BOSIDENG(03998) 天风证券·2024-10-11 12:11Investment Rating - The report maintains a "Buy" rating for Bosideng (03998) with a target price of 4.96 HKD, indicating a positive outlook for the stock over the next six months [1]. Core Insights - Bosideng has strategically invested in the international luxury down jacket brand Moose Knuckles, positioning itself as a key investor while the controlling shareholder remains the private equity firm CVC Capital Partners. This investment is seen as a significant step in expanding Bosideng's international business footprint [1]. - The Moose Knuckles brand is recognized for its high-quality materials and craftsmanship, with a focus on stylish and functional designs. The collaboration with Bosideng is expected to drive growth in the Asian market and enhance brand innovation [1]. - Bosideng is optimistic about the sales performance of its lightweight down jackets, which are being redefined to combine fashion with functionality, appealing to modern consumer preferences [1]. Summary by Sections Investment Rating - The report maintains a "Buy" rating for Bosideng with a target price of 4.96 HKD [1]. Company Overview - Bosideng has become a key investor in Moose Knuckles, a luxury down jacket brand headquartered in Montreal, Canada, which is expanding its retail presence globally [1]. - Moose Knuckles operates over 36 stores in more than 30 countries, including China, North America, and Europe, and collaborates with renowned retailers for distribution [1]. Financial Projections - The report projects Bosideng's revenue for FY25-27 to be 26.5 billion RMB, 30.1 billion RMB, and 34.1 billion RMB, respectively, with net profits of 3.6 billion RMB, 4.1 billion RMB, and 4.6 billion RMB for the same periods [2]. - Earnings per share (EPS) are expected to be 0.33 RMB, 0.37 RMB, and 0.42 RMB, with price-to-earnings (PE) ratios of 13, 11, and 10 times [2].