Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 5.16 HKD based on a 15x PE valuation for FY25 [3][7]. Core Insights - The company reported strong performance in FY25H1, achieving revenue of 8.804 billion HKD, a year-on-year increase of 17.8%. Operating profit reached 1.47 billion HKD, up 19.6%, and net profit attributable to shareholders was 1.13 billion HKD, reflecting a 23% growth. A mid-term dividend of 0.06 HKD per share was proposed, marking a 20% increase [2][3]. - The brand's down jackets are identified as the core growth driver, with FY25H1 revenue from this category increasing by 22.7%. Notably, the main brand, Bosideng, despite closing 124 stores, still achieved rapid sales growth, indicating effective channel optimization and focus on top stores [2]. - The women's wear segment faced challenges, with a 21.5% decline in revenue due to a persistently weak market environment, leading to an operating loss of 50.42 million HKD. The company is reassessing its strategic focus on this non-core business [2][3]. - The company's OEM business saw a 13.4% revenue growth in FY25H1, maintaining a gross margin above 20% [2]. - Inventory turnover increased to 189 days, up 29 days year-on-year, primarily due to proactive inventory management in response to market conditions [2]. - The company continues to focus on brand-led development, with positive market feedback on new product categories such as sun protection clothing and lightweight down jackets. A collaboration with the Harbin government to create a brand IP is also noted [2]. Financial Forecast and Investment Recommendations - The earnings forecast for FY25-27 has been adjusted, with expected earnings per share of 0.32, 0.37, and 0.43 HKD respectively. The previous estimates for FY25 and FY26 were 0.33 and 0.38 HKD [3][7]. - The company is projected to achieve revenue growth of 13.9% in FY25, with operating profit growth of 12.2% and net profit growth of 16.8% [4].

Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The brand's down jacket segment continues to lead strong revenue growth, with a focus on refined offline channel operations [3][4] - The company achieved a revenue of 8.804 billion yuan, a year-on-year increase of 17.8%, and a net profit attributable to shareholders of 1.130 billion yuan, up 23.0% year-on-year [1][4] - The company declared an interim dividend of 0.06 HKD per share [1] Revenue Breakdown - The brand down jacket business generated revenue of 6.063 billion yuan, a year-on-year increase of 22.7%, with the main brand contributing 5.280 billion yuan, up 19.4% [4][5] - The OEM processing business reported revenue of 2.316 billion yuan, a year-on-year increase of 13.4% [4] - The women's clothing segment saw a revenue decline of 21.5% to 308 million yuan, while diversified clothing revenue increased by 21.3% to 117 million yuan [4] Channel Management - Self-operated channels generated revenue of 2.262 billion yuan, up 36.7%, while wholesale channels saw revenue of 3.429 billion yuan, up 12.6% [5] - Online channel revenue for the brand down jacket business grew by 24.1% to 1.351 billion yuan, accounting for 22.3% of the segment's total revenue [5] Profitability and Efficiency - The company's gross margin slightly decreased by 0.1 percentage points to 49.9%, with the brand down jacket business gross margin at 61.1% [6][8] - Operating profit margin improved by 0.2 percentage points to 16.7%, and net profit margin increased by 0.5 percentage points to 12.8% [8] - The average inventory turnover days increased by 29 days to 189 days, attributed to early raw material stocking and increased finished goods [8] Future Outlook - The company is expected to leverage its strong supply chain capabilities to capitalize on the peak sales season for down jackets due to nationwide temperature drops [9] - The company continues to innovate product categories and enhance channel