金吾财讯 | 国金证券研报指，波司登(03998)近年规模增长跑赢行业，认为主要有几大因素：1）品牌升级；2）精准选品；3）高质量供应链。展望未来，波司登市占率有望持续提升，同时拓展新品类增量。 1）市占率有望持续提升。2）行业空间仍大，公司积极拓展新品类。波司登主品牌持续提升渠道质量，未来品牌增量更多来源于线上与店效的提升。该机构预计公司FY2026-FY2028年净利润分别为39.20/43.22/47.39亿元，对应PE分别为12/11/10倍。公司近三年分红率保持在60%以上，当前股价对应FY26股息率超6.5%，具备较高吸引力。该机构给予FY2026年15倍估值，目标价5.58港元，首次覆盖，给予“买入”评级。
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