波司登: 關注股息屬性,高分紅垂直賽道穩成長

（以下内容从天风国际证券《波司登: 關注股息屬性,高分紅垂直賽道穩成長》研报附件原文摘录）
　　Bosideng International (3998 HK) 关注股息属性，高分红垂直赛道稳成长 Attractive dividend adds cachet as FY24 financials deliver historical highs BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 波司登发布FY24年报 FY24(2023/4/1-2024/3/31)公司营收232.1亿元，同增38.4%；归母净利30.7亿元，同增43.7%。营收及利润大幅上升创历史新高，营收首次突破人民币200亿大关，利润增速连续9年高於收入增速。 派息稳健且保持高派息比率 末期派息每股20.0港仙，全年派息25.0港仙，同增38.9%。 各业务单元收入均实现稳定高质量增长 主品牌收入167.8亿元，同增42.7%；雪中飞收入20.2亿元，同增65.3%；OEM收入同增16.4%；女装收入同增16.6%；多元化服装收入同增0.3%。 FY24 revenue sets a new record and profit growth trumps the past 9 years Key metrics: Bosideng released financial results for FY24 (fiscal year ended March 2024) with revenue crossing the RMB20bn mark for the first time to reach RMB23.21bn, up 38.4%, while net profit growth outperformed the previous 9 fiscal years at RMB3.07bn, up 43.7%. Record revenue and profit levels once again affirm the brand’s global leadership as a down jacket producer. Stable high DPR: the company set a final dividend of HKD0.20 per share, which brought its full-year dividend to HKD0.25 per share, an increase of 38.9% yoy. Quality revenue growth: all business units generated stable and high-quality revenue growth in FY24: ·Bosideng, the main brand, generated RMB16.78bn, up 42.7% yoy; ·Snow Flying posted RMB2.02bn, a growth spike of 65.3% yoy; ·OEM revenue increased 16.4% yoy; ·Women’s apparel revenue grew 16.6% yoy; and ·Diversified apparel revenue rose 0.3% yoy. 波司登主品牌发力产品创新、品牌建设、渠道建设 产品创新方面，主品牌坚持品类创新、拓展增量业务，强化功能性服饰定位，持续赢得消费者心智；品牌建设方面，持续夯实“全球领先的羽绒服专家”品牌形象:通过品牌战役打造，实现品牌引领感知和品销最大化目标。 如米兰达芬奇莊园大秀重新定义轻薄羽、阿勒泰雪山实景大秀与抖音平台共建“中国好羽绒”IP，打造波司登品牌首个雪山快闪店及雪山实景大秀。 渠道建设方面：通过打造Top店体系、坐实单店运营，将有限的优质的资源聚焦在明确的目标市场。如北京王府井银泰in88店：23 年全球首家登峯主题概念店，打造大户外场景，联动 KOL等资源，助力品牌及门店流量推广，优质拓客近7万人。 Bosideng brand: product innovations, brand consolidation and channel buildout Product innovations: the Bosideng core brand focuses on product category innovations to expand incremental business and consolidate its functional apparel advantage to expand consumer mindshare. Raising brand profile: the company reinforced its positioning as the world’s leading down jacket expert through brand marketing campaigns that raised awareness of its global brand leadership and maximized product sales. One was the La Vigna di Leonardo fashion show in Milan in September last year, which debuted Bosideng’s “weightless” down apparel that redefined the classics. Another utilized livestreaming on location at China’s snow capital Altay in collaboration with TikTok, which showcased the launch of the China’s Best Down IP and Bosideng’s first pop-up store at Wild Snow Park. Channel buildout: the company prioritized top-performing stores and enhanced single-store operations to focus limited premium resources on target markets. Its first mountaineering concept store for the global market, which opened last year at the Yintai in88 mall in Beijing’s Wangfujing St, features a large outdoor setting. Ties with influencers and other resources helped promote the brand and drive store footfall to expand its premium customer base to nearly 70,000. 雪中飞持续投入线上，OEM打造快反能力持续布局海外 雪中飞持续发力线上业务，坚持普惠品牌升级持续打造爆品；整合行业头部供方资源、核心平台资源、优质渠道资源，实现品牌业务快速增长。OEM业务实现经营能力和经营质量的进一步稳定提升，同时保存量、拓增量，打造OEM订单的快反能力，持续进行海外产能布局。 Snow Flying: investing into online; OEM quick responses; foreign capacities Online: the Snow Flying brand continued to grow its online business, working on brand upgrades and creating best-selling products. It integrated the industry’s top suppliers, core platform resources and premium channel resources to drive rapid growth. OEM: its OEM business sustained stable growth by improving operational capability as well as quality, maintained current volumes and added incremental volumes to enable quick responses in OEM orders, and also deployed foreign production capacities. 女装精细化管理，多元化业务关注飒美特校服 女装实现稳定且健康的恢复性增长，公司积极强化品牌形象、提升商品运营效率、拓展升级渠道建设精细化管理客户。多元化业务主力关注飒美特校服，坐实品类专家美誉；另外，合资公司博格纳面向高端市场：拓展线上线下渠道，打造全方位消费者互动体验逐步渗透中国高端目标市场。 Refined women’s apparel management; Sameite school uniforms add diversity Women’s: the women’s clothing business was stable and tracked a healthy growth recovery in FY24. It strengthened the brand profile by improving product operational efficiency, expanding and upgrading its channel business, and making customer management refinements. School uniforms: the diversification into school uniforms, a business branded as Sameite, has firmed the company’s reputation as a strong niche player. Bogner JV: for the joint venture with Bogner, which targets the high-end market, the company expanded online and offline channels to enable a full spectrum of interactive consumer experiences that aim to gradually penetrate China’s high-end target market. 投资建议/Investment Ideas 调整盈利预测，维持“买入”评级 未来，公司锚定“聚焦羽绒服主航道、聚焦时尚功能科技服饰主赛道”发展方向，升级“战略布局、研发创新、协同供应、管理体系”四项核心能力，强化“品牌引领、品类经营、渠道运营、客户体验”四项核心举措。参考公司FY24表现，我们上调盈利预测，预计公司FY25-27收入分别爲265、301、341亿人民币（FY25-26前值爲256、294亿人民币）；归母净利分别36、41、46亿人民币（FY25-26前值爲34、40亿人民币）；EPS分别爲0.33、0.37、0.42元人民币/股（FY25-26前值爲0.31、0.36元人民币/股）； PE分别爲13、11、10X。 Valuation and risks Bosideng has set its development road map with down jackets as the main channel, and fashionable and functional tech apparel as the main products. To this end, it refined four core capabilities: a strategic buildout; R&D and innovations; collaborative supply; and the management system. It also firmed four core initiatives: brand leadership; category management; channel operations; and customer experience. In light of FY24 results, we raise our earnings forecasts and now expect FY25/26/27E revenues will arrive at RMB26.5bn/30.1bn/34.1bn (previously RMB25.6bn/29.4bn for FY25/26E); with net profit at RMB3.6bn/4.1bn/4.6bn (previously RMB3.4bn/4bn values for FY25/26E); bringing EPS to RMB0.33/0.37/0.42 (previously RMB0.31/0.36 for FY25/26E) and PE to 13x/11x/10x. We maintain our BUY rating. 风险提示：行业竞争加剧风险，原材料价格波动风险，品牌经营风险等。 Risks include: intensifying competition; raw material price fluctuations; and brand management risks. 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