Investment Rating - The report maintains a "Buy-A" rating for Bosideng (03998.HK) [7] Core Insights - Bosideng's fiscal year 2023/24 performance exceeded expectations, driven by strong growth in its branded down jacket segment, with total revenue reaching 23.214 billion yuan, a year-on-year increase of 38.4%, and a net profit attributable to shareholders of 3.074 billion yuan, up 43.7% [10][11] Summary by Sections Revenue Growth - The branded down jacket business led the revenue growth, achieving 19.521 billion yuan, a 43.8% increase year-on-year, accounting for 84.1% of total revenue. The main brand, Bosideng, generated 16.785 billion yuan, up 42.7% [11] - The OEM processing management business reported revenue of 2.670 billion yuan, a 16.4% increase, while the women's clothing segment reached 820 million yuan, up 16.6% [11] Channel Performance - Both offline and online channels showed significant growth, with self-operated channels generating 14.345 billion yuan, a 38.4% increase, and wholesale channels achieving 4.604 billion yuan, up 67.9% [12] - The online channel for branded down jackets saw a 41.3% increase in revenue, reaching 6.836 billion yuan, representing 35.0% of the branded down jacket business [12] Profitability and Efficiency - The company's gross margin improved slightly to 59.6%, while the net profit margin increased to 13.2%, up 0.5 percentage points year-on-year [13] - Inventory turnover efficiency was strong, with inventory at 3.197 billion yuan, an 18.9% increase, and average inventory turnover days reduced by 29 days to 115 days [13] Future Outlook - The company plans to strengthen its core down jacket category while innovating in functional apparel, with positive market feedback for new products like summer sun protection clothing and three-in-one jackets [14] - Earnings per share (EPS) forecasts for fiscal years 2025-2027 are projected at 0.33, 0.38, and 0.43 yuan, with price-to-earnings (P/E) ratios of 12.0, 10.5, and 9.2 times respectively [14]

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Insights - The company is expected to achieve significant revenue growth driven by innovation and cold winter conditions, with FY2024 revenue projected at HKD 232.14 billion (+38.4%) and net profit at HKD 30.74 billion (+43.7%) [5][11]. - The brand's down jacket business is expected to continue its strong performance, with a revenue increase of 43.8% to HKD 195.21 billion [11][15]. - The company has successfully expanded its product offerings and optimized its distribution channels, contributing to overall growth [19][20]. Summary by Sections 1. Performance Overview - FY2024 revenue is projected at HKD 232.14 billion, a 38.4% increase from FY2023, with net profit expected to reach HKD 30.74 billion, reflecting a 43.7% growth [8][11]. - The company achieved a strong performance in H2 FY2024, with revenue of HKD 157.42 billion (+48.60%) and net profit of HKD 21.55 billion (+53.49%) [11]. 2. Brand Performance - The main brand, Bosideng, generated revenue of HKD 167.85 billion (+42.7%), while the mid-range brand, Xuezhongfei, saw revenue growth of 65.3% to HKD 20.19 billion [15][19]. - The company has established a brand matrix that includes Bosideng, Xuezhongfei, and Bingjie, with all brands showing growth [15][19]. 3. OEM and Diversified Business - The OEM business reported revenue of HKD 26.7 billion (+16.4%), driven by stable orders from core clients and the addition of new high-quality clients [22]. - The diversified clothing business, primarily focused on school uniforms, achieved revenue of HKD 2.03 billion (+0.3%), with a focus on upgrading distribution channels [26][27]. 4. Channel Performance - Online sales reached HKD 68.36 billion (+41.3%), accounting for 35% of the brand's down jacket revenue, while offline sales increased to HKD 126.85 billion (+45.2%) [19][20]. - The company has optimized its retail network, with a total of 3,217 stores, despite a net decrease of 206 stores [17][20]. 5. Financial Metrics - The company’s gross margin for FY2024 is expected to remain stable at 59.6%, with a net profit margin of 13.2% [8][11]. - Earnings per share (EPS) are projected at HKD 0.3 for FY2024, with a price-to-earnings (P/E) ratio of 15.9 [8][11].

