BOSIDENG(03998) 申万宏源·2024-10-18 12:45Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company announced a strategic investment in the international luxury down jacket brand Moose Knuckles, expanding its international business and enhancing its brand portfolio [4] - Recent seasonal sales have been strong, with product innovations such as "Light Warm Goose Down" and "Stack Change" series receiving positive feedback [4] - The company is optimizing its store structure and expanding into incremental markets, particularly focusing on strategic cities with low store penetration [4] - A strategic cooperation agreement with Harbin has been signed to jointly promote the creation of a winter apparel brand IP [4] - The company has over 40 years of experience in the down jacket industry, with a solid foundation and strong consumer recognition, and is expanding into outdoor and functional apparel sectors [4] Financial Performance - FY24 revenue is projected at 232.1 billion yuan, a 38.4% year-on-year increase [7] - FY24 net profit attributable to the parent company is expected to be 3.07 billion yuan, a 43.7% year-on-year increase [7] - Gross margin for FY24 is 59.6%, slightly up by 0.1 percentage points [8] - Net profit margin for FY24 is 13.2%, up by 0.5 percentage points [8] Strategic Investments and Innovations - The strategic investment in Moose Knuckles aims to fill the gap in the luxury trendy down jacket market [4] - Product innovations include the "Stack Change" series, which offers multi-functional designs for different scenarios, and the VERTEX series, which enhances the high-end outdoor product line [4] - The company has upgraded its Puff series in collaboration with the Italian brand MSGM, improving both warmth and fashion appeal [4] Market Expansion and Channel Optimization - The company is deepening channel stratification and focusing on top-tier stores as experimental hubs [4] - Strategic incremental markets, such as Jiamusi in Heilongjiang, are being targeted for new store openings and upgrades [4] - The cooperation with Harbin aims to leverage the city's winter tourism boom to boost sales and brand visibility [4] Future Outlook - The company is expected to maintain steady growth, with projected net profits of 3.63 billion, 4.19 billion, and 4.78 billion yuan for FY24-26, respectively [4] - The PE ratios for FY24-26 are estimated at 13x, 11x, and 10x, respectively [4]