智通财经APP获悉，开源证券发布研究报告称，维持波司登(03998)“买入”评级，维持对其盈利预测，预计FY2025-2027归母净利润25.5/29.5/33.9亿元。公司FY2025H1收入88.04亿元(+17.83%)，归母净利润11.3亿元(+23%)，持续50%+的高分红比例。羽绒服龙头地位稳固，预计产品迭代、品类创新、渠道优化持续驱动增长。
报告中称，公司FY2025H1收入60.6亿元(+22.7%)，波司登/雪中飞分别实现52.8/3.9亿元，同比+19.4%/+47.1%，主品牌增长系防晒服、冲锋衣新品类畅销，渠道分层及精细化运营，线上平台同步发力;雪中飞增长系加强中低价位竞争力。
分渠道：FY2025H1线下羽绒服门店3188家，其中雪中飞门店净+95家315家，此外陆续开设近700家旺季店。FY2025H1线上收入收入增长24.1%至13.5亿元，占羽绒服收入22%，核心品类线上线下同节奏推进，通过品类发力、品牌战役、内容创新等实现线上高增长。
分模式：FY2025H1直营/加盟/其他收入22.6/34.3/3.7亿元，同比+36.7%/+12.6%/+54.6%，加盟增速慢于直营主系策略性控制加盟发货，全渠道同店同比增长30%+，体现单店经营提质增效。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.