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波司登(03998.HK):羽絨服龍頭再超預期,國貨崛起正當時,維持“買入”評級
格隆匯 11-29 14:50

機構:東吳證券

評級:買入

投資要點

波司登公佈FY20半年報,公司收入同增28.8%至44.4億;歸母淨利潤同增36.4%至3.43億元。

公司繼續堅持“全球熱銷的羽絨服專家”戰略,羽絨服業務超預期增長。FY20H1,公司羽絨服主業超預期增長42.9%至25.3億,其中波司登主品牌收入同增46.2%至22.8億,大超市場預期。從門店數角度,波司登品牌門店數較財年初增長429家至3872家,表現出品牌明顯的向上趨勢。同時羽絨服主業毛利率繼續上升,同增2.3pct至52.9%。

新財年波司登繼續全方位打造波司登主品牌形象。

品牌營銷方面,(1)波司登作為“唯一登陸米蘭時裝週官方日程的中國品牌”聯手意大利國寶級星空藝術家亮相米蘭時裝,並邀請包括肯達爾詹娜、妮可基德曼在內的國際巨星參加發佈會;(2)19年11月公司與愛馬仕設計師高緹耶在上海隆重推出聯名款羽絨服;(3)波司登品牌在19年10月發佈最高單價11800元的登峯系列,並在2019年5月用登峯系列再次贊助中國登山隊登山珠峯,全面拔高品牌形象。(4)明星聯名方面,包括TomHiddleston、ScarlettJohansson等大牌歐美演員合作實現產品露出,不斷提升品牌曝光度。

門店形象方面,波司登品牌繼續對視覺識別系統設計、門店形象及店鋪陳列進行一系列升級。波司登品牌繼續在全國各大城市開拓新形象旗艦店,提升消費者終端體驗及滿意度。

在最近一次的波司登品牌健康度調查中,波司登品牌市場第一提及率達到60%,首次提示後提及率達到94%,66%的消費者在提及“羽絨服專家”時第一時間聯想到波司登品牌。在新結束的雙十一中,一二線城市購買人數增長50%+,18-34歲消費人數增長51%,高客單商品(1800元以上)銷售額同比提升147%,佔比同比提升56%。,充分顯示公司在波司登品牌打造上的成功

同時,公司羽絨服業務在產品研發、信息管理、供應鏈快速反應、零售培訓等方面繼續保持提升,保持羽絨服業務從產品到運營的領先。

貼牌加工業務保持健康的增長勢頭,女裝業務略有下滑。公司OEM業務收入同增21.9%至13.5億,公司來自前五大客户的收入佔整體OEM業務收入的87.8%。同時在中美貿易戰等大環境不確定的因素下,公司也在積極拓展東南亞工廠合作佈局,為未來貼牌加工業務的穩定發展奠定基礎。與此同時,受到國內人工及成本上升以及部分訂單分流至東南亞的影響,公司貼牌加工業務毛利率下滑3.4pct至14.3%。

同時受到市場競爭加劇的影響,公司女裝業務同比下滑6.1%至5.06億。

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