Guotai Junan Securities·2024-04-21 05:32Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [7]. Core Insights - The company has raised its revenue growth guidance for FY2024 to 30%, expecting profit growth to outpace revenue growth. This adjustment is attributed to strong sales performance during peak seasons and the early launch of spring and summer products [4][5]. - The company is positioned as a leader in the down jacket business, with ongoing expansion into diverse product categories, which is expected to drive growth. The company also offers a high dividend yield of approximately 5% [4]. - For FY2025, several product lines are anticipated to perform well, including sun protection clothing and outdoor products, with expectations of doubling revenue for sun protection clothing to around 1 billion RMB [4][5]. Financial Summary - The company forecasts revenue for FY2024 to reach 30 billion RMB, with a target of over 45 billion RMB for lightweight down products in FY2025. The projected net profits for FY2024, FY2025, and FY2026 are 28.7 billion, 33.9 billion, and 39.7 billion RMB respectively [4][6]. - The company's financial performance shows a consistent growth trajectory, with a CAGR of no less than 14% over the next three years, supported by strong sales in winter down jackets and the introduction of new product lines [5][6].