Ge Long Hui·2025-12-03 02:34Core Viewpoint - The report from Credit Lyonnais indicates that Bosideng's sales and net profit for the first half of the fiscal year increased by 1.4% and 5.3% year-on-year, respectively, meeting expectations [1] Group 1: Financial Performance - Bosideng's management reiterated its guidance for fiscal year 2026, expecting a 10% year-on-year increase in sales, with net profit growth expected to exceed sales growth [1] - For the period from October to date, Bosideng's offline sales recorded double-digit year-on-year growth, with a reduction in discount rates [1] - Online business maintained strong momentum during the Double Eleven shopping festival [1] Group 2: Forecast Adjustments - Credit Lyonnais raised its net profit forecast for fiscal years 2026 to 2028 by 1% to 2%, reflecting a more favorable business mix and strict cost control [1] - Sales forecasts were largely maintained, with the target price increased from HKD 5.2 to HKD 5.8 due to an anticipated increase in price-to-earnings ratio to 13 times [1] Group 3: Investment Appeal - The forecasted dividend yield for the next 12 months is 6.5%, presenting an attractive risk-reward profile [1] - Given the lower base from previous periods, the "outperform" rating is maintained [1]