Cinda Securities released a research report saying that maintaining the “buy” rating of Bosideng (03998), the bank estimates that the company's revenue is expected to grow well due to factors such as sales in the sunscreen category and strong sales in the 2023 winter season. The net profit forecast for the 2024-26 fiscal year was raised to 28.82/33.68/3,944 billion yuan (the original value was 26.81/31.41/36.44 billion yuan). The current stock price corresponds to 14.8 times PE in FY24. The relative performance growth rate is low. It is optimistic about the company's long-term growth. The leading product advantage in the down jacket industry is obvious There is plenty of room for growth in new categories.
The report mentioned that under the catalyst of frequent cold air, winter clothing such as down jackets and jackets sold well in 2023. The company's main brand, Bosideng, mainly promoted star items such as lightweight down jackets, detachable jacket down jackets, ski series, etc., leading product functionality, and actively expanding emerging channels such as pop-up stores. The bank is expected to maintain rapid revenue growth. In addition, the company's sunscreen products have good functionality such as sun protection, coolness, and breathability. Yang Zi was invited as the brand ambassador to continuously enhance its influence in the industry. It is expected that 2024 will further increase store sales and drive revenue growth in non-down products.