港股通 业绩亮眼,聚焦 Top 店及品类拓展 | 华泰研究 年报点评 | | 投资评级(维持 ): | 买入 | |---------------------------------------|------|---------------------|--------| | 2024 年 7 月 02 日│中国香港 | 服装 | 目标价(港币 ): | 5.38 | FY24 业绩亮眼,加大分红比率 截至 3/31,波司登 FY24 净利润同比+43.7%至 30.74 亿元,主要因营收增 长明显及经营杠杆加速改善。波司登宣派期末股息每股 0.2 港元,全年派息 率达到 81%,股息率超过 5%。考虑到公司新品类占比提升及渠道优化成效 显著,我们预计公司 FY25-27 年 EPS 分别 0.33/0.38/0.42 元。可比公司 2024 年 Wind 一致预期 PE 均值为 14x,公司品牌龙头优势明显,我们给予公司 FY25 15xPE;考虑到过去一年港币/人民币汇率均值为 0.92,对应目标价港 币 5.38 元,维持"买入"评级。 四大业务均实现较好表现,主品牌和雪中飞增长强劲 FY24 公司营收 ...

2024 年 07 月 01 日 公司研究 评级:买入(维持) 研究所: | 证券分析师: | 马川琪 S0350523050001 | |---------------|---------------------------| | | macq@ghzq.com.cn | | 联系人 : | 廖小慧 S0350122080035 | | | liaoxh@ghzq.com.cn | 最近一年走势 | 相对恒生指数表现 | | | 2024/06/28 | |----------------------|----|----|--------------| | 市场数据 | | | 2024/06/28 | | 当前价格(港元) | | | 4.87 | | 52 周价格区间(港元) | | | 2.83-4.89 | | 总市值(百万港元) | | | 53,531.52 | | 流通市值(百万港元) | | | 53,531.52 | | 总股本(万股) | | | 1,099,209.94 | | 流通股本(万股) | | | 1,099,209.94 | | 日均成交额(百万港元) | | | 403. ...

全年收入增速超预期,四季化布局初见成效 | [ 评 Ta 级 ble : _T 买 itle 入 ] (维持) | [ 公 Ta 司 ble 盈 _F 利 in 预 anc 测 e] 及估值 | | | | | | |--------------------------------------------------------|--------------------------------------------------|------------|-------------|-----------------|---------------|---------------| | 市场价格:4.56 港元 | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师:张潇 | 营业收入(百万元) | 16,774 | 23,214 | 26,654 | 30,339 | 34,365 | | 执业证书编号: S0740523030001 | 增长率 yoy% 净利润(百万元) | 3.5% 2,139 | 38.4% 3,074 | 14.8% 3,569 | ...

Bosideng (3998 HK) Beautifully executed the solid strategies | Target Price | | |------------------------------|-----------| | (Previous TP | HK$5.34) | | Up/Downside | 31.1% | | Current Price | HK$4.56 | | China Consumer Discretionary | | | Walter WOO | | | (852) 3761 8776 | | | walterwoo@cmbi.com.hk | | | Stock Data | | | Mkt Cap (HK$ mn) | 49,314.1 | | Avg 3 mths t/o (HK$ mn) | 100.1 | | 52w High/Low (HK$) | 4.83/2.89 | | Total Issued Shares (mn) | 10814.5 | | Source: FactSet | | | Shareholding Structure ...

纺织服饰 2024 年 06 月 28 日 波司登 (03998) ——业绩超预期,分红率维持高位,品类拓展值得期待 报告原因:有业绩公布需要点评 买入(维持) 投资要点: 市场数据: 2024 年 06 月 27 日 | 收盘价(港币) | 4.56 | | |-------------------------------------|-----------|-----| | 恒生中国企业指数 | 6324.05 | | | 52 周最高/最低(港币) | 4.89/2.83 | | | H 股市值(亿港币) | 499.95 | | | 流通 H 股(百万股) 汇率(人民币/港币) | - 1.0956 | | 资料来源:Bloomberg 联系人 刘佩 (8621)23297818× liupei@swsresearch.com 公司发布 FY24 财年业绩,业绩大超预期,营收、利润再创历史新高。公司发布 FY24 财年 (2023 年 4 月至 2024 年 3 月)业绩,其中,收入提升 38.4%至 232.1 亿元(下文财务及 经营数据均来自业绩公告),突破 200 亿大关,归母净利润同比增长 4 ...

