波司登：品牌羽绒服板块引领增长，线下渠道精细化运营

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]