FY2024 业绩大超预期,未来两年目标中双增长 本报告导读: FY2024 收入、利润大超预期,维持高比例分红水平,期待 FY2025 延续亮眼表现,未 来两年收入目标中双增长。 波司登(3998) 评级: 增持 [当前价格 Table_CurPrice] :(港元) 4.56 ——波司登 FY2024 业绩点评 | [table_Authors] | 刘佳昆 ( 分析师 ) | 曹冬青 ( 研究助理 ) | |-------------------|---------------------------|-----------------------------| | | 021-38038184 | 0755-23976666 | | | liujiakun029641@gtjas.com | caodongqing026730@gtjas.com | | 登记编号 | S0880524040004 | S0880122070070 | | 交易数据 | | |----------------------------|-----------| | 52 周内股价区间 ( 港元 ) | 2.89-4.83 ...

Summary of the Conference Call for Bosideng International Holdings Limited Company Overview - **Company**: Bosideng International Holdings Limited - **Industry**: Apparel, specifically focusing on down jackets and diversified clothing lines Key Points and Arguments 1. **Record Financial Performance**: The company reported a revenue growth of 38.4% and a net profit increase of 43.7%, achieving a historical high in revenue [6][7][10] 2. **Operational Efficiency**: Operating profit growth has outpaced revenue growth for nine consecutive years, indicating improved operational efficiency [3][6] 3. **Dividend Policy**: The company maintained a high dividend payout ratio of 81.1%, consistent with its commitment to share growth with shareholders [8][20] 4. **Inventory Management**: Inventory turnover days improved to 115 days, reflecting effective inventory management despite challenges in certain business segments [9][10] 5. **Core Business Growth**: The primary revenue driver was the core down jacket business, which saw a significant contribution of approximately 5.9 billion yuan, with the main brand growing by 4.27 billion yuan [10][11] 6. **Brand Performance**: The company's sub-brands, such as "Duke" and "Snow Flying," also experienced substantial growth, with "Snow Flying" achieving a 65.2% increase [11][12] 7. **Diversification Strategy**: The company is focusing on diversifying its product offerings, including women's clothing and school uniforms, which showed signs of recovery [12][30] 8. **Cost Management**: The company successfully reduced distribution and administrative expenses as a percentage of revenue, enhancing overall profitability [20][21] 9. **Supply Chain and Digital Transformation**: Bosideng emphasized the importance of a flexible supply chain and digital transformation to maintain competitive advantages [25][57] 10. **Future Growth Strategy**: The company plans to focus on innovation in its core down jacket line and expand into functional fashion categories, aiming for new revenue contributions of 10% to 20% from new categories over the next three years [50][56] Additional Important Insights 1. **Market Trends**: The management highlighted a shift towards comfortable and culturally resonant products, indicating a change in consumer preferences [36][39] 2. **Brand Positioning**: Bosideng aims to strengthen its brand positioning in the mid-to-high-end market while also exploring opportunities in the high-value segment [60][61] 3. **Challenges in Women's Clothing**: The women's clothing segment is recovering but still faces challenges, with a focus on achieving sustainable growth [30][32] 4. **OEM Business**: The OEM segment continues to grow, with a focus on maintaining high-quality orders rather than low-margin contracts [29] 5. **Cultural Relevance**: The company is leveraging cultural trends, such as Chinese traditional elements, to enhance product appeal and connect with younger consumers [37][38] This summary encapsulates the key points discussed during the conference call, providing insights into Bosideng's performance, strategies, and market positioning.

公 司 报 告 波司登(3998.HK) 全年业绩超预期,经营质量高增长 强烈推荐(维持) 事项: 股价:4.56 港元 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 ) | 10963.73 | | 流通 H 股 ( 百万股 | 10963.73 | | 流通 B/H 股 ( 百万股 | ) | | 总市值(亿港元) | 500 | | 流通 H 股市值 ( | 亿港元 ) 500 | | 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)*首次覆盖报告*再次 腾飞的羽绒服专家*强烈推荐20240510 证券分析师 王源 投资咨询资格编号 S106052 ...

