BOSIDENG(03998) 中泰证券·2025-03-16 02:53Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9]. Core Views - The company is expected to achieve a revenue growth rate of 10%+ in the second half of FY2025, despite challenges in the overall consumption environment [5]. - The company has shown resilience in its operations, with a focus on product innovation and brand upgrades, which are anticipated to drive sales during the off-season [5]. - The company's strategic transformation has solidified its position as an expert in down jackets, with a continued emphasis on enhancing product quality and expanding product categories [5]. Financial Performance Summary - Revenue Forecast: - 2023A: 16,774 million - 2024A: 23,214 million (growth rate: 38%) - 2025E: 25,681 million (growth rate: 11%) - 2026E: 28,930 million (growth rate: 13%) - 2027E: 32,426 million (growth rate: 12%) [2]. - Net Profit Forecast: - 2023A: 2,139 million - 2024A: 3,074 million (growth rate: 44%) - 2025E: 3,521 million (growth rate: 15%) - 2026E: 4,041 million (growth rate: 15%) - 2027E: 4,562 million (growth rate: 13%) [2]. - Earnings Per Share (EPS): - 2023A: 0.18 - 2024A: 0.27 - 2025E: 0.30 - 2026E: 0.35 - 2027E: 0.39 [2]. - Valuation Ratios: - P/E: - 2024A: 14.0 - 2025E: 12.3 - 2026E: 10.7 - 2027E: 9.5 - P/B: - 2024A: 3.1 - 2025E: 2.5 - 2026E: 2.0 - 2027E: 1.7 [2][8]. Market Position and Strategy - The company is actively integrating new digital technologies with traditional business models to enhance operational efficiency and decision-making accuracy [5]. - The introduction of AI-designed products has significantly reduced the development time for new designs, showcasing the company's commitment to innovation [5]. - The company is focusing on sustainable development across its entire supply chain, achieving a leading ESG rating [5].