金吾财讯 | 东方证券发研指，波司登(03998)FY25H1实现营业收入88.04亿，同比增长17.8%。盈利能力方面，公司实现经营溢利14.7亿，同比增长19.6%（若剔除女装业务，公司的经营溢利同比增长28.3%），实现归母净利润11.3亿，同比增长23%。中期拟每股派发股息6港仙，同比增长20%。该行指，公司坚持品牌引领发展，FY25H1继续兑现亮眼业绩，实现了超越行业的表现。值得一提的是，公司将防晒衣作为品类突破重点，上市即引起广泛关注，并得到消费者市场的正向反馈，同时轻薄羽、冲锋衣等品类的表现也较好。6月，集团与哈尔滨市政府等相关方分别签订合作协议，共同打造“尔滨”系列品牌IP，并发布“波司登&尔滨”联名系列时尚秀，期待公司进入销售旺季后的表现。该行看好公司“聚焦羽绒服主航道、聚焦时尚功能科技服饰主赛道”战略下的中长期发展空间。根据FY25H1财报，该行调整FY25-26的盈利预测并引入FY27的盈利预测，预测FY25-27年每股收益分别为0.32、0.37和0.43元（原FY25-26为0.33和0.38元），参考可比公司，给予FY25年15倍PE估值，对应目标价5.16港币（1人民币=1.07港币），维持“买入”评级。
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