Shanxi Securities·2024-06-28 14:01Investment Rating - The report maintains a "Buy-A" rating for Bosideng (03998.HK) [7] Core Insights - Bosideng's fiscal year 2023/24 performance exceeded expectations, driven by strong growth in its branded down jacket segment, with total revenue reaching 23.214 billion yuan, a year-on-year increase of 38.4%, and a net profit attributable to shareholders of 3.074 billion yuan, up 43.7% [10][11] Summary by Sections Revenue Growth - The branded down jacket business led the revenue growth, achieving 19.521 billion yuan, a 43.8% increase year-on-year, accounting for 84.1% of total revenue. The main brand, Bosideng, generated 16.785 billion yuan, up 42.7% [11] - The OEM processing management business reported revenue of 2.670 billion yuan, a 16.4% increase, while the women's clothing segment reached 820 million yuan, up 16.6% [11] Channel Performance - Both offline and online channels showed significant growth, with self-operated channels generating 14.345 billion yuan, a 38.4% increase, and wholesale channels achieving 4.604 billion yuan, up 67.9% [12] - The online channel for branded down jackets saw a 41.3% increase in revenue, reaching 6.836 billion yuan, representing 35.0% of the branded down jacket business [12] Profitability and Efficiency - The company's gross margin improved slightly to 59.6%, while the net profit margin increased to 13.2%, up 0.5 percentage points year-on-year [13] - Inventory turnover efficiency was strong, with inventory at 3.197 billion yuan, an 18.9% increase, and average inventory turnover days reduced by 29 days to 115 days [13] Future Outlook - The company plans to strengthen its core down jacket category while innovating in functional apparel, with positive market feedback for new products like summer sun protection clothing and three-in-one jackets [14] - Earnings per share (EPS) forecasts for fiscal years 2025-2027 are projected at 0.33, 0.38, and 0.43 yuan, with price-to-earnings (P/E) ratios of 12.0, 10.5, and 9.2 times respectively [14]