 月 6 日,波司登即将亮相在卢浮宫西翼的法国装饰艺术 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.38 [8][9]. Core Insights - The company reported a strong FY24 performance with a net profit increase of 43.7% year-on-year to RMB 3.074 billion, driven by significant revenue growth and improved operational leverage [2][3]. - The company declared a final dividend of HKD 0.2 per share, resulting in a total payout ratio of 81% and a dividend yield exceeding 5% [2]. - Future earnings per share (EPS) estimates for FY25, FY26, and FY27 are projected at RMB 0.33, RMB 0.38, and RMB 0.42 respectively, with a price-to-earnings (PE) ratio of 15x for FY25 [2][3]. Financial Performance - For FY24, the company achieved a revenue of RMB 23.214 billion, reflecting a year-on-year growth of 38.4%, with the main brand's revenue increasing by 42.7% to RMB 16.785 billion [3][4]. - The gross margin remained stable at 59.5%, while the net profit margin improved to 13.2%, up 0.5 percentage points year-on-year [4]. - Cash flow from operating activities saw a significant increase of 141% year-on-year, reaching RMB 7.339 billion, with net cash rising by 49% to RMB 12.047 billion [5]. Business Segments - The main brand and the "Xuezhongfei" brand both exhibited strong growth, with the latter's revenue increasing by 65.3% to RMB 2.019 billion [3]. - The company is focusing on product innovation and channel optimization, which has led to improved single-store efficiency despite a net reduction of 186 stores [3][4]. - The OEM, women's wear, and diversified businesses also reported revenue growth of 16.4%, 16.6%, and 0.3% respectively [3]. Future Outlook - The company aims to continue its high-quality growth trajectory by enhancing brand leadership, product innovation, and channel upgrades in the down jacket segment [6]. - The OEM business will deepen cooperation with existing core clients while expanding new customer resources [6]. - The women's wear segment will focus on clear brand positioning and operational efficiency to achieve healthy growth [6].

2024 年 07 月 01 日 公司研究 评级:买入(维持) 研究所: | 证券分析师: | 马川琪 S0350523050001 | |---------------|---------------------------| | | macq@ghzq.com.cn | | 联系人 : | 廖小慧 S0350122080035 | | | liaoxh@ghzq.com.cn | 最近一年走势 | 相对恒生指数表现 | | | 2024/06/28 | |----------------------|----|----|--------------| | 市场数据 | | | 2024/06/28 | | 当前价格(港元) | | | 4.87 | | 52 周价格区间(港元) | | | 2.83-4.89 | | 总市值(百万港元) | | | 53,531.52 | | 流通市值(百万港元) | | | 53,531.52 | | 总股本(万股) | | | 1,099,209.94 | | 流通股本(万股) | | | 1,099,209.94 | | 日均成交额(百万港元) | | | 403. ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [10]. Core Insights - The company reported a revenue of 23.214 billion yuan for the fiscal year 2023/24, representing a year-on-year growth of 38.4%. The net profit attributable to the parent company was 3.074 billion yuan, up 43.7% year-on-year [3][4]. - The main brand, Bosideng, achieved a revenue of 19.521 billion yuan, accounting for 84.09% of total revenue, with a gross margin of 65.0% [3]. - The company has successfully expanded its product categories, with significant growth in the Xuezhongfei brand, which saw a revenue increase of 65.3% [3]. - The company is focusing on channel structure upgrades and enhancing store efficiency, leading to improved sales performance despite a slight reduction in the number of physical stores [3][4]. Financial Performance Summary - Revenue and Profit Forecasts: - Revenue (million yuan): 16,774 in 2023A, 23,214 in 2024A, 26,654 in 2025E, 30,339 in 2026E, 34,365 in 2027E - Net Profit (million yuan): 2,139 in 2023A, 3,074 in 2024A, 3,569 in 2025E, 4,106 in 2026E, 4,703 in 2027E - Year-on-year growth rates for revenue and net profit are projected to be 38.4% and 43.7% for 2024, respectively [2][8]. - Profitability Metrics: - Gross margin for the fiscal year was 59.6%, with a net margin of 13.4% [3][6]. - The company’s return on equity (ROE) is projected to be 23.4% in 2024, gradually decreasing to 19.8% by 2027 [2][8]. Operational Efficiency - The company has improved its inventory turnover, with inventory days reduced by 29 days to 115 days, indicating enhanced operational efficiency [6]. - The company reported a net cash position of 6.227 billion yuan, indicating strong liquidity [8]. Market Positioning - The company is positioning itself as a leading expert in down jackets, with a focus on multi-category expansion to drive year-round sales [6][9]. - The online sales of the main brand's down jackets reached 6.836 billion yuan, accounting for 35% of total revenue, reflecting a strong digital presence [3].

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% ...

Company and Industry Summary Company or Industry Involved - The document does not specify a particular company or industry as it primarily consists of introductory remarks before a meeting begins [1] Core Points and Arguments - There are no substantive core points or arguments presented in the document as it only contains repetitive phrases indicating the start of a meeting [1] Other Important but Possibly Overlooked Content - The document lacks any detailed information, data, or insights that could be relevant for analysis or investment considerations [1]

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].