Orient Securities·2025-10-24 01:32Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.31 HKD, based on a 17x PE for FY26 [4][8]. Core Insights - Recent nationwide cooling and an extended sales season are favorable for the company's main product sales, particularly down jackets [7]. - The sales season has been significantly lengthened due to the later date of the Chinese New Year in 2026, which is expected to positively impact FY2026 performance [7]. - Collaboration with renowned international designer Kim Jones is anticipated to enhance the brand's influence and market position [7]. - The company demonstrates resilient growth with a projected revenue CAGR of approximately 17.66% and profit CAGR of 19.73% from FY2021 to FY2025, indicating strong operational resilience amid economic fluctuations [7]. Financial Forecasts - The company’s revenue is projected to grow from 23,214 million HKD in FY24A to 34,920 million HKD in FY28E, reflecting a CAGR of approximately 10.7% [3]. - Net profit attributable to the parent company is expected to increase from 3,074 million HKD in FY24A to 4,890 million HKD in FY28E, with a CAGR of about 11.7% [3]. - Earnings per share are forecasted to rise from 0.27 HKD in FY24A to 0.42 HKD in FY28E [3]. - The company maintains a high dividend payout ratio, averaging around 78% since its listing, which enhances its investment appeal [7].