BOSIDENG(03998) 长江证券·2024-07-11 06:31Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Views - The company's fundamentals remain robust, with superior earnings elasticity and certainty [4]. - The recent share placement by the founder aims to optimize the shareholder structure and enhance market liquidity, which is expected to attract more quality domestic and international investors [4]. - The company has shown significant improvements in store efficiency and inventory levels, focusing on creating benchmark TOP stores and enhancing both offline and online sales channels [4]. - The brand's influence is expected to grow through innovation and the integration of traditional craftsmanship into modern designs, as showcased at the "Newborn of All Things Paris Exhibition" [4]. - The recent share placement does not affect the company's long-term investment value, with projected net profits for FY2025-2027 expected to be 36.3 billion, 42.4 billion, and 48.7 billion respectively, reflecting year-on-year growth of 18%, 17%, and 15% [4][8]. Summary by Sections Event Description - On July 3, 2024, the founder and chairman of the company conducted a placement of 400 million shares at a price of 4.31 HKD per share, representing 3.64% of the total share capital [4]. Financial Forecasts - The company is projected to achieve revenues of 23.21 billion, 26.64 billion, 30.26 billion, and 34.02 billion for FY2024 to FY2027, with respective growth rates of 38%, 15%, 14%, and 12% [8]. - Net profits are forecasted to be 3.07 billion, 3.63 billion, 4.24 billion, and 4.87 billion for the same period, with growth rates of 44%, 18%, 17%, and 15% [8]. - The earnings per share (EPS) are expected to be 0.28, 0.33, 0.39, and 0.44, with corresponding price-to-earnings (P/E) ratios of 12.68, 11.37, 9.73, and 8.47 [8].