BOSIDENG(03998) 天风证券·2025-03-13 16:30Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [6]. Core Insights - The company is enhancing its product offerings with innovative urban light outdoor series and stylish functional jackets, catering to the diverse needs of young consumers [1]. - The brand is transitioning from being recognized as a global leader in down jackets to a comprehensive leader in the category, focusing on brand awareness and consumer perception [2]. - The company is leveraging smart logistics and inventory management to ensure efficient operations and quick response to market demands, which is a key competitive advantage [3]. - The revenue forecasts for FY25-27 have been slightly adjusted, with expected revenues of RMB 25.7 billion, RMB 28.6 billion, and RMB 32.2 billion respectively, alongside adjusted net profits and EPS figures [4]. Summary by Sections Product Development - The company is launching a new collection of light outdoor and functional jackets that balance style and protective features, appealing to urban and outdoor consumers [1]. Brand Strategy - The brand is focusing on enhancing its image as a leading down jacket expert through integrated marketing strategies and consumer engagement initiatives [2]. Supply Chain Management - The company has implemented a smart logistics system that manages inventory across various channels, ensuring high availability of popular products and quick replenishment [3]. Financial Projections - Adjustments to financial forecasts reflect a cautious outlook on the macro consumption environment, with revised revenue and profit expectations for the upcoming fiscal years [4].