港股通 证券研究报告 波司登 (3998 HK) 品牌羽绒服增长亮眼，盈利能力稳健 华泰研究 中报点评 2024 年 11 月 29 日│中国香港 服装 公司公布 FY1H25 业绩情况：公司收入同比+17.8%至 88.04 亿元，归母净 利润同比+23.0%至 11.30 亿元。中期业绩的亮眼增长主要得益于核心业务 品牌羽绒服的优异表现，FY1H25 公司品牌羽绒服/OEM/女装/多元化服装业 务营收分别同比+22.7%/+13.4%/-21.5%/+21.8%至 60.63/23.16/3.08/1.17 亿。此外，公司宣派中期股息 6.0 港仙/股。考虑到公司新品类带来新增长 动力、渠道优化及精细化运营成效佳，市场竞争力提升，维持"买入"评级。 品类持续迭代创新，线上线下均实现快速增长 在公司坚持品牌引领、产品创新和渠道优化的策略下，主品牌波司登收入同 比+19.4%至 52.80 亿元。上半财年，主品牌打造了防晒衣、单壳冲锋衣、 冲锋衣鹅绒服系列等爆款产品，实现品类延申，给淡季销售带来突破。此外， 雪中飞/冰洁期内收入分别同比+47.1%/+61.5%至 3.90 和 0.21 亿元。雪中 飞得益于 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 8.804 billion and a net profit of 1.130 billion for FY24/25H1, representing a year-on-year growth of 17.8% and 23% respectively, driven by successful product category expansions such as sun-protective clothing and lightweight down jackets [1] - The company received government subsidies of 196 million, an increase from 110 million in the same period last year, and reported goodwill impairment losses of 70 million [1] - The company plans to distribute an interim dividend of 0.06 HKD per share [1] Summary by Sections Revenue and Profit Analysis - The revenue breakdown for FY24/25H1 shows down jacket/OEM/women's wear/diversified clothing revenues of 6.063 billion, 2.316 billion, 308 million, and 117 million respectively, with year-on-year growth rates of 22.7%, 13.4%, -21.5%, and 21.3% [2] - The down jacket segment saw revenue contributions from brands such as Bosideng, Xuezhongfei, and Bingjie, with year-on-year growth rates of 19.4%, 47.1%, and 61.5% respectively [2] - Direct sales and wholesale revenues were 2.262 billion and 3.429 billion respectively, with year-on-year growth of 36.7% and 12.6% [2] Margin and Cost Management - The gross margin for FY24/25H1 was stable at 49.9%, with a slight year-on-year decrease of 0.1 percentage points [2] - Operating profit margin (OPM) and net profit margin were 16.7% and 12.8%, reflecting increases of 0.2 and 0.3 percentage points year-on-year [2] - The sales expense ratio decreased by 1.4 percentage points to 25.8%, attributed to improved cost control [2] Inventory and Receivables - Inventory increased by 53.4% year-on-year to 5.939 billion, with raw materials accounting for 35% of the total [2] - The inventory turnover days rose to 189 days, an increase of 29 days year-on-year, indicating a strategic shift in supply chain management [2] Future Outlook - The company is expected to benefit from a flexible supply chain management approach, allowing for timely replenishment based on sales performance [6] - New product launches in sun-protective clothing and lightweight down jackets are anticipated to enhance seasonal product offerings [6] - The company maintains a cautious revenue forecast for FY25-27, projecting revenues of 26.5 billion, 30.1 billion, and 34.2 billion respectively [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [5]. Core Insights - The company reported a revenue increase of 18% year-on-year and a net profit increase of 23% for FY2025H1, exceeding expectations with revenues reaching 8.8 billion and net profits of 1.13 billion [2]. - The gross margin slightly decreased by 0.1 percentage points to 49.9%, while the net profit margin improved by 0.5 percentage points to 12.8% [2]. - The company declared an interim dividend of 0.06 HKD per share [2]. Business Segments Summary 1. **Brand Down Jackets**: - Revenue increased by 22.7% to 6.06 billion, accounting for 68.9% of total revenue, with a gross margin of 61.1% [3]. - The main brand saw a 19% increase in sales to 5.28 billion, with a gross margin of 66.3% [3]. - The "Xuezhongfei" brand experienced a significant growth of 47% in sales to 390 million [3]. 2. **OEM Business**: - Sales grew by 13.4% to 2.32 billion, representing 26.3% of total sales, with a gross margin of 20.1% [3]. - The business is expected to grow by 15% to 20% for the full year [3]. 3. **Women's Wear**: - Sales decreased by 21.5% to 310 million, with a gross margin of 61.8% [3]. 4. **Diversified Clothing Business**: - Sales increased by 21.3% to 120 million, with a gross margin of 27.6% [3]. Inventory and Supply Chain Management - The company has maintained a low initial order ratio, with first orders not exceeding 40%, allowing for flexible replenishment based on sales [3]. - Inventory turnover days increased by 29 days to 189 days, with total inventory rising by 86% to 5.94 billion [3]. Financial Projections - The company expects stable growth in the brand down jacket business of over 10% and a 15% to 20% growth in OEM business for FY2025 [3]. - Revenue is projected to grow by approximately 15% for FY2025, with net profit growth expected to outpace revenue growth [3]. Financial Metrics - For FY2025, the company forecasts a net profit of 3.57 billion, with a corresponding PE ratio of 12 times [4]. - The projected revenue for FY2025 is 26.62 billion, with a year-on-year growth rate of 14.7% [4].

