波司登: 戰略投資Moose Knuckles,降溫或促輕薄羽積極銷售

（以下内容从天风国际证券《波司登: 戰略投資Moose Knuckles,降溫或促輕薄羽積極銷售》研报附件原文摘录）
　　Bosideng International (3998 HK) 战略投资Moose Knuckles，降温或促轻薄羽积极销售 Strategic stake in luxury coat brand Moose Knuckles widens market potential in the face of falling temperatures BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 波司登成为慕瑟纳可Moose Knuckles关键投资者 波司登宣布战略投资国际奢侈羽绒服品牌Moose Knuckles，此次投资是波司登集团聚焦羽绒服核心主业、拓展国际业务版图的重要举措。通过本次投资，波司登将成为Moose Knuckles的关键投资者，全球知名私募股权投资机构凯辉基金仍将是Moose Knuckles的控股股东。 Bosideng now a key stakeholder in Canadian luxury jacket brand Moose Knuckles Bigger global footprint: Bosideng announced last week it has taken an over-30% stake in Moose Knuckles, a Montreal-based global brand for luxury down coats. The strategic move aligns with Bosideng’s focus on its core down apparel business, while expanding its international footprint. Bosideng becomes a key investor in Moose Knuckles, while Paris-based private equity firm Cathay Capital remains the controlling shareholder. Moose Knuckles是国际奢侈羽绒服品牌 总部位於加拿大蒙特利尔，品牌融合卓越加拿大工艺、顶级的材料和极致的功能性，同时与年轻时尚的设计风格完美结合，在全球时尚功能外套领域享有盛誉。目前Moose Knuckles正在全球30多个国家逐步扩大其零售版图，已在中国、北美和欧洲开设了36家门店，并通过Harrods、Selfridges、Saks Fifth Avenue和Holt Renfrew等知名零售商进行分销。 Moose Knuckles产品凝聚对优质材料、精细工艺和贴合体型设计的执著追求，完美结合了时尚与功能性。Moose Knuckles将继续拓展产品系列和品类，以满足全球消费者不断变化的期待。与波司登的合作将成为其在亚洲市场增长的推动力，强化品牌多元文化、创新和颠覆性精神。 Canadian craftsmanship: the Canadian brand combines top-notch craftsmanship, quality materials and functionality to produce trendy and youthful outer wear that are well-known in the global market. Moose Knuckles has expanded its retail footprint across more than 30 countries with 36 stores in China, North America and Europe. Its retail distributors include Harrods, Selfridges, Saks Fifth Avenue and Holt Renfrew. Synergies: quality materials, fine craftsmanship and form-hugging design flesh out Moose Knuckles’ trendy and functional apparel. We believe the brand will continue to expand its product categories and range to meet evolving expectations of consumers around the world. Partnering with Bosideng would help drive its growth in the Asian market and reinforcing the brand’s multiculturalism, innovation and disruptive spirit. 公司看好慕瑟纳可(Moose Knuck-es)品牌在中国和全球市场的发展潜力 本次战略投资合作对於波司登集团探索国际市场运营具有积极意义，波司登也将为慕瑟纳可(Moose Knuckles)提供充分的战略和财务支持。这是一次优势互补的战略合作，将为波司登和慕瑟纳可(Moose Knuckles)双方的中长期发展注入新动能。 Strategic move expands China and global market potential for the long term Global operational optimization: on Bosideng’s part, the Chinese down jacket producer views the strength of its strategic investment partnership as an exploration into international market operations as Bosideng provides comprehensive strategic and financial support to Moose Knuckles. It believes the complementary advantages will kickstart a medium-to-long-term growth momentum for both parties. 积极看好轻薄羽动销表现 波司登以“更多样、更时尚、更轻暖”的设计理念，重新定义轻薄羽绒服。通过挑战传统羽绒服款式单一、不时尚的问题，攻克技术难点，让轻薄羽绒服从单纯的功能性服饰转型成具备保暖功能的时装，成为人们秋冬衣橱的新宠。 Thin-and-lightweight positioning: Bosideng redefined the lightweight down jacket with a design concept based on diversity, fashion, lightweight and warmth. It combated traditional jacket perceptions of unfashionable down coats and owning only one item. It breached technical barriers to transform lightweight down jackets into simple and trendy garments that provide warmth as well. We believe the brand is the new favorite choice for both autumn and winter wardrobes. 产品创新创造市场需求 波司登以原创设计传递品牌基因，以科技创新提升产品价值，不断满足人民日益增长的美好生活需要。品类创新拓宽市场空间，防晒服品类实现高速增长，三合一冲锋衣鹅绒服等创新品类火爆出圈，五大经典系列重塑升级，赢得了时代主流消费人群的认可和选择。 伴随冲锋衣及轻薄羽的逐步推出，一方面、弱化气温变化对产品动销影响，从容应对冷暖冬变化；另一方面、多维加强品牌势能、丰富穿著场景，增厚收入业绩来源。 Innovation-fueled demand: Bosideng fleshes out its brand DNA in original designs enabled by technological innovations, which enhance product value. It fulfills rising consumer requirements for product enhancements. Category innovations have extended its market growth potential, where its sun-protection collection has seen rapid growth, while the popularity of its three-in-one as well as goose-down jackets has superseded their market segments. The company’s upgraded revamp of its five classic collections – summit climbing, extreme cold, puff coats, premium outdoors and skiing – continue to win mindshare in the trend-conscious mass consumer market. Weightless down: the introduction of weightless down coats has relieved pressure on product sales from temperature changes, such that cold or warm winters can be taken in stride. The products also expand revenue and profitability potential due to their cross-segment wear scenarios. 投资建议/Investment Ideas 维持盈利预测，维持“买入”评级 我们预计公司FY25-27收入分别为265亿人民币、301亿人民币、341亿人民币；FY25-27归母净利分别36亿人民币、41亿人民币、46亿人民币；FY25-27EPS分别为0.33元人民币/股、0.37元人民币/股、0.42元人民币/股；PE分别为13、11、10X。 Valuation and risks We forecast Bosideng’s revenue at RMB26.5bn/30.1bn/34.1bn and net profit at RMB3.6bn/4.1bn/4.6bn in FY25/26/27E (fiscal year ends March); implying EPS of RMB0.33/0.37/0.42 and PE of 13x/11x/10x. We maintain our BUY rating. 风险提示：消费不及预期，行业竞争加剧风险，核心高管流失等。 Risks include: weaker-than-expected consumption; intensifying competition; and loss of core executives. 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