BOSIDENG(03998) 国盛证券·2025-03-09 14:37Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company is expected to achieve solid performance in FY2025, with a projected revenue growth of over 10% and net profit growth expected to outpace revenue growth, indicating a trend of high-quality growth [1][3]. - The brand's down jacket business is anticipated to grow steadily by around 10% due to product innovation and category expansion, while the OEM business is expected to see a significant sales increase of approximately 15% [1][2][3]. - The report highlights the company's strong supply chain responsiveness and effective inventory management, which are crucial for maintaining operational health [3]. Business Segments Summary Brand Down Jacket Business - The brand down jacket business is projected to achieve a healthy growth rate, with FY2025H1 revenue increasing by 22.7% year-on-year, and full-year growth expected to be in the high single digits around 10% [2][3]. OEM Business - The OEM business recorded a 13.4% year-on-year sales increase in FY2025H1, with sales expected to grow by approximately 15% for the full year [3]. Financial Performance - For FY2025, the company is estimated to achieve a net profit of 3.523 billion yuan, reflecting a year-on-year growth of 14.6% [4]. - The report projects a slight decline in gross margin due to changes in business mix, but net profit margin is expected to remain stable or increase [1][3]. Channel Performance - Offline sales are expected to outperform online sales, with a focus on single-store operations and a stable number of stores anticipated for FY2025 [3]. - Online sales for FY2025H1 increased by 24% year-on-year, indicating the growing importance of e-commerce as a channel for brand building and member marketing [3].