BOSIDENG(03998) 国信证券·2024-06-28 13:07Investment Rating - The investment rating for the company is "Outperform the Market" [5][21]. Core Insights - The company achieved a high-quality revenue and profit growth in the fiscal year 2023/24, with revenue increasing by 38.4% to 23.21 billion yuan and net profit rising by 43.7% to 3.074 billion yuan [1][7]. - The company is recognized as a leading domestic down jacket brand, demonstrating strong operational resilience and growth potential in a challenging external environment [2][21]. - The company has successfully optimized inventory and improved operational efficiency, with a significant reduction in inventory turnover days by 29 days to 115 days [1][13]. Summary by Relevant Sections Financial Performance - For the fiscal year 2023/24, the company reported a revenue of 23.21 billion yuan, a year-on-year increase of 38.4%, and a net profit of 3.074 billion yuan, up 43.7% [1][7]. - The operating profit margin improved by 2.1 percentage points to 18.9%, and the net profit margin increased by 0.5 percentage points to 13.2% [1][13]. - The company maintained a healthy operating cash flow and a high dividend payout ratio of 81.1% [1]. Business Segments - Revenue from branded down jackets reached 19.52 billion yuan, a year-on-year increase of 43.8%, with the core brand Bosideng growing by 42.7% [9][11]. - The OEM management business generated 2.67 billion yuan, up 16.4%, while women's clothing revenue increased by 16.6% to 820 million yuan [9][11]. - The diversified clothing segment saw a slight increase of 0.3% to 200 million yuan, primarily driven by school uniform sales [9]. Innovation and Channel Strategy - The company launched innovative products, including new sun-protective clothing and a three-in-one down jacket, achieving significant sales growth [17][18]. - Online sales grew by 41%, reflecting strong brand momentum, while offline store efficiency improved significantly, with self-operated store revenue increasing by 69% [19][20]. - The company closed 206 underperforming stores, optimizing its retail structure and enhancing overall store performance [19][20]. Future Outlook - The company has raised its profit forecasts for FY2025-2027, expecting net profits of 3.601 billion yuan, 4.088 billion yuan, and 4.561 billion yuan, representing year-on-year growth rates of 17.1%, 13.5%, and 11.6% respectively [2][21]. - The target price has been adjusted to 5.1-5.5 HKD, reflecting the company's growth potential and strong dividend yield [2][21].