Guohai Securities·2025-06-30 08:04Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Insights - The company reported a revenue of 25.9 billion RMB for FY2025, representing a year-on-year growth of 11.6%, and a net profit of 3.51 billion RMB, which is a 14.3% increase year-on-year [4][6] - The gross margin was 57.3%, down by 2.3 percentage points, while the net margin improved by 0.4 percentage points to 13.6% [4][6] - The company continues to enhance its brand image as a leading expert in down jackets through stable and high-quality growth in its main business [6][9] Financial Performance - For FY2025, the brand down jacket business generated revenue of 21.67 billion RMB, a year-on-year increase of 11%, accounting for 83.7% of total revenue [6] - The OEM business saw a revenue increase of 26.4% to 3.37 billion RMB, representing 13% of total revenue [6] - The women's wear segment experienced a decline in revenue by 20.6% to 650 million RMB [6] Channel Optimization - As of March 31, 2025, the company increased its exclusive stores by 135 to a total of 2,421, with direct stores increasing by 38 to 707 [6] - Online sales for the brand's down jackets grew by 9.4% to 7.48 billion RMB, solidifying its leading position in the market [6] Future Projections - The company is expected to achieve revenues of 28.62 billion RMB, 31.48 billion RMB, and 34.46 billion RMB for FY2026, FY2027, and FY2028 respectively, with net profits projected at 3.92 billion RMB, 4.37 billion RMB, and 4.84 billion RMB [8][10] - The estimated P/E ratios for FY2026, FY2027, and FY2028 are 12, 11, and 10 respectively [8][10]