Investment Rating - Buy (Maintained) [4] Core Views - Bosideng's FY25 interim report shows strong performance with revenue of RMB 8.8 billion (YoY +17.8%), operating profit of RMB 1.47 billion (YoY +19.6%), and net profit attributable to shareholders of RMB 1.13 billion (YoY +23.0%), all reaching historical highs for the same period [2] - The down jacket business grew significantly, contributing RMB 6.06 billion (YoY +22.7%), with new functional products like sun-protective clothing and single-shell jackets driving growth during the off-season [2] - The OEM business continued to grow, with revenue of RMB 2.32 billion (YoY +13.4%), while the women's apparel segment faced pressure, with revenue declining by 21.5% to RMB 310 million [2] - Inventory and cash flow fluctuations were observed due to controlled shipment pace, with inventory reaching RMB 5.94 billion (YoY +53.4%) and operating cash flow at -RMB 3.48 billion [2] - The company is expected to achieve revenue of RMB 26.3 billion, RMB 29.7 billion, and RMB 33.5 billion for FY25, FY26, and FY27, respectively, with net profit attributable to shareholders growing at a CAGR of 15% [2] Financial Highlights - Revenue for FY25 is projected to be RMB 26.3 billion (YoY +13%), with net profit attributable to shareholders of RMB 3.54 billion (YoY +15%) [2] - Gross margin for the down jacket business was 61.1% (YoY -0.1pp), with operating profit margin improving to 20.2% (YoY +1.2pp) [2] - The Bosideng brand contributed RMB 5.28 billion (YoY +19.4%) to the down jacket segment, with a gross margin of 66.3% (YoY +0.9pp) [2] - The Snow Flying brand saw revenue growth of 47.1% to RMB 390 million, with a gross margin of 50.1% (YoY +6.0pp) [2] - The company's PE ratio is projected to be 12.2X, 10.6X, and 9.3X for FY25, FY26, and FY27, respectively, indicating attractive valuation [2] Business Segment Analysis - Down jacket business remains the core driver, with strong growth in both the Bosideng and Snow Flying brands [2] - New functional products, such as sun-protective clothing and single-shell jackets, are contributing to off-season growth [2] - The OEM business is expanding with stable core client orders and new high-quality clients [2] - The women's apparel segment is underperforming, with a 21.5% decline in revenue and an operating loss of RMB 50.42 million [2] Valuation and Outlook - The company is expected to maintain a high dividend payout ratio, with a projected payout ratio exceeding 80% for the next three fiscal years [2] - The stock is considered undervalued with a low PE ratio and strong growth prospects, supported by the development of functional outerwear and lightweight down products [2] - The report maintains a "Buy" rating, highlighting the company's low valuation, stable growth, and high dividend attributes [2]

EF001 免責聲明 | 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 | | | --- | --- | | 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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 波司登國際控股有限公司 | | 股份代號 | 03998 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二四年九月三十日止六個月之中期股息 | | 公告日期 | 2024年11月28日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年3月31日 | | 宣派股息的報告期末 | 2024年9月30日 | | 宣派股息 | 每 股 0.06 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.06 HKD | | 匯率 | 1 HKD : ...

