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[Brokerage Focus] China Securities Co., Ltd. maintains a 'buy' rating for Bosideng (03998) and indicates focusing on down jacket performance and weather factors during the peak season of the second half of the financial year.
Jinwu Financial News | China Securities Co., Ltd. issued a research report indicating that in FY25H1 (natural year April-September 2024), Bosideng (03998) revenue and net income attributable to shareholders increased by 17.8% and 23.0% year-on-year, respectively. The expansion of new product categories and optimization of channels led to a high growth in directly operated down jacket business, which grew by 22.7% in FY25H1. The main brand Bosideng further strengthened its focus on functional outdoor trinkets, with significant growth in sun protection clothing. The company’s inventory turnover days are 189 days, an increase of 29 days year-on-year, mainly due to the company’s advance purchase of down to deal with price increases and control the shipment to dealers to maintain channel health. Looking ahead to FY2
Open Source Securities: Maintain the "buy" rating for bosideng. The Snow Flying brand continues to grow rapidly.
Koyuan Securities released a research report stating that it maintains a "buy" rating on bosideng (03998) and holds its profit forecasts, expecting the net income attributable to the parent company for FY2025-2027 to be 2.55/2.95/3.39 billion yuan. The company's FY2025H1 revenue was 8.804 billion yuan (+17.83%), with a net income of 1.13 billion yuan (+23%), continuing a high dividend payout ratio of over 50%. The leading position in down jackets is stable, and product iteration, category innovation, and channel optimization are expected to continue driving growth. The report mentions that the company’s FY2025H1 revenue was 6.06 billion yuan (+22.7%).
Open Source Securities: Maintains a "buy" rating on bosideng (03998), with the Xuezhongfei brand continuing to experience high growth.
Kiswahili Securities expects bosideng's net income for FY2025-2027 to be 2.55/2.95/3.39 billion yuan.
Positive Growth Outlook for Bosideng International Holdings Amid Strategic Initiatives and Robust Financial Performance
Bosideng (3998.HK) reported impressive financial results, focusing on its core business and multiple growth points to outline a high-quality growth outlook.
On November 28, Bosideng (3998.HK) released its interim report for the fiscal year 24/25. The keyword "high quality" continues to run through the report, conveying development confidence. The report shows that as of September 30, 2024, Bosideng achieved revenue of 8.804 billion yuan, an increase of 17.8% year-on-year; net income was 1.13 billion yuan, up 23% year-on-year, both hitting historical highs again, and the profit growth rate outpaced the revenue growth rate, reflecting stronger profitability. Bosideng plans to distribute an interim dividend of 6.0 Hong Kong cents per share, maintaining a payout ratio of 54%, continuing to provide active and stable returns to shareholders.
Earnings Update: Bosideng International Holdings Limited (HKG:3998) Just Reported Its Half-Yearly Results And Analysts Are Updating Their Forecasts
Bosideng International Holdings (HKG:3998) Knows How To Allocate Capital Effectively
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