Home Business Guotai Junan: Maintain Bosideng (03998) “overweight” rating target price of HK$7.56

Guotai Junan: Maintain Bosideng (03998) “overweight” rating target price of HK$7.56

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  Guotai Junanreleaseresearch reportTo maintainBosideng(03998) “Overweight” rating, the company’s interim report is eye-catching, and the brand upgrade results are further released. Looking forward to the whole yearPerformancePerformance; maintain FY2022-2024 EPS forecast at 0.19/0.25/0.32 yuan, 33 times FY2022PE, target price 7.56 Hong Kong dollars.

  Guotai JunanThe main points are as follows:

  FY2022H1 revenue and profit increased year-on-year,BosidengBrand woolinterest rateSignificantly improved.

The company released the FY2022 interim report, and the revenue during the reporting period was +15.6% year-on-year to 5.49 billion yuan; returned to the parentNet profit+31.4% year-on-year to 640 million yuan; grossinterest rateThe year-on-year improvement was 2.7pct to 50.5%. Among them, branded down apparel business revenue was +16.2% year-on-year to 3.47 billion yuan, accounting for 64.5% of total revenue. It is still the company’s largest source of revenue; gross profit margin improved by 4.7pct year-on-year to 61.1%.BosidengMain brand revenue was +19.1% year-on-year to 3.25 billion yuan; gross profit margin improved significantly by 5.5pct year-on-year to 62.6%.

  The trend of Bosideng brand online private domain traffic is becoming younger, and the structure of offline stores continues to be optimized.

Online, the company is actively expandingJingdong, Douyin and other channels, revenue by a significant year-on-year +31.5% to 710 million yuan, of which the Bosideng brand WeChat official account has more than 6 million fans; the Douyin platform has accumulated more than 2.2 million fans in half a year; Tmall flagship store members have approximately 4.88 million , The group under the age of 30 accounted for 43.2%, and the trend of younger generation is obvious. Offline revenue was +16.0% year-on-year to 4.78 billion yuan. The down apparel business is locked in “2+13” cities, with a total of 4001 stores, including 1,809 directly-operated stores and 2,192 franchised stores. About 31.0% are located in first- and second-tier cities. The structure continues to be optimized.

See also  Bank of China International Securities: China's CDFG EPS is expected to be 5.74/7.48/9.49 yuan in 21-23 to maintain the Buy rating_ 东方 Fortune.com

  Double 11 achieves another good result, looking forward to the performance of the year.

Since FY2022, the Bosideng brand has been positioning itself as a “leading global down jacket expert” and has promoted brand upgrades in an all-round way: the product end has launched high-end new products such as windbreaker down jacket and Dengfeng 2.0 series, and the marketing end officially announced the new spokesperson Xiao Zhan, using top traffic to further Enhance brand awareness. During the Double 11 period, the company’s branded down apparel business omni-channel sales significantly +53% year-on-year to 2.78 billion yuan. It is expected that under the joint promotion of the external cold winter environment and the internal brand upgrade, the company’s annual performance is expected to achieve high growth.

(Source: Zhitong Finance Network)

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