波司登(03998.HK)：FY21業績超預期 優化供應鏈 擁抱數字化
格隆匯 06-25 00:00
事件：集團公佈 2020/2021 財年年度業績（2020 年 4 月 1 日-2021 年 3 月31 日），實現營收 135.17 億元（+10.9%），實現經營利潤 22.25 億元（+39.15%），實現歸母淨利潤17.10 億元（+42.1%），業績維持快速增長。聚焦主航道，羽絨服業務保持快速增長，貼牌加工業務毛利率穩健提升1）品牌羽絨服業務板塊繼續貫徹「全球熱銷的羽絨服專家」競爭戰略，堅持品牌引領， 聚焦羽絨服主航道。FY2021 集團羽絨服業務實現營收108.9 億元（+14.5%）。其中，主品牌波司登實現營收 100 億元（+18.9%），中端品牌雪中飛實現營收 5.52 億元（+10.7%），高性價比品牌冰潔實現營收 1.47 億元（-28.6%）。2）貼牌加工管理業務：把握疫情機會，毛利持續提升。FY2021 集團在貼牌加工管理業務實現營業收入 15.36 億元（-4.7%），佔集團總營收比例達11.4%，貼牌管理業務收入來自前五大客户收入約佔該業務收入86.5%，收入較去年同期小幅減少。3）女裝業務：受疫情和終端消費疲軟影響，營收有所減少。FY2021 集團女裝業務實現營收 9.47 億元（-3.7%），業務營收同比有所下滑，主要是受到疫情衝擊的影響，終端需求相對疲軟。4）多元化服裝業務：總體多元化服裝業務有所增長，校服業務表現亮眼。FY2021，集團多元化服裝業務收入約1.45 億元，較去年同期增加72.7%。校服業務在本年度錄得較大的增長，因此總體多元化服裝業務比重佔總收入比重比上一財年略有增長至1.1%。終端盈利能力超歷史最高水平，各項費用率持穩FY21 集團毛利率58.6%（+3.6pct），淨利率12.6%（+2.7pct），毛利水平逐年持續穩步提升，超越歷史最高水平。集團的分銷開支達48.07 億元，佔收入比35.6% （ +0.5pct ）； 行政開支達10.26 億元， 佔收入比7.6%（+0.6pct）。庫存週轉天數優於同業平均水平，應收賬款管理能力提升FY21 集團存貨規模同比減少2.9%至26.46 億元，庫存週轉天數保持相對穩定，優於同業平均水平。應收賬款規模同比減少26.8%至8.76 億元，應收賬款週轉天數較FY20 減少5 天，主要系本財年加大回款催收力度的同時，也採取了優化信用政策及鼓勵客户積極付款的政策等措施。上調盈利預測，維持“買入”評級。隨着公司加大品牌建設、技術創新和產品研發力度，深入數字化新零售運營，完善全渠道零售網絡，我們上調盈利預測，預計公司FY2022~2023 歸母淨利潤分別為21.37、27.14 億元（此前原值為21.1、26.3 億元），對應EPS 分別為0.2、0.25 元（人民幣），對應P/E 分別為20.18、15.89X。風險提示：疫情反覆造成終端消費疲軟；存貨風險；品牌轉型不達預期等。
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