BOSIDENG(03998) 东方证券·2024-06-29 13:02Investment Rating - The investment rating for the company is maintained as "Buy" [4][7]. Core Insights - The company reported FY24 financial results with revenue of 23.21 billion, a year-on-year increase of 38.4%, and a net profit attributable to shareholders of 3.07 billion, up 43.7%, exceeding market expectations. The full-year dividend payout ratio is 81.1% [1][2]. - The four main business segments showed high-quality growth, with the down jacket segment performing particularly well. Revenue growth by category for FY24 includes brand down jackets at 43.8%, OEM management at 16.4%, women's wear at 16.6%, and diversified apparel at 0.3% [1]. - The company is expected to see new growth points from functional products such as sun protection clothing and outdoor jackets, aligning well with current fashion trends and helping to smooth seasonal fluctuations [1]. Financial Performance Summary - FY24 revenue reached 23,214 million, with a year-on-year growth of 38.4% [3]. - FY24 net profit attributable to shareholders was 3,074 million, reflecting a 43.7% increase year-on-year [3]. - The gross margin for FY24 was 59.6%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin grew by 0.5 percentage points to 13.2% [3]. - The company’s operating cash flow for FY24 was 7,266 million, significantly higher than the previous year's 3,051 million, marking a 141% increase [1][3]. Earnings Forecast and Valuation - Future earnings per share are projected to be 0.28, 0.33, and 0.38 for FY24, FY25, and FY26 respectively, with adjustments made to revenue and expense forecasts [2][7]. - The target price for FY25 is set at 6.03 HKD, based on a 17x PE valuation [2][7].