波司登点评报告：旺季开门红，新战投推进国际化进程

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company has launched a new generation of professional sun protection clothing, enhancing its summer performance for the new fiscal year with features such as UPF100+ and improved breathability [3] - The introduction of multiple product lines, including the "叠变" series, has initiated the peak season sales, supported by strategic collaborations and marketing events [4] - The strategic investment in the Canadian luxury down jacket brand MooseKnuckles marks a significant step in expanding the company's international presence and core business focus [5] - Revenue and profit forecasts indicate a steady growth trajectory, with projected revenues of 263 billion, 297 billion, and 335 billion for the fiscal years ending March 2025, 2026, and 2027, respectively, reflecting a year-on-year growth of 13% [5][10] Summary by Sections Business Performance - The company is expected to achieve revenues of 23,214 million in FY2024, with a year-on-year growth of 38.39%, and net profit of 3,074 million, reflecting a growth of 43.74% [6][10] - The forecast for FY2025 and FY2026 shows continued growth in both revenue and net profit, with expected revenues of 26,272 million and 29,688 million, and net profits of 3,544 million and 4,066 million, respectively [6][10] Strategic Initiatives - The collaboration with renowned designers and participation in high-profile events have significantly increased brand visibility and market engagement [3][4] - The acquisition of MooseKnuckles is aimed at enhancing the company's product offerings and expanding its market reach, particularly in Asia [5] Financial Projections - The company is projected to maintain a high dividend payout ratio exceeding 80% over the next three fiscal years, indicating strong cash flow and shareholder returns [5] - The estimated P/E ratios for the upcoming fiscal years are 13.7, 11.9, and 10.5, suggesting that the stock is currently undervalued [5][10]