【券商聚焦】中信建投维持波司登(03998)“买入”评级预计下沉品牌有望逐步向好

金吾财讯

Jul 03, 2025

金吾财讯 | 中信建投研报指，FY25（自然年24年4月-25年3月）波司登(03998)营收、归母净利润分别同比+11.6%、+14.3%，其中FY25羽绒服业务在暖冬挑战下同比+11%，批发模式营收增速（+24.3%）快于直营（+5.3%）。FY25公司直营、经销渠道数量为1236家/净增100家、2234家/净增153家。FY25公司OEM业务高增，高端女装继续承压减值。受原材料价格上涨影响以及业务结构变化公司毛利率有所承压，费用率下降+政府补助助力下，FY25公司经营利润率为19.2%/+0.2pct、净利率为13.6%/+0.3pct。展望后续，FY26主品牌将专注于羽绒品类以及强化品类竞争优势，多品牌矩阵满足不同群体需求、预计下沉品牌有望逐步向好。①主品牌FY26将专注于羽绒品类,继续推进产品创新以及渠道精细化运营，预计FY26业务门店数量将保持平稳、但单店质量有望提升，②OEM业务FY26订单预计将保持10%以上的稳健增长势头；③公司旗下多品牌矩阵布局以满足不同消费群体需求，预计下沉品牌雪中飞、冰洁等将逐步向好；④公司将继续深化精细化运作和降本增效，预计业绩端将保持稳健增长势头。该机构预计公司FY26-FY28营收分别为285.3、312.2、340.8亿元，分别同比+10.2%、+9.4%、+9.2%；归母净利润分别为39.2、43.4、48.0亿元，分别+11.5%、+10.7%、+10.5%；对应 PE为12.0x、10.8x、9.8x，维持“买入”评级。

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