Investment Rating - The report maintains a "Buy" rating for Bosideng (03998.HK) [1] Core Views - Bosideng reported FY24 revenue of 23.214 billion yuan, a year-on-year increase of 38.4%, and a net profit of 3.074 billion yuan, up 43.7%, exceeding expectations. The revenue growth was driven by innovation in main brand products and channel optimization, while net profit growth outpaced revenue due to stable gross margins and reduced expense ratios. The annual dividend is set at 0.20 HKD per share, with a payout ratio of 81.1% [2][3] Summary by Sections Financial Performance - FY24 total revenue reached 23.214 billion yuan, with a year-on-year growth of 38.39% - FY24 net profit attributable to shareholders was 3.074 billion yuan, reflecting a year-on-year increase of 43.74% - The EPS for FY24 is projected at 0.28 yuan, with a P/E ratio of 14.80 [2][3][7] Brand Performance - The main brand's down jacket business generated 19.52 billion yuan in FY24, a year-on-year increase of 43.8%, accounting for 84.1% of total revenue, with a gross margin of 65% [2] - Revenue growth by brand: Bosideng +42.7%, Xuezhongfei +65.3%, Bingjie +15.9% [2] - Online and offline revenue growth was 41% and 45% respectively, with online sales accounting for 35% of total revenue [2] Operational Efficiency - Gross margin for FY24 was stable at 59.6%, with a slight increase of 0.1 percentage points year-on-year [2] - The expense ratio decreased by 2.5 percentage points to 41.2%, driven by improved store efficiency and strict cost control [2] - Inventory turnover days improved by 29 days to 115 days, benefiting from enhanced supply chain management and digital transformation [2] Future Outlook - The company aims to focus on down jackets and fashionable functional apparel, with new product categories expected to contribute 10-20% of revenue over the next three years [2] - The net profit forecast for FY25-26 has been raised to 3.61 billion and 4.10 billion yuan respectively, with a projected P/E of 13 and 11 [2]

业绩超预期来自冷冬催化+户外扩品类 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 ) | 474.73 | | 最新收盘价(港元 | ): 4.33 | 自由流通市值(亿港元 ) | 474.73 | | | | 自由流通股数(亿 ) | 10,963.73 | 事件概述 公司 FY23/24 财年收入/归母净利为 232.14/30.74 亿元,同比增长 38.4%/43.7%,业绩超出市场预期,我 们分析主要由于冷冬催化叠加公司四季户外品类贡献第二增长曲线。经营性现金流净额为 73.39 亿元,大幅高 于净利,主要由于应收账款下降以及存货周转效率提升。FY23/24 财年公司获得政府补助 2.16 亿元,商誉减值 亏损为 0.7 亿元(去年同期为 1.18 亿元),应占联营公司及合营企业亏损为 0.14 亿元,扣除 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [3]. Core Views - The company reported a strong financial performance for FY2024, with revenue increasing by 38% year-on-year to 23.21 billion yuan and net profit rising by 44% to 3.07 billion yuan, surpassing market expectations [1][2]. - The gross margin slightly improved to 59.6%, while the net profit margin increased to 13.2%, reflecting strong operational efficiency [1]. - The company plans to continue expanding its product categories and enhancing its brand presence, particularly in functional apparel, which is expected to drive future growth [1]. Financial Performance Summary - **Revenue and Profit Growth**: FY2024 revenue reached 23.21 billion yuan, a 38% increase from the previous year, while net profit was 3.07 billion yuan, up 44% [1][2]. - **Earnings Per Share (EPS)**: The latest diluted EPS for FY2024 is 0.28 yuan, with projections for FY2025 at 0.33 yuan [2][10]. - **Dividends**: The company declared a final dividend of 0.20 HKD per share, with a total annual payout of 0.25 HKD, resulting in a payout ratio of 81% and a dividend yield of 5.8% based on the closing price [1]. Business Segment Performance - **Brand Down Jacket Sales**: Revenue from brand down jackets grew by 44% to 19.52 billion yuan, accounting for 84% of total revenue, driven by strong consumer demand and new product launches [1]. - **OEM Business**: The OEM segment saw a stable revenue increase of 16% to 2.67 billion yuan, contributing 12% to total revenue [1]. - **Women's Apparel**: Sales in the women's clothing segment increased by 17% to 820 million yuan, maintaining a steady performance in line with industry trends [1]. Future Outlook - The company anticipates continued high-quality growth in FY2025, with revenue expected to increase by approximately 15% and net profit growth likely to outpace revenue growth [1][2]. - The brand down jacket business is projected to grow by 10% to 20% in FY2025, supported by product category expansion and innovation [1].