Financial Performance - Revenue increased by 17.8% to approximately RMB 8,804.1 million[3] - Gross margin slightly decreased by 0.1 percentage points to 49.9%[3] - Operating profit margin improved by 0.2 percentage points to 16.7%[3] - Profit attributable to equity shareholders rose by 23.0% to approximately RMB 1,129.7 million[3] - Total comprehensive income for the period amounted to RMB 1,165.6 million, up from RMB 859.9 million[9] - Basic earnings per share increased to RMB 10.35 from RMB 8.47[9] - The reported segment profit for the six months ended September 30, 2024, was RMB 1,550,901,000, up from RMB 1,272,621,000 in 2023, indicating a growth of about 21.8%[32] - The total comprehensive profit before tax for the six months ended September 30, 2024, was RMB 1,558,448,000, compared to RMB 1,300,534,000 in 2023, indicating an increase of about 20%[32] - The operating profit for the first half of the fiscal year grew by 19.6% to approximately RMB 1,471.8 million, with an operating profit margin of 16.7%[170] Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.06 per share[3] - The interim dividend proposed for the six months ended September 30, 2024, is HKD 0.06 per share, compared to HKD 0.05 per share for the same period in 2023[65] - The company plans to distribute an interim dividend of approximately RMB 615,279,000 (HKD 665,829,000) to shareholders after September 30, 2024[68] Revenue Segmentation - The down jacket segment generated revenue of RMB 6,070,229 thousand, contributing significantly to the overall performance, with a profit of RMB 1,225,297 thousand[30] - The brand down jacket business generated revenue of approximately RMB 6,062.7 million, accounting for 68.9% of total revenue, with a year-on-year growth of 22.7%[74] - The OEM management business recorded revenue of approximately RMB 2,316.4 million, contributing 26.3% to total revenue, with a year-on-year increase of 13.4%[74] - The women's wear segment reported revenue of approximately RMB 308.1 million, which accounted for 3.5% of total revenue, showing a decline of 21.5% year-on-year[74] - The diversified clothing business achieved revenue of approximately RMB 116.9 million, representing 1.3% of total revenue, with a year-on-year increase of 21.3%[74] Asset Management - Non-current assets increased to RMB 1,803.1 million from RMB 1,544.0 million[11] - Current assets, including inventory, rose to RMB 19,588.7 million from RMB 19,018.6 million[11] - The total value of trade receivables and notes receivable as of September 30, 2024, is RMB 4,670,997,000, significantly up from RMB 1,585,095,000 as of March 31, 2024[51] - The inventory as of September 30, 2024, amounts to RMB 5,939,197,000, compared to RMB 3,197,497,000 as of March 31, 2024, indicating a substantial increase[51] Operational Efficiency - The company’s operations are subject to seasonal fluctuations, with the second half of the fiscal year typically seeing higher sales and revenue compared to the first half[21] - The company aims to maintain the initial order ratio below 40% and will continue to adjust order structures based on market sales data to respond to consumer demand[91] - The company has achieved a 99% availability rate for top-selling products and is targeting a new challenge of availability for unexpected high-demand items[93] - The company is focusing on integrating quality control throughout the entire product lifecycle to enhance user experience and brand perception[94] Innovation and Product Development - The company is investing in research and technology to build a leading innovation capability, including collaborations with top designers and advancements in materials and processes[94] - Bosideng's focus on product innovation led to the launch of several award-winning products, including the "Urban Outdoor Women's Multi-functional Jacket" and "China Antarctic Research Team Down Protective Suit" which won global design awards[109] - The company emphasizes sustainable practices by developing recycled and bio-based materials, contributing to its global leading CIRCULAR product concept[107] Market Expansion and Brand Strategy - The company aims to enhance brand influence and market competitiveness through improved product quality and digital transformation[70] - The multi-brand strategy aims to strengthen Bosideng's core down jacket business while expanding the Snow Flying brand's market presence