_blank class=infotextkey>原_blank class=infotextkey>get=_blank class=infotextkey>标题:波司登(_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>998.HK):_blank class=infotextkey>get=_blank class=infotextkey>发行可转债优化_blank class=infotextkey>get=_blank class=infotextkey>资_blank class=infotextkey>get=_blank class=infotextkey>金结构,蓄势_blank class=infotextkey>get=_blank class=infotextkey>助力腾飞,_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>村委_blank class=infotextkey>get=_blank class=infotextkey>会_blank class=infotextkey>get=_blank class=infotextkey>楼_blank class=infotextkey>部,维持_blank class=infotextkey>get=_blank class=infotextkey>“买入_blank class=infotextkey>get=_blank class=infotextkey>”评级
_blank class=infotextkey>get=_blank class=infotextkey>发行,可转债总_blank class=infotextkey>get=_blank class=infotextkey>金额 _blank class=infotextkey>get=_blank class=infotextkey>2.75 亿美_blank class=infotextkey>get=_blank class=infotextkey>金(价 4.91 港币/ 股,比现价_blank class=infotextkey>get=_blank class=infotextkey>高 _blank class=infotextkey>get=_blank class=infotextkey>27.5%,照此计算可转股 4._blank class=infotextkey>385 亿股,.fan_blank class=infotextkey>g558.com/shajin_blank class=infotextkey>g/ tar_blank class=infotextkey>get=_blank class=infotextkey>沙井_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>小_blank class=infotextkey>get=_blank class=infotextkey>产权_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>信息网,占现_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>股本 4.05%、 摊薄后 _blank class=infotextkey>3.89%) 。
本次可转债_blank class=infotextkey>get=_blank class=infotextkey>发_blank class=infotextkey>get=_blank class=infotextkey>布_blank class=infotextkey>get=_blank class=infotextkey>主要用于置换此前_blank class=infotextkey>get=_blank class=infotextkey>海外计息_blank class=infotextkey>get=_blank class=infotextkey>负债,_blank class=infotextkey>get=_blank class=infotextkey>有利于_blank class=infotextkey>get="_blank" web="1">_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司节约_blank class=infotextkey>get=_blank class=infotextkey>财务_blank class=infotextkey>get="_blank" web="1">_blank class=infotextkey>get=_blank class=infotextkey>成本增厚_blank class=infotextkey>get="_blank" web="1">利润。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司此次_blank class=infotextkey>get=_blank class=infotextkey>发行可转债_blank class=infotextkey>get=_blank class=infotextkey>主要用途为偿还此前_blank class=infotextkey>get=_blank class=infotextkey>短期_blank class=infotextkey>get="_blank" web="1">借款_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时_blank class=infotextkey>补充_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>流动_blank class=infotextkey>get=_blank class=infotextkey>运营_blank class=infotextkey>get=_blank class=infotextkey>资_blank class=infotextkey>get=_blank class=infotextkey>金。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司 FY18 计息_blank class=infotextkey>get=_blank class=infotextkey>负债 16._blank class=infotextkey>3 亿(_blank class=infotextkey>get=_blank class=infotextkey>均为_blank class=infotextkey>get="_blank" web="1">外币借款), _blank class=infotextkey>get=_blank class=infotextkey>我们估计该_blank class=infotextkey>部分_blank class=infotextkey>get=_blank class=infotextkey>综_blank class=infotextkey>合_blank class=infotextkey>get=_blank class=infotextkey>成本_blank class=infotextkey>get=_blank class=infotextkey>大约为 4%+。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司此次可转债票_blank class=infotextkey>面仅为 1% 叠加期权_blank class=infotextkey>get=_blank class=infotextkey>费用后将从整_blank class=infotextkey>get=_blank class=infotextkey>体_blank class=infotextkey>get=_blank class=infotextkey>上增厚_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>全年。
此次可转_blank class=infotextkey>get=_blank class=infotextkey>债_blank class=infