波司登(3998.HK)：發行可轉債優化資金結構，蓄勢助力騰飛，維持“買入”評級
機構：東吳證券
評級：買入
投資要點
波司登公告發行可轉債，可轉債總金額 2.75 億美金（轉股價 4.91 港幣/ 股，比現價高 27.5%，照此計算可轉股 4.385 億股，佔現有股本 4.05%、 攤薄後 3.89%） 。
本次可轉債發佈主要用於置換此前海外計息負債，有利於公司節約財務 成本增厚利潤。公司此次發行可轉債主要用途為償還此前短期借款同時 補充公司流動運營資金。公司 FY18 計息負債 16.3 億（均為外幣借款）， 我們估計該部分綜合成本大約為 4%+。公司此次可轉債票面利率僅為 1% 疊加期權費用後將從整體上增厚公司全年業績。
此次可轉債發行有望優化負債結構，釋放國內資金流動性。公司現有海 外負債大多為一年期借款，在發行五年期可轉債之後負債結構得到優 化。同時此前海外借款 大多為內保外貸形式展開，國內流動資金使用 受限，此次發行可轉債有望提升國內資金的使用效率。
公司季節性產品特性導致其上半年資金需求量較大，資金儲備提升蓄力 未來業務快速發展。公司由於產品季節性特徵較強導致每年上半年資金 需求量較大在目前對未來業務發展增速預期較高、觀察是否存在產業整 合機會、同時維持較高的股東現金回報的綜合考量下公司希望保持賬上 充足的現金儲備（詳情見下表）。
盈利預測及投資建議：公司進入銷售季節後營銷節奏有條不紊，9 月米 蘭時裝週設計師系列發佈會邀請名模Kendal Jenner走秀、Nicole Kidman 觀秀，同時聘請“帶貨女王”楊冪成為設計師系列代言人、10 月登峯造極 高端系列發佈會反響強烈、 11 月與愛馬仕設計師高緹耶在上海隆重推出 聯名款羽絨服、並連續與包括 Tom Hiddleston、Scarlett Johansson 等大 牌歐美演員合作實現產品露出，營銷資源較去年同期更上層樓。本次雙 十一銷售結構也體現出產品及品牌升級帶來的銷售高端化以及客羣年 輕化和成果。此次發行可轉債後公司負債結構進一步改善，現金儲備增 加有利於未來業務發展。我們維持 FY20/FY21/FY22 淨利潤 13.4 億/17.4 億/21.3 億的業績預期，同比增長 36.9%/29.6%/22.3%，對應 PE 27.9X/21.5X/17.6X，維持“買入”評級。
風險提示：經濟環境、天氣變化使終端零售需求不及預期。
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