BOSIDENG(03998) 开源证券·2024-12-03 05:53Investment 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]