GOLDEN SUN SECURITIES·2024-06-27 03:07Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [3]. Core Views - The company reported a strong financial performance for FY2024, with revenue increasing by 38% year-on-year to 23.21 billion yuan and net profit rising by 44% to 3.07 billion yuan, surpassing market expectations [1][2]. - The gross margin slightly improved to 59.6%, while the net profit margin increased to 13.2%, reflecting strong operational efficiency [1]. - The company plans to continue expanding its product categories and enhancing its brand presence, particularly in functional apparel, which is expected to drive future growth [1]. Financial Performance Summary - Revenue and Profit Growth: FY2024 revenue reached 23.21 billion yuan, a 38% increase from the previous year, while net profit was 3.07 billion yuan, up 44% [1][2]. - Earnings Per Share (EPS): The latest diluted EPS for FY2024 is 0.28 yuan, with projections for FY2025 at 0.33 yuan [2][10]. - Dividends: The company declared a final dividend of 0.20 HKD per share, with a total annual payout of 0.25 HKD, resulting in a payout ratio of 81% and a dividend yield of 5.8% based on the closing price [1]. Business Segment Performance - Brand Down Jacket Sales: Revenue from brand down jackets grew by 44% to 19.52 billion yuan, accounting for 84% of total revenue, driven by strong consumer demand and new product launches [1]. - OEM Business: The OEM segment saw a stable revenue increase of 16% to 2.67 billion yuan, contributing 12% to total revenue [1]. - Women's Apparel: Sales in the women's clothing segment increased by 17% to 820 million yuan, maintaining a steady performance in line with industry trends [1]. Future Outlook - The company anticipates continued high-quality growth in FY2025, with revenue expected to increase by approximately 15% and net profit growth likely to outpace revenue growth [1][2]. - The brand down jacket business is projected to grow by 10% to 20% in FY2025, supported by product category expansion and innovation [1].