中银国际：升波司登(03998)目标价至5.4港元 维持“买入”评级

Core Viewpoint - Zhongyin International has raised the target price for Bosideng (03998) to HKD 5.4 while maintaining a "Buy" rating, citing stable performance and growth potential in the upcoming fiscal periods [1] Financial Performance - For the first half of the fiscal year 2026, Bosideng reported a revenue growth of 1% and a net profit growth of 5% year-on-year [1] - The main brand, Bosideng, has shown robust performance, outperforming the overall apparel industry [1] Market Trends - Recent Double Eleven sales data indicates that Bosideng's down jackets continue to be favored by consumers, leading to an increase in market recognition [1] - The company is expected to see performance improvement in the second half of the fiscal year 2026 during the peak season [1] Profitability Outlook - Despite adjustments in product structure, the gross margin is anticipated to remain stable [1] - The expected dividend yield for Bosideng in fiscal year 2026 is projected to exceed 6%, indicating high attractiveness for investors [1]