Workflow
国证国际港股晨报-20250708
Guosen International·2025-07-08 03:17

Group 1: Market Overview - The Hong Kong stock market continues to show weakness, with the Hang Seng Index experiencing a decline for six out of the last seven trading days, closing at 23,887 points, down 28 points or 0.12% [2][3] - The market is currently characterized by a cautious atmosphere as investors await developments in the trade war, leading to a significant decrease in trading volume, with a total turnover of 193.8 billion HKD, down 27.6% from the previous day [2][3] - Northbound capital has seen a net inflow of nearly 12.1 billion HKD, marking an increase of 80.5% from the previous day, indicating strong interest from mainland investors [2][3] Group 2: Sector Performance - Among the 12 Hang Seng Composite Industry Indices, five sectors rose while seven fell, with the leading sectors being Consumer Discretionary, Utilities, Real Estate & Construction, and Information Technology, showing gains of 0.42% to 0.31% [3] - The sectors that experienced the largest declines include Materials, Healthcare, Consumer Staples, Conglomerates, Industrial Products, and Energy, with losses ranging from 2.92% to 0.54% [3] Group 3: Company Analysis - Bosideng (3998.HK) - Bosideng reported a revenue of 25.902 billion HKD for the fiscal year ending March 31, 2025, representing a year-on-year increase of 11.6%, with net profit rising 14.3% to 3.514 billion HKD [6][7] - The company's main down jacket business saw revenue growth of 11.0% to 21.668 billion HKD, although the gross margin decreased by 1.6 percentage points to 63.4% [6][7] - The OEM business also performed well, with a revenue increase of 26.4% to 3.373 billion HKD, despite a slight decline in gross margin [7] Group 4: Investment Outlook - The company is expected to maintain its focus on core brands and innovate product offerings to drive growth, with projected EPS for fiscal years 2026-2028 at 0.34, 0.38, and 0.42 HKD respectively [8] - A target price of 5.6 HKD is set for the stock, with a "Buy" rating maintained based on the anticipated performance [8]