BOSIDENG(03998) 开源证券·2025-03-11 07:20Investment Rating - The report maintains a "Buy" rating for Bosideng (03998.HK) [2][8] Core Views - Bosideng demonstrates resilience driven by innovation, maintaining stable performance despite high base effects and external disturbances [2] - The company is expected to achieve steady growth in FY2025H2, even with a high base, supported by its strong offline presence and product innovation [2][3] - The forecast for FY2025-2027 net profit is adjusted to 3.51 billion, 4.00 billion, and 4.54 billion CNY respectively, down from previous estimates [2] Financial Summary and Valuation Metrics - Revenue projections for FY2025 are set at 25.54 billion CNY, reflecting a 10% year-over-year growth [5] - Net profit for FY2025 is estimated at 3.51 billion CNY, with a year-over-year increase of 14.3% [5] - Gross margin is expected to slightly decline to 58.5% in FY2025, while net margin is projected to improve to 13.8% [5] - The company maintains a high dividend payout ratio of over 80% for three consecutive years [2] - The current P/E ratios for FY2025, FY2026, and FY2027 are projected at 12.5, 10.9, and 9.6 respectively [5]