Workflow
波司登:旺季启动,新品上市,期待FY2025H1业绩稳健增长

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to see robust revenue growth of 10% to 20% year-on-year in FY2025H1, driven by increased demand for autumn apparel due to colder weather [1] - The main brand's gross margin is projected to slightly decline, while overall gross margin is expected to remain stable [1] - The company is focusing on product innovation, particularly in outdoor apparel, with new launches such as the "three-in-one down jacket" [1] - The company is enhancing channel efficiency through refined management of individual stores and increasing the number of seasonal stores [1] - The company maintains a healthy operational status with a low initial order ratio and efficient inventory turnover [2] Financial Summary - For FY2025, the company is projected to achieve revenue of approximately 26,622 million yuan, representing a year-on-year growth of 14.7% [3] - The net profit for FY2025 is estimated at 3,574 million yuan, with a growth rate of 16.3% year-on-year [3] - The company's earnings per share (EPS) for FY2025 is expected to be 0.32 yuan [3] - The projected price-to-earnings (P/E) ratio for FY2025 is 14 times [2][3] Growth Potential - The brand's down jacket business is anticipated to grow by over 10%, while OEM business is expected to grow by 15% to 20% in FY2025 [2] - The company is actively expanding its product categories and enhancing brand innovation, which is expected to drive long-term growth [2]