Changjiang Securities·2024-07-04 02:01Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company reported FY2024 results with revenue of 23.2 billion and net profit of 3.07 billion, representing year-on-year increases of 38% and 44% respectively, exceeding expectations with a dividend payout ratio of 81% [5][6]. - The expansion of product categories has been effective, with significant revenue growth from both the Bosideng and Xuezhongfei brands, achieving year-on-year increases of 43% and 65% to 16.8 billion and 2 billion respectively [5]. - The company has optimized its inventory levels and maintained healthy cash flow, with net cash of 12 billion, a 49% year-on-year increase, and a net cash flow from operating activities of 7.34 billion, up 141% year-on-year [5]. Summary by Sections Financial Performance - For FY2024, the company achieved revenue of 23.2 billion, a 38% increase year-on-year, and a net profit of 3.07 billion, a 44% increase year-on-year [5][6]. - The gross margin for the Bosideng brand decreased by 1.2 percentage points to 69.6%, while the gross margin for the Xuezhongfei brand remained stable at 46.0% [5]. Product and Channel Development - The company has successfully expanded its product categories, with strong sales in sun protection clothing, jackets, and lightweight down jackets contributing to revenue growth [5]. - The company has focused on enhancing the efficiency of its top stores and has seen significant improvements in both online and offline sales channels [5]. Future Outlook - The company is expected to continue its steady growth, with projected net profits of 3.63 billion, 4.24 billion, and 4.87 billion for FY2025, FY2026, and FY2027, respectively, representing year-on-year growth rates of 18%, 17%, and 15% [6].