BOSIDENG(03998) 国泰君安·2024-07-04 06:31Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The company's chairman plans to place 400 million existing shares at HKD 4.31 per share, aiming to increase liquidity and optimize shareholder structure [6] - The company's fundamentals remain strong, with FY2025 performance expected to continue its robust growth [6] - The company is a leading domestic mid-to-high-end down jacket brand, with comprehensive advantages in products, operations, and channels [6] - The company has maintained a dividend payout ratio above 80% for three consecutive years, with expectations of continuation in FY2025 [6] Financial Summary - Revenue for FY2024 is projected to be RMB 23.214 billion, a 38.4% increase from FY2023 [4] - Gross profit for FY2024 is expected to reach RMB 13.834 billion [4] - Net profit for FY2024 is forecasted to be RMB 3.074 billion, a 43.7% increase from FY2023 [4] - The company's PE ratio for FY2025 is estimated at 11X, decreasing to 8X by FY2027 [4] Market Data - The company's current share price is HKD 4.01 [1] - The 52-week price range is HKD 2.89 to HKD 4.87 [3] - The current market capitalization is HKD 44.078 billion [3] Industry - The company operates in the textile and apparel industry [4] Event Analysis - The share placement is expected to be completed by July 5, 2024, with a one-year lock-up period [6] - Historical data shows that share placements in Hong Kong typically only affect stock prices on the announcement day, with no lasting impact [6] - The company's strong fundamentals and clear short-to-long-term plans in products, channels, and operations are expected to further capture market opportunities [6]