BOSIDENG(03998) 东方证券·2025-03-17 13:53Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company is expected to achieve steady growth in the context of a warm winter, with a focus on brand strength and market expansion [3][4] - The earnings per share (EPS) forecasts for FY25-27 have been slightly adjusted to 0.30, 0.35, and 0.40 RMB respectively, reflecting changes in revenue and expense rates [4][5] - The target price is set at 5.26 HKD, based on a 14x PE valuation for FY26 [4][5] Financial Performance Summary - Revenue for FY23A was 16,774 million RMB, with a projected growth of 10.0% for FY25E, reaching 25,545 million RMB [4][8] - Operating profit for FY23A was 2,826 million RMB, with an expected increase of 8.3% for FY25E, totaling 4,762 million RMB [4][8] - Net profit attributable to the parent company for FY23A was 2,139 million RMB, with a forecasted growth of 14.3% for FY25E, amounting to 3,515 million RMB [4][8] - The company has a gross margin of 59.0% and a net margin of 13.8% for FY25E [4][8] Market Strategy and Initiatives - The company is deepening its collaboration with Harbin to enhance its market presence in Northeast China [4][5] - A new concept store was opened in Beijing to elevate brand visibility and consumer engagement [4][5] - The company is leveraging digital innovations, including AI in product design, to improve operational efficiency [4][5] - The management has shown confidence through active share buybacks, totaling 5,621 million shares since January 15, 2025, amounting to 209 million HKD [4][5]