management, indicating strong growth potential [9] - EPS estimates for FY2025-2027 are projected at 0.32, 0.37, and 0.42 yuan, with corresponding P/E ratios of 11.6, 10.1, and 8.8 times [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a record high revenue of 8.8 billion RMB for the first half of FY25, representing a year-on-year increase of 17.8%, with net profit growing by 23.0% to 1.13 billion RMB [1] - The core business revenue increased by 22.7%, driven by the brand's down jacket segment, which achieved a revenue of 6.06 billion RMB [4] - The company has a strong brand presence and product development capabilities, leading to significant growth potential in the down apparel and summer product segments [5] Summary by Sections Financial Performance - For FY25 H1, the company achieved a revenue of 8.8 billion RMB, operating profit of 1.47 billion RMB, and net profit of 1.13 billion RMB, all marking historical highs [1] - The net profit margin for FY25 H1 was 12.8%, continuing its upward trend [1] Business Segments - The main brand's revenue increased by 19.4% to 5.28 billion RMB, with a gross margin of 66.3% [4] - The OEM processing business grew by 13.4% to 2.32 billion RMB, while diversified apparel business revenue rose by 21.3% to 117 million RMB [4] Market Performance - The company has implemented a Top Store model and enhanced online-offline collaboration, resulting in a 24.1% increase in online sales revenue for the down jacket segment [5] - The company ranked second in Tmall's women's clothing and men's clothing categories during the 2024 Double Eleven shopping festival [5] Profit Forecast - The company is expected to achieve net profits of 3.53 billion RMB, 4.15 billion RMB, and 4.83 billion RMB for FY25, FY26, and FY27, respectively, with year-on-year growth rates of 14.94%, 17.38%, and 16.35% [5][7]

SDICSI 2024 年 12 月 3 日 波司登 (3998.HK) 品类创新带来新增量，期待销售旺季表现 事件：近日，波司登公布 FY25H1 业绩，收入同比上升 17.8%，归母净利润同比 上升23.0%，好于预期。综合考虑，我们预测2025-2027财年EPS为0.32/0.36/0.41 元，给予公司 2024/25 财年 16 倍 PE，目标价 5.6 港元，维持"买入"评级。 报告摘要 收入快速增长，品类持续创新 截至 2024 年 9 月 30 日止，集团上半财年收入录 得 88.04 亿元，同比上升 17.8%，归母净利润录得 11.3 亿元，同比上升 23%，收 入和利润均取得亮眼增长，且利润保持快于收入的增速。 品牌羽绒服业务：收入同比增长 22.7%至 60.6 亿元，毛利率下滑 0.1pp 至 61.1%。 波司登主品牌录得收入 52.8 亿元，同比增长 19.4%，主要是新品类防晒衣和冲锋 衣羽绒服热销带动，毛利率同比提升 0.9pp 至 65.4%；雪中飞抓住中低端羽绒服 市场的机会，收入同比增长 47.1%至 3.9 亿元，毛利率同比提升 6pp 至 50.1%； 高性价比品 ...

来源: 公司资料, 第一上海 来源: 彭博 波司登（3998.HK） 更新报告 24/25 上半财年维持高质量的业绩增长 2024/2025 上半财年业绩概览：截至 2024 年 9 月 30 日的中期业绩，公司实现营业收入 88 亿元（人民币，下同）、同比增加 17.8%（主要受益于品牌羽绒服和贴牌加工管理业务 的良好增长）。毛利率比去年同期减少 0.1PCT 到 49.9%（主要受产品+品牌结构变化和羽 绒成本上升的影响）。经营利润率同比增长 19.6%到 14.7 亿元（受益于营运效率的提 升），撇除女装业务的经营利润增长 28.3%到 16.1 亿元。归母净利润 11.3 亿元、同比增 加 23%，归母净利率同比提升 0.5PCT 至 12.8%，拟派中期股息每股 6 港仙，派息比率为 57.9%。存货周转天数增加 29 天到 189 天；主要由于 1）集团提前进行原材料备货，2） 略提前生产致制成品增加，3）放缓上半财年给经销商的发货节奏和发货速度，希望在下 半年不确定的市场环境中以小单快反的供应链管理体系应对消费者需求。集团持有净现 金为 64.1 亿，资产负债水平健康。集团继续维持高质量的业绩增 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.90, which corresponds to a PE ratio of approximately 14 times for FY25E [6][17]. Core Insights - The company reported a revenue growth of 17.8% and a net profit growth of 23% for the first half of FY25, with total revenue reaching CNY 8.804 billion and net profit at CNY 1.130 billion [8][9]. - The main brands, Bosideng and Xuezhongfei, contributed nearly 90% of the business growth, while the women's clothing segment experienced a decline due to the consumer environment [4][9]. - The company has successfully expanded its self-operated channel for down jackets, achieving a growth of 36.7% [5][11]. - The inventory turnover days increased by 29 days to 189 days, reflecting the company's strategy to slow down the supply to distributors amid market uncertainties [13]. Summary by Sections Financial Performance - For the first half of FY25, the company achieved a gross profit of CNY 4.391 billion, with a gross margin of 49.9%, slightly down by 0.1 percentage points year-on-year [8][10]. - The net profit margin improved to 12.8%, up by 0.5 percentage points year-on-year [8]. Revenue Breakdown - The down jacket business recorded revenue of CNY 6.063 billion, a year-on-year increase of 22.7%, accounting for 68.9% of total revenue [9][10]. - The OEM processing business generated CNY 2.316 billion, up 13.4%, while the women's clothing segment saw a decline of 21.5% to CNY 308 million [9]. Cost and Margin Analysis - The overall gross margin remained stable, with the main brands' margins improving, but the women's clothing and other brands' margins declining [10]. - Distribution expenses as a percentage of revenue decreased, contributing positively to net profit [10]. Strategic Initiatives - The company has invested in the Canadian luxury down jacket brand Moose Knuckles, enhancing its multi-brand matrix [15]. - New product lines, including sun protection clothing and multi-functional down jackets, have been introduced to capture off-season sales potential [14]. Future Outlook - Revenue projections for FY25E to FY27E are CNY 26.398 billion, CNY 29.856 billion, and CNY 33.477 billion, with expected growth rates of 13.7%, 13.1%, and 12.1% respectively [17]. - The company aims to maintain its growth trajectory through flexible supply chain management and strong marketing capabilities [16].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 8.804 billion HKD for FY2025H1, representing a year-on-year increase of 17.83%, and a net profit of 1.13 billion HKD, up by 23% [5][17] - The company maintains a high dividend payout ratio of over 50% and expects continued growth driven by product innovation, category expansion, and channel optimization [5][48] - The company is a leader in the down jacket market, with strong performance from its main brand Bosideng and the mid-range brand Xuezhongfei [5][20] Summary by Sections 1. FY2025H1 Performance - The company achieved a revenue of 88.04 billion HKD, with the main brand Bosideng generating 52.8 billion HKD (up 19.4%) and Xuezhongfei 3.9 billion HKD (up 47.1%) [5][20] - The online sales increased by 24.1% to 13.5 billion HKD, accounting for 22% of the down jacket revenue [23][24] 2. OEM Business - The OEM business generated 23.16 billion HKD, reflecting a growth of 13.39%, supported by stable core customer orders and new client acquisitions [28] 3. Women's Wear Business - The women's wear segment reported a revenue of 3.08 billion HKD, down 21.5%, primarily due to a sluggish market demand [29][30] 4. Diversified Clothing Business - The diversified clothing segment, particularly school uniforms, saw a revenue increase of 21.3% to 1.17 billion HKD, driven by enhanced regional coverage [32] 5. Profitability and Financial Metrics - The gross margin for FY2025H1 was 49.9%, with a net profit margin of 12.8%, reflecting operational efficiency improvements [36][39] - The company’s total operating expenses accounted for 34.57% of revenue, a slight increase from the previous period [36][38] 6. Inventory and Cash Flow - The inventory level rose to 59.39 billion HKD, with an average turnover period of 189 days, attributed to proactive raw material stocking [44] - The net cash flow from operations was -34.83 billion HKD, mainly due to increased procurement [44][47] 7. Earnings Forecast and Investment Recommendation - The company maintains its profit forecast, expecting net profits of 25.5 billion HKD, 29.5 billion HKD, and 33.9 billion HKD for FY2025-2027, with corresponding P/E ratios of 11.7, 10.1, and 8.9 [48]

证券研究报告·海外公司点评·纺织及服饰(HS) 波司登（03998.HK） FY2025H1 业绩点评：主品牌高质量增长，期 待旺季销售 2024 年 12 月 02 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业总收入（百万元） | 16774 | 23214 | 26428 | 30076 | 34180 | | 同比 (%) | 3.46 | 38.39 | 13.85 | 13.80 | 13.65 | | 归母净利润（百万元） | 2139 | 3074 | 3607 | 4100 | 4661 | | 同比 (%) | 3.70 | 43.74 | 17.35 | 13.66 | 13.68 | | EPS- 最新摊薄（元 / 股） | 0.19 | 0.28 | 0.33 ...

证券研究报告 | 2024年12月01日 波司登（03998.HK） 优于大市 上半财年净利润增长 23%，品牌羽绒服主业表现亮眼 上半财年公司收入增长 18%，品牌羽绒服主业收入增长 23%。公司是国内羽 绒服龙头品牌集团。截至 9/30 的上半财年收入增长 17.8%至 88.0 亿元， 净利润增长 23.0%至 11.3 亿元，品牌羽绒服/贴牌加工/女装/多元化服 装收入分别同比变动+23%/+13%/-22%/+21%至 61/23/3/1 亿元。 集团毛利率基本稳定，同比小幅下降 0.1 百分点至 49.9%，其中品牌羽 绒服/贴牌加工毛利率分别同比变动-0.1/-0.3 百分点至 61.1%/20.1%， 品牌羽绒服业务毛利率小幅下降主要由于销售结构变化，性价比羽绒服 雪中飞同比增速达到 47%占比提升，拉低了整体毛利率，细分品牌看， 波司登/雪中飞均实现毛利率同比增长 0.9/6.0 百分点。得益于公司有 效的费用管控，销售费用率同比下降 1.4 百分点；管理费用率同比增加 0.9 百分点，主要由于授予员工的期权费用摊销增加。经营利润率提升 0.2 百分点至 16.7%，归母净利率同比增加 0. ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved high-quality growth in the first half of the fiscal year 2024/25, with revenue and net profit increasing by 17.8% and 23.0% year-on-year, respectively [1] - The company continues to focus on its main brand and product categories, enhancing its market position and operational efficiency [4] - The company is expected to perform well in the winter sales season, leveraging its leading position in the down jacket market [5] Financial Performance Summary - Revenue for the first half of fiscal year 2024/25 reached 8.8 billion RMB, with a year-on-year growth of 17.8% [1] - Net profit attributable to shareholders was 1.13 billion RMB, reflecting a year-on-year increase of 23.0% [1] - Earnings per share (EPS) for the period was 0.1 RMB, with a proposed interim dividend of 0.06 HKD per share [1] - Gross margin for the first half of the fiscal year was 49.9%, a slight decrease of 0.1 percentage points year-on-year [1] - Operating profit margin improved by 0.2 percentage points to 16.7%, while net profit margin increased by 0.5 percentage points to 12.8% [1] Business Segment Performance - The main business segments include brand down jackets, OEM processing, women's wear, and diversified clothing, with revenue contributions of 68.9%, 26.3%, 3.5%, and 1.3%, respectively [1] - Revenue growth rates for these segments were +22.7%, +13.4%, -21.5%, and +21.3% year-on-year [1] - The brand down jacket segment saw revenue growth driven by the main brand Bosideng, which accounted for 87.1% of the down jacket business [1] Market Strategy and Outlook - The company is enhancing its product innovation and expanding its market presence, particularly in the high-end segment through acquisitions and strategic investments [4] - The focus remains on strengthening brand leadership, category management, channel operations, and customer experience [4] - The company anticipates continued strong sales performance as it enters the winter season, supported by its diversified product offerings [5]