瑞银研究报告指，波司登(03998.HK) 截至今年3月底止全年度业绩符合预期，当中收入按年升11.6%，毛利率跌2.3个百分点至63.8%，主要因较低利润的代工业务增长、业务结构转移至利润较低的防晒服饰、原材料成本波动以及批发业务增长较高。不过，严格控制开支及营运效率改善，令营业利润率升0.3个百分点至19.2%，净利润升14.3%，增速高于收入。库存天数增加3天至118天，但仍维持健康水平；派息率为84%。该行将波司登目标价由5.92元微降至5.87元，基于2026至2028年净利润预测下降4%；予“买入”评级。
报告提到，波司登管理层指引2026财年收入增长10%，而净利润增长幅度会更高。业务方面，管理层指核心羽绒产品会强调技术创新及时尚前卫设计，防晒服饰不会追求快速增长，更着重质多于量。大型营销活动将于9月重启，并会与设计师合作以提升产品价值。另外，集团会继续关闭低效益门店，并于高端地区扩张。(ss/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-06-27 16:25。)
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