波司登：零售趋势向好，打造多品牌集团

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company has announced an investment in the Canadian luxury down jacket brand Moose Knuckles, which has established 36 stores in China, North America, and Europe, and is distributed through renowned retailers such as Harrods and Saks Fifth Avenue [5]. - The acquisition aims to create a multi-brand group, leveraging the company's resources to enhance Moose Knuckles' development in the Chinese market, while also expanding its overseas business in the future [5]. - Short-term retail data is favorable, with Moose Knuckles expected to contribute to growth through high-priced sunscreen clothing and strong sales in the shell jacket segment [5]. - The company is adjusting its product structure flexibly, with strong sales performance in functional products and a positive outlook for offline sales growth due to recent consumption policies and nationwide cooling [5]. Financial Projections - The projected net profit for FY2024, FY2025, and FY2026 is expected to be 3.6 billion, 4.1 billion, and 4.6 billion respectively, with year-on-year growth rates of 18%, 13%, and 12% [6]. - The estimated P/E ratios for the same periods are 13, 12, and 11 [6].