波司登 (3998 HK) 品牌二次創業,國內龍頭走向國際 July 17, 2020 517

PSR Recommendation: BUY Status: Initiation
Target Price: HKDHKD2.89

投資概要

國內羽絨業龍頭,超過 40 年歷史 波司登是國內領先的羽絨服集團,巿佔率連續 25 年位居全國羽絨服行業第一。集團通 過定位多元的品牌策略,得以滿足不同客戶群體的需求及鞏固其在中國市場的領導地 位。集團積極實施品牌發展戰略,在 2018 年提出以” 聚焦主航道、聚焦主品牌、收 縮多元化” 作為發展基礎,剝離以住的多元化業務發展方針。

公司業務專注主品牌,同時拓展女裝巿場 公司現時主要經營四大業務,包括品牌羽絨服、貼牌加工業務、女裝業務和其他多元 化業務,例如男裝、童裝和校服等。旗下擁有波司登、雪中飛和冰結三大羽絨品牌。 並先後收購杰西、邦寶、柯利亞諾及柯羅芭等女裝品牌,拓展四季化銷售以改善公司 銷售業務的明顯季節性差異。

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