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研報掘金丨浙商證券:維持波司登“買入”評級,再次上調FY24預測,防曬服助力新財年夏季業績突破

浙商證券研報指出,波司登(3998.HK)FY24上半財年所在的23/4/1-23/9/30期間集團收入利潤雙超預期,收入74.7億(同比+20.9%),超預期來自羽絨服業務高增,其中波司登品牌收入44.2億(同比+25.5%),雪中飛品牌收入2.65億(同比+52.2%)。防曬服業務專業度加碼、品類進一步豐富,助力新財年夏季業績突破。3月公司推出新一代專業防曬衣,以突出的專業性能(UPF100+、高於國標66%涼感、透氣效果提升35%+)打造差異化,並推出與Christelle Kocher(香奈兒旗下高級手工坊藝術總監)的聯名產品。另外,公司在11/28晚公佈兩項激勵,大力度激勵,與核心員工共享成長紅利。考慮到中報及旺季強勁表現以及充分的新產品儲備,該行再次上調盈利預測,目前估值仍具備明顯性價比,過去連續兩財年分紅率超過80%,低估值高分紅屬性凸顯,維持“買入”評級。

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