in the mid-range segment[115] - The company signed a cooperation agreement with the Harbin municipal government to create the "Erbin" brand IP, integrating local ice and snow culture into its product offerings[83] Financial Management - The company’s financial risk management objectives and strategies remain consistent with those disclosed in the 2023/24 annual financial statements[22] - The company has recognized a total impairment loss of RMB 898,741,000 for men's wear and various women's wear brands as of September 30, 2024[48] - The group adopts a prudent financing and investment policy, primarily relying on cash generated from operating activities and bank loans for funding[196] Employee and Talent Development - The group employed 13,082 full-time employees as of September 30, 2024, an increase of 1,251 employees compared to 11,831 full-time employees as of March 31, 2024[198] - The group aims to become a "global leader in down apparel" and is focusing on strategic talent development to meet current and future organizational needs[199] - The group is implementing a systematic talent development system, including initiatives like the "Eagle" talent cultivation program targeting university graduates[199] Sustainability and ESG Performance - The company aims to achieve a low-carbon fabric usage rate of 40% by 2030 and 80% by 2038, alongside a goal of achieving net-zero emissions within its operational scope by 2038[187] - The company has been recognized in the S&P Global Sustainability Yearbook 2024 for its outstanding ESG performance, being one of only two companies in China's branded apparel industry to be included[184] - The company has established a comprehensive carbon emission accounting system covering its entire value chain, which has been independently verified[186]

各位投资者大家早上好今天早上呢为大家来更新我们的重点推荐标题波斯灯的一个近期的情况那首先呢第一点呢是关于聊聊最近的流水表现那其实呢从九月份开始啊大家会看到这个台风啊之后助推了华东和华北区呢它有一个降温的提前那么从温度的角度呢明显能够 然后感觉到在9月中旬之后这个秋意还是比较浓的那在这样的一个状态下呢很多投资人员也开始关心波斯登的一个在去年如此亮丽的增长之后啊今年的一个表现的情况那我们说其实呢从今年的8月中下旬开始波斯登已经开始就这个秋季的金毛泳服呢 有持续的推新比如说8月中下旬开始首先是春风音的单壳和劲爆羽绒服的叠变系列9月份也推出了话题性新品这个vertex系列它是波斯登跟耐克ACG系列的前主力人光头哥合作的一个机能性的羽绒服的这样一个系列 那也在上海杭州有快闪的这样的一个推出非常的有话题度那到下周也就是这个10月14号呢布斯登与意大利潮牌MSGM联名的这个冬季的这个泡芙系列的新品也会面世 所以大家会看到随着这个气温的下降一波又一波的新品呢它是推出的非常的这个节奏紧密的那在这样的一个不断的新品推出以及它一直在推动的这样的一个线下top店的持续建设的过程当中啊我们会看到整个九月啊包括十一的流水表现其实都是比较 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][3][5]. Core Insights - The company focuses on its core business of down apparel, which has shown steady growth in revenue and profit due to effective management and a strong brand presence [2][3]. - The Chinese down apparel market is expected to grow significantly, reaching a market size of 196 billion yuan in 2023, with a projected compound annual growth rate (CAGR) of approximately 11% until 2028 [2][22]. - The company's competitive advantages stem from its efficient supply chain, product innovation, and effective marketing strategies, which enhance its brand image and operational efficiency [2][3][7]. Summary by Relevant Sections Company Overview - Established in 1976, the company transitioned from an OEM model to developing its own brands, including Bosideng, Xuezhongfei, and Bingjie, since 1995 [2][13]. - The management team has extensive experience, with a family ownership structure that supports strategic initiatives [13][14]. Financial Performance - The company has shown strong financial growth, with revenue and gross profit CAGR of 17.46% and 20.20% respectively from FY2019 to FY2024 [15][16]. - For FY2024, the company expects revenue of 232 billion yuan and a gross profit of 138 billion yuan, with a gross margin of 59.59% [15][16]. Industry Analysis - The down apparel industry in China is experiencing robust growth, driven by changing consumer preferences towards personalized and creative products [2][22]. - The implementation of new national standards is expected to benefit leading brands by improving product quality and driving market share towards top-tier companies [26][27]. Competitive Advantages - The company employs a digital supply chain management strategy that enhances inventory control and responsiveness to market demand, allowing for a "small order quick response" model [7][20]. - The focus on product innovation and participation in international fashion shows has strengthened the company's brand image and market position [2][3][7].

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].