Zhi Tong Cai Jing·2025-12-10 01:53Core Viewpoint - Mingyin International has given Bosideng (03998) a "Buy" rating with a target price of HKD 5.80, citing an attractive dividend yield and strong revenue growth projections for FY26 to FY28 [2] Financial Performance - For FY26H1, Bosideng's revenue increased by 1.4% year-on-year to HKD 8.93 billion, while net profit rose by 5.3% to HKD 1.19 billion, indicating profit growth outpacing revenue growth [3] - The company reduced inventory by 20% year-on-year, attributed to a slowdown in raw material procurement and proactive inventory management ahead of peak season [3] - The main brand's revenue grew by 8% to HKD 6.57 billion, with offline sales outperforming online sales [3] Product and Market Strategy - Bosideng is focusing on enhancing product offerings through a combination of functional technology and fashion aesthetics, with strong growth in new product lines [4] - Collaborations with top international designers have resulted in positive market feedback for high-end product lines [4] - The company aims to improve sales efficiency and gross margins through effective inventory management and a favorable sales cycle, with offline sales showing double-digit growth in October and November [4]