港股公司报告 | 公司点评 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------|----------------------------------------------------------------------------------| | 波司登（ 03998 ） | | 证券研究报告 2024 年 06 月 30 日 | | | 投资评级 | | | 关 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [4][7]. Core Insights - The company reported FY24 financial results with revenue of 23.21 billion, a year-on-year increase of 38.4%, and a net profit attributable to shareholders of 3.07 billion, up 43.7%, exceeding market expectations. The full-year dividend payout ratio is 81.1% [1][2]. - The four main business segments showed high-quality growth, with the down jacket segment performing particularly well. Revenue growth by category for FY24 includes brand down jackets at 43.8%, OEM management at 16.4%, women's wear at 16.6%, and diversified apparel at 0.3% [1]. - The company is expected to see new growth points from functional products such as sun protection clothing and outdoor jackets, aligning well with current fashion trends and helping to smooth seasonal fluctuations [1]. Financial Performance Summary - FY24 revenue reached 23,214 million, with a year-on-year growth of 38.4% [3]. - FY24 net profit attributable to shareholders was 3,074 million, reflecting a 43.7% increase year-on-year [3]. - The gross margin for FY24 was 59.6%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin grew by 0.5 percentage points to 13.2% [3]. - The company’s operating cash flow for FY24 was 7,266 million, significantly higher than the previous year's 3,051 million, marking a 141% increase [1][3]. Earnings Forecast and Valuation - Future earnings per share are projected to be 0.28, 0.33, and 0.38 for FY24, FY25, and FY26 respectively, with adjustments made to revenue and expense forecasts [2][7]. - The target price for FY25 is set at 6.03 HKD, based on a 17x PE valuation [2][7].

事件描述 事件点评 ➢ 线下线上均取得靓丽增长,单店经营效率显著提升。品牌羽绒服业务分渠 波司登 恒生指数 | 来源:最闻,山西证券研究所 | | |-----------------------------------|---------------| | 市场数据: 2024 年 6 月 27 | | | 收盘价(港元): | 4.560 | | 年内最高 / 最低(港元): | 4.890/2.830 | | 流通 A 股 / 总股本(亿股): | 109.64/109.64 | | 流通 A 股市值(亿港元): | 499.95 | | 总市值(亿港元): | 499.95 | | 来源:最闻,山西证券研究所 | | | 分析师: | | | 王冯 | | | 执业登记编码: S0760522030003 | | | 邮箱: wangfeng@sxzq.com | | | 孙萌 | | | 执业登记编码: S0760523050001 | | | 邮箱: sunmeng@sxzq.com | | 波司登发布 2023/24 财年年度业绩。报告期内,公司实现营收 232.14 亿元,同 比增长 38.4 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][21]. Core Insights - The company achieved a high-quality revenue and profit growth in the fiscal year 2023/24, with revenue increasing by 38.4% to 23.21 billion yuan and net profit rising by 43.7% to 3.074 billion yuan [1][7]. - The company is recognized as a leading domestic down jacket brand, demonstrating strong operational resilience and growth potential in a challenging external environment [2][21]. - The company has successfully optimized inventory and improved operational efficiency, with a significant reduction in inventory turnover days by 29 days to 115 days [1][13]. Summary by Relevant Sections Financial Performance - For the fiscal year 2023/24, the company reported a revenue of 23.21 billion yuan, a year-on-year increase of 38.4%, and a net profit of 3.074 billion yuan, up 43.7% [1][7]. - The operating profit margin improved by 2.1 percentage points to 18.9%, and the net profit margin increased by 0.5 percentage points to 13.2% [1][13]. - The company maintained a healthy operating cash flow and a high dividend payout ratio of 81.1% [1]. Business Segments - Revenue from branded down jackets reached 19.52 billion yuan, a year-on-year increase of 43.8%, with the core brand Bosideng growing by 42.7% [9][11]. - The OEM management business generated 2.67 billion yuan, up 16.4%, while women's clothing revenue increased by 16.6% to 820 million yuan [9][11]. - The diversified clothing segment saw a slight increase of 0.3% to 200 million yuan, primarily driven by school uniform sales [9]. Innovation and Channel Strategy - The company launched innovative products, including new sun-protective clothing and a three-in-one down jacket, achieving significant sales growth [17][18]. - Online sales grew by 41%, reflecting strong brand momentum, while offline store efficiency improved significantly, with self-operated store revenue increasing by 69% [19][20]. - The company closed 206 underperforming stores, optimizing its retail structure and enhancing overall store performance [19][20]. Future Outlook - The company has raised its profit forecasts for FY2025-2027, expecting net profits of 3.601 billion yuan, 4.088 billion yuan, and 4.561 billion yuan, representing year-on-year growth rates of 17.1%, 13.5%, and 11.6% respectively [2][21]. - The target price has been adjusted to 5.1-5.5 HKD, reflecting the company's growth potential and strong dividend yield [2][21].

公司研究 24 财年业绩超预期,期待继续高质量增长 ——波司登(3998.HK)2024 财年业绩点评 买入(维持) 当前价:4.56 港元 作者 分析师:唐佳睿 CFA FCPA(Aust.) ACCA CAIA FRM 执业证书编号:S0930516050001 021-52523866 tangjiarui@ebscn.com 分析师:孙未未 执业证书编号:S0930517080001 021-52523672 sunww@ebscn.com 分析师:朱洁宇 执业证书编号:S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 | 总股本(亿股 ) | 109.64 | |-----------------------|-----------| | 总市值(亿港元): | 499.95 | | 一年最低/最高(港元 ): | 2.83/4.69 | | 近 3 月换手率: | 20.6% | | | | -40% -30% -20% -10% 0% 10% 20% 30% 23/0423/0623/0823/1023/1224/0224/0424/06 波 ...