金吾财讯 | 中信建投发研报指，FY25H1（自然年24年4-9月）波司登(03998)营收、归母净利润分别同比+17.8%、+23.0%，其中新品类拓展+优化渠道下直营高增带动FY25H1羽绒服业务增长22.7%，主品牌波司登进一步加码功能性户外服饰品类，其中防晒服增长强劲。公司存货周转天数189天/同比+29天，主要系公司提前加大羽绒采购应对涨价、控制对经销商发货保持渠道健康等所致。展望FY25H2，进入冬季旺季之后，关注羽绒服表现及天气等因素。 该行预计公司FY25-FY27营收分别为265.6、301.7、340.7亿元，分别同比增长14.4%、13.6%、12.9%；归母净利润分别为35.6、40.5、45.8亿元，分别同增15.7%、13.8%、13.1%；对应PE为11.5x、10.1x、8.9x，维持“买入”评级。
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