BOSIDENG(03998) 招商证券·2025-03-13 01:03Investment Rating - The report maintains a strong buy rating for the company [1][3]. Core Views - The company has been actively engaging in brand-building activities since the peak season of FY25, enhancing brand momentum through high-end channel openings and product innovation to drive steady growth [1][6]. - Revenue projections for FY25 to FY27 are estimated at RMB 25.62 billion, RMB 28.93 billion, and RMB 32.48 billion, with year-on-year growth rates of 10%, 13%, and 12% respectively [1][6]. - Net profit forecasts for the same period are RMB 3.49 billion, RMB 4.00 billion, and RMB 4.51 billion, reflecting growth rates of 14%, 15%, and 13% respectively [1][6]. Financial Data and Valuation - Total revenue for FY2023 was RMB 16.77 billion, with a growth rate of 3%, and is expected to reach RMB 25.62 billion in FY2025, representing a 10% increase [2][9]. - Operating profit for FY2023 was RMB 2.64 billion, with a year-on-year growth of 13%, projected to grow to RMB 4.61 billion in FY2025 [2][9]. - The company's earnings per share (EPS) for FY2025 is estimated at RMB 0.32, with a price-to-earnings (PE) ratio of 12.4 [2][10]. - The current market capitalization is approximately HKD 48.9 billion, with a current share price of HKD 4.23 [3][6]. Brand and Product Strategy - The company has launched several brand-building initiatives, including participation in the "New Life Paris Exhibition" and collaborations with local governments to create brand IPs [6]. - Product innovation is emphasized, with the introduction of lightweight and versatile spring products suitable for various outdoor activities [6]. - The company is focusing on high-end channel openings to enhance operational efficiency and brand presence [6].