Jingu Finance News | China Securities Co.,Ltd. issued research reports, stating that in FY25H1 (April-September 24, 25), Bosideng (03998) achieved a year-on-year increase of +17.8% and +23.0% in revenue and net income attributable to mother respectively. The growth of 22.7% in the down feather clothing business in FY25H1 was driven by the expanded new product categories and optimized channels, with direct-operated stores. The main brand Bosideng further enhanced the functional outdoor trinket category, with strong growth in sun protection clothing. The company's inventory turnover days were 189 days, an increase of +29 days year-on-year, mainly due to the company's early increase in down purchases in response to price increases, controlling shipments to dealers, and maintaining a healthy distribution channel. Looking ahead to FY25H2, after entering the peak winter season, attention will be paid to the performance of down clothing and factors such as weather.
The bank predicts that the company's revenue for FY25-FY27 will be 26.56 billion yuan, 30.17 billion yuan, and 34.07 billion yuan respectively, with year-on-year growth of 14.4%, 13.6%, and 12.9%; the net income attributable to mother will be 3.56 billion yuan, 4.05 billion yuan, and 4.58 billion yuan respectively, with year-on-year increases of 15.7%, 13.8%, and 13.1%; the corresponding PEs are 11.5x, 10.1x, 8.9x, maintaining a "buy" rating.
