ZHONGTAI SECURITIES·2024-07-01 01:31Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [10]. Core Insights - The company reported a revenue of 23.214 billion yuan for the fiscal year 2023/24, representing a year-on-year growth of 38.4%. The net profit attributable to the parent company was 3.074 billion yuan, up 43.7% year-on-year [3][4]. - The main brand, Bosideng, achieved a revenue of 19.521 billion yuan, accounting for 84.09% of total revenue, with a gross margin of 65.0% [3]. - The company has successfully expanded its product categories, with significant growth in the Xuezhongfei brand, which saw a revenue increase of 65.3% [3]. - The company is focusing on channel structure upgrades and enhancing store efficiency, leading to improved sales performance despite a slight reduction in the number of physical stores [3][4]. Financial Performance Summary - Revenue and Profit Forecasts: - Revenue (million yuan): 16,774 in 2023A, 23,214 in 2024A, 26,654 in 2025E, 30,339 in 2026E, 34,365 in 2027E - Net Profit (million yuan): 2,139 in 2023A, 3,074 in 2024A, 3,569 in 2025E, 4,106 in 2026E, 4,703 in 2027E - Year-on-year growth rates for revenue and net profit are projected to be 38.4% and 43.7% for 2024, respectively [2][8]. - Profitability Metrics: - Gross margin for the fiscal year was 59.6%, with a net margin of 13.4% [3][6]. - The company’s return on equity (ROE) is projected to be 23.4% in 2024, gradually decreasing to 19.8% by 2027 [2][8]. Operational Efficiency - The company has improved its inventory turnover, with inventory days reduced by 29 days to 115 days, indicating enhanced operational efficiency [6]. - The company reported a net cash position of 6.227 billion yuan, indicating strong liquidity [8]. Market Positioning - The company is positioning itself as a leading expert in down jackets, with a focus on multi-category expansion to drive year-round sales [6][9]. - The online sales of the main brand's down jackets reached 6.836 billion yuan, accounting for 35% of total revenue, reflecting a strong digital presence [3].