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波司登(03998.HK):FY25高质量收官
Ge Long Hui·2025-06-27 19:08

Core Viewpoint - The company reported a 12% year-on-year revenue growth to 25.9 billion yuan and a 14% increase in net profit to 3.5 billion yuan for FY25, meeting expectations [1] Revenue and Profit Performance - The company declared a final dividend of 0.22 HKD per share, resulting in an annual payout ratio of approximately 84% [1] - The main down jacket business maintained a steady growth rate of 7% in revenue during the second half of FY25 despite adverse factors such as high base, warm winter, and fluctuating consumer environment [1] - The core brand Bosideng generated a revenue increase of 7% to 13.2 billion yuan, accounting for 85% of the down jacket revenue [1] Business Segments and Growth - The OEM business saw a significant revenue increase of 26.4% to 3.37 billion yuan, reflecting the company's efforts to expand high-quality new clients and enhance overseas production capacity [1] - The company opened 253 new stores throughout the fiscal year, with approximately 31% of stores located in first- and second-tier cities, an increase of 2.8 percentage points year-on-year [1] Margin and Cost Management - The overall gross margin decreased by 3.0 percentage points to 61% in the second half of FY25, with the brand down jacket business gross margin declining by 1.9 percentage points to 64.3% due to a higher proportion of lower-margin wholesale channels and rising raw material costs [2] - The main brand Bosideng's gross margin only decreased by 1.0 percentage point to 70%, indicating strong discount control capabilities [2] - Selling and administrative expense ratio decreased by 2.4 percentage points to 42% due to operational efficiency improvements [2] Inventory Management - The company maintained healthy inventory turnover, with inventory turnover days increasing by 3 days to 118 days by the end of FY25 [2] Strategic Direction - The company plans to focus on its core down jacket business and fashionable functional apparel, emphasizing brand leadership and innovative multi-category product development [2] Earnings Forecast and Valuation - The company maintains its FY26 EPS forecast at 0.34 yuan and introduces an FY27 EPS forecast of 0.38 yuan, with the current stock price corresponding to 12/11 times FY26/27 earnings [3] - The target price remains unchanged at 5.63 HKD, implying a 22% upside potential from the current stock price [3]