上 市 公 司 证 券 研 究 报 告 公 司 点 评 / 公 司 点 评 | --- | --- | |--------------------------|-------------------------------| | 市场数据： | 2024 年 11 月 29 日 | | 收盘价（港币） | 4.05 | | 恒生中国企业指数 | 6946.68 | | 52 周最高/最低（港币） | 5.14/3.18 | | H 股市值（亿港币） | 449.36 | | 流通 H 股（百万股） | 11,095.27 | | 汇率（人民币 / 港币） | 1.0828 | 纺织服饰 一年内股价与基准指数对比走势： -23% 27% 77% HSCEI 波司登 报告原因：有业绩公布需要点评 资料来源：Bloomberg 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 刘佩 (8621)23297818× liupei@swsresearch.com | --- | --- ...

华福证券 基本数据 日期 2024-11-29 收盘价： 4.05 港元 总股本/流通股本(百万股) 11,095.27/11,095.27 流通市值(百万港元) 44,935.82 每股净资产(港元) 1.33 资产负债率(%) 50.39 一年内最高/最低价(港元) 5.14/3.18 天气异常、内需复苏不及预期、新品拓展不及预期、原材料涨价。 财务数据和估值 2023A 2024A 2025E 2026E 2027E 主营收入（百万元） 16,774 23,214 26,800 30,404 34,687 增长率 3% 38% 15% 13% 14% 归母净利润（百万 元） 2,139 3,074 3,616 4,202 4,776 增长率 4% 44% 18% 16% 14% 司 मे 波司登（03998.HK） FY25H1 业绩点评：中报高质量兑现，期待旺季 销售 事件：公司于 11.28 发布 FY25H1 业绩，上半年实现营收 88.04 亿元，同比 +17.8%，实现权益股东应占溢利 11.30 亿元，同比+23%，每股派息 6.0 港 仙，符合预期。 经营分析： 羽绒服业务引领增长，聚焦高 ...

港股公司报告 | 公司点评 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------|------------------- ...

港股通 证券研究报告 波司登 (3998 HK) 品牌羽绒服增长亮眼，盈利能力稳健 华泰研究 中报点评 2024 年 11 月 29 日│中国香港 服装 公司公布 FY1H25 业绩情况：公司收入同比+17.8%至 88.04 亿元，归母净 利润同比+23.0%至 11.30 亿元。中期业绩的亮眼增长主要得益于核心业务 品牌羽绒服的优异表现，FY1H25 公司品牌羽绒服/OEM/女装/多元化服装业 务营收分别同比+22.7%/+13.4%/-21.5%/+21.8%至 60.63/23.16/3.08/1.17 亿。此外，公司宣派中期股息 6.0 港仙/股。考虑到公司新品类带来新增长 动力、渠道优化及精细化运营成效佳，市场竞争力提升，维持"买入"评级。 品类持续迭代创新，线上线下均实现快速增长 在公司坚持品牌引领、产品创新和渠道优化的策略下，主品牌波司登收入同 比+19.4%至 52.80 亿元。上半财年，主品牌打造了防晒衣、单壳冲锋衣、 冲锋衣鹅绒服系列等爆款产品，实现品类延申，给淡季销售带来突破。此外， 雪中飞/冰洁期内收入分别同比+47.1%/+61.5%至 3.90 和 0.21 亿元。雪中 飞得益于 ...

证券研究报告|港股公司点评报告 [Table_Date] 2024 年 11 月 29 日 [Table_Title] 逆势维持较快增长，店效大幅提升 | --- | --- | --- | --- | |-------------------------------|-------|----------------------------------|-----------| | [Table_DataInfo] 评级： 买入 | | 股票代码： | 3998 | | 上次评级： 买入 | | 52 周最高价/最低价(港元 )： | 4.66/3.24 | | | | 目标价格(港元)： 总市值(亿港元 ) | 467.11 | | 最新收盘价(港元)： | 4.21 | 自由流通市值 (亿港元) | 467.11 | | | | 自由流通股数 (亿) | 11,095.27 | [Table_Summary] 事件概述 公司 FY24/25H1 收入/归母净利为 88.04/11.30 亿元，同比增长 17.8%/23%，在消费低迷背景下实现较快增 长我们分析主要得益于防晒服、轻薄羽等拓品类进展顺利带来店 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [5]. Core Insights - The company reported a revenue increase of 18% year-on-year and a net profit increase of 23% for FY2025H1, exceeding expectations with revenues reaching 8.8 billion and net profits of 1.13 billion [2]. - The gross margin slightly decreased by 0.1 percentage points to 49.9%, while the net profit margin improved by 0.5 percentage points to 12.8% [2]. - The company declared an interim dividend of 0.06 HKD per share [2]. Business Segments Summary 1. **Brand Down Jackets**: - Revenue increased by 22.7% to 6.06 billion, accounting for 68.9% of total revenue, with a gross margin of 61.1% [3]. - The main brand saw a 19% increase in sales to 5.28 billion, with a gross margin of 66.3% [3]. - The "Xuezhongfei" brand experienced a significant growth of 47% in sales to 390 million [3]. 2. **OEM Business**: - Sales grew by 13.4% to 2.32 billion, representing 26.3% of total sales, with a gross margin of 20.1% [3]. - The business is expected to grow by 15% to 20% for the full year [3]. 3. **Women's Wear**: - Sales decreased by 21.5% to 310 million, with a gross margin of 61.8% [3]. 4. **Diversified Clothing Business**: - Sales increased by 21.3% to 120 million, with a gross margin of 27.6% [3]. Inventory and Supply Chain Management - The company has maintained a low initial order ratio, with first orders not exceeding 40%, allowing for flexible replenishment based on sales [3]. - Inventory turnover days increased by 29 days to 189 days, with total inventory rising by 86% to 5.94 billion [3]. Financial Projections - The company expects stable growth in the brand down jacket business of over 10% and a 15% to 20% growth in OEM business for FY2025 [3]. - Revenue is projected to grow by approximately 15% for FY2025, with net profit growth expected to outpace revenue growth [3]. Financial Metrics - For FY2025, the company forecasts a net profit of 3.57 billion, with a corresponding PE ratio of 12 times [4]. - The projected revenue for FY2025 is 26.62 billion, with a year-on-year growth rate of 14.7% [4].

Investment Rating - Buy (Maintained) [4] Core Views - Bosideng's FY25 interim report shows strong performance with revenue of RMB 8.8 billion (YoY +17.8%), operating profit of RMB 1.47 billion (YoY +19.6%), and net profit attributable to shareholders of RMB 1.13 billion (YoY +23.0%), all reaching historical highs for the same period [2] - The down jacket business grew significantly, contributing RMB 6.06 billion (YoY +22.7%), with new functional products like sun-protective clothing and single-shell jackets driving growth during the off-season [2] - The OEM business continued to grow, with revenue of RMB 2.32 billion (YoY +13.4%), while the women's apparel segment faced pressure, with revenue declining by 21.5% to RMB 310 million [2] - Inventory and cash flow fluctuations were observed due to controlled shipment pace, with inventory reaching RMB 5.94 billion (YoY +53.4%) and operating cash flow at -RMB 3.48 billion [2] - The company is expected to achieve revenue of RMB 26.3 billion, RMB 29.7 billion, and RMB 33.5 billion for FY25, FY26, and FY27, respectively, with net profit attributable to shareholders growing at a CAGR of 15% [2] Financial Highlights - Revenue for FY25 is projected to be RMB 26.3 billion (YoY +13%), with net profit attributable to shareholders of RMB 3.54 billion (YoY +15%) [2] - Gross margin for the down jacket business was 61.1% (YoY -0.1pp), with operating profit margin improving to 20.2% (YoY +1.2pp) [2] - The Bosideng brand contributed RMB 5.28 billion (YoY +19.4%) to the down jacket segment, with a gross margin of 66.3% (YoY +0.9pp) [2] - The Snow Flying brand saw revenue growth of 47.1% to RMB 390 million, with a gross margin of 50.1% (YoY +6.0pp) [2] - The company's PE ratio is projected to be 12.2X, 10.6X, and 9.3X for FY25, FY26, and FY27, respectively, indicating attractive valuation [2] Business Segment Analysis - Down jacket business remains the core driver, with strong growth in both the Bosideng and Snow Flying brands [2] - New functional products, such as sun-protective clothing and single-shell jackets, are contributing to off-season growth [2] - The OEM business is expanding with stable core client orders and new high-quality clients [2] - The women's apparel segment is underperforming, with a 21.5% decline in revenue and an operating loss of RMB 50.42 million [2] Valuation and Outlook - The company is expected to maintain a high dividend payout ratio, with a projected payout ratio exceeding 80% for the next three fiscal years [2] - The stock is considered undervalued with a low PE ratio and strong growth prospects, supported by the development of functional outerwear and lightweight down products [2] - The report maintains a "Buy" rating, highlighting the company's low valuation, stable growth, and high dividend attributes [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 波司登國際控股有限公司 Bosideng International Holdings Limited （於開曼群島註冊成立之有限責任公司） （股份代號：3998） 截至2024年9月30日止六個月之中期業績 | --- | --- | --- | |-------|--------------------------------------------------------------|-------| | | | | | 摘要 | | | | ‧ | 收入增加 17.8% 至約人民幣 8,804.1 百萬元。 | | | ‧ | 毛利率小幅下降 0.1 個百分點至 49.9% 。 | | | ‧ | 經營溢利率提升 0.2 個百分點至 16.7% 。 | | | ‧ | 本公司權益股東應佔溢利上升 23.0% 至約人民幣 1,129.7 百萬元。 | | | ‧ | 董事會宣派中期股息每股普通股 ...

证券研究报告 纺织服饰 | 服装家纺 港股|首次覆盖报告 hyzqdatemark 2024 年 11 月 13 日 证券分析师 羽绒服饰头部国牌，聚焦核心主业持续快速发展。公司成立于 1976 年，前期以代工 业务为主；自 1995 年起不断蕴育出波司登、雪中飞、冰洁等羽绒品牌，进入快速增 长阶段；2018 年，公司提出"聚焦主航道，收缩多元化"战略，将发展重心移向主 品牌。公司高管团队均具备丰富经验，带领公司在近年中实现营收及利润稳增长， 并不断在国际舞台展示创新产品，巩固公司品牌形象。 丁一 SAC：S1350524040003 dingyi@huayuanstock.com | --- | --- | |------------------------------------|-----------| | | | | 基本数据 收盘价（港元） | 4.28 | | 一年内最高/最低（港 元） | 5.14/3.05 | | 总市值（百万港元） | 47,487.74 | | 流通市值（百万港元） | 47,487.74 | | 资产负债率（%） 资料来源：聚源数据 | 46.38 | 波司登(0399 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Views - The company has undergone a significant brand transformation and strategic focus on its core down jacket business, leading to substantial revenue and profit growth [10][15]. - The down jacket market in China has shown robust growth, with the company positioned to capture high-end market demand through product innovation and brand enhancement [15][24]. - The company has implemented a unique supply chain model that reduces inventory risk and enhances operational efficiency [43]. Summary by Sections Historical Review: The Rise and Renewal of the Company - The company, primarily engaged in down jacket production, has evolved through three main phases since its listing in 2007: diversification (2007-2013), product and channel adjustments (2014-2017), and a focus on its core business (2018-present) [10][11]. Multi-Dimensional Exploration of Brand Renewal - The company achieved a compound annual growth rate (CAGR) of 15% in revenue and 41% in profit during its first three-year strategic transformation [15]. - The brand has focused on product diversification, channel optimization, and a refined supply chain to enhance operational efficiency [15][43]. Future Growth Drivers for the Brand - The down jacket market in China grew from 69.3 billion yuan in 2014 to 146.1 billion yuan in 2021, with a CAGR of 11.2% [15]. - The company is expanding into outdoor apparel and functional clothing, launching popular products like ski jackets and sun protection clothing [15][24]. Earnings Forecast and Investment Recommendations - The company is projected to achieve a net profit of 3.62 billion yuan by 2025, with price-to-earnings (P/E) ratios of 13, 11, and 10 for FY2025-2027, compared to the average of comparable companies [2][15].