BOSIDENG(HK:03998) Guohai Securities·2025-12-05 00:40Group 1: Market Overview - The primary market has seen steady progress with 19 public REITs issued in 2025, a decrease of 5 compared to the same period last year [3] - The secondary market REITs index fell by 0.52% in November, with the total market capitalization of public REITs at 219.885 billion, down by 0.692 billion from the previous month [4] - The industrial park sector experienced the largest decline, with a monthly drop of 2.43%, while the traffic infrastructure sector led with a 0.56% increase [4] Group 2: REITs Performance - The average cash distribution rate for property REITs is 4.65%, while for operating rights REITs, it is 8.21%, indicating a higher yield for the latter [5] - The trading volume for park infrastructure REITs reached 836 million units, leading the monthly transaction scale [5] - The valuation yield for property REITs stands at 4.04%, lower than the 4.28% for operating rights REITs [5] Group 3: Company Performance - Bosideng - Bosideng's revenue for FY2026H1 increased by 1.4% to 8.928 billion, with a net profit growth of 5.3% to 1.189 billion [6] - The main brand's down jacket business saw an 8.3% revenue increase to 6.57 billion, accounting for 73.6% of total revenue [6] - The OEM business faced an 11.7% revenue decline to 2.04 billion due to tariffs and geopolitical factors [6] Group 4: Operational Efficiency - Bosideng optimized its channel structure, reducing the number of stores to 3,140, with a focus on enhancing store profitability and operational efficiency [7] - Online sales for the brand's down jackets grew by 2.4% to 1.38 billion, with strong performance during the "Double Eleven" shopping festival [7] - The company maintained a healthy inventory turnover, with a reduction in inventory turnover days to 178, down by 11 days from the previous year [8] Group 5: Future Outlook - The company is expected to achieve revenues of 28.43 billion, 31.36 billion, and 34.43 billion for FY2026 to FY2028, with net profits projected at 3.92 billion, 4.39 billion, and 4.89 billion respectively [9] - The closing price on December 4, 2025, was 5.06 HKD, corresponding to a PE ratio of 14, 12, and 11 for FY2026 to FY2028 [9] - The company aims to enhance product innovation and channel quality to improve profitability [9]