Jinwu Financial News | According to the CITIC Construction Investment Research Report, Bosideng (03998) revenue and net profit to mother were +17.8% and +23.0%, respectively. Among them, the high increase in direct management under new category expansion+optimization channels led the FY25H1 down jacket business to grow 22.7%, and the main brand Bosideng further strengthened the functional outdoor clothing category. Among them, sunscreen clothing grew strongly. FY25H1 The company's inventory turnover period was 189 days/+29 days year over year, mainly due to the company's early increase in down procurement to deal with price increases and control distribution to dealers to maintain healthy channels. Looking ahead to FY25H2, after entering the peak winter season, pay attention to factors such as down jacket performance and weather.

The bank expects the company's FY25-FY27 revenue to be 26.56, 30.17, and 34.07 billion yuan, respectively, up 14.4%, 13.6%, and 12.9% year-on-year; net profit to mother was 3.56, 4.05, and 4.58 billion yuan, respectively, up 15.7%, 13.8%, and 13.1%, respectively; the corresponding PE was 11.5x, 10.1x, and 8.9x, maintaining a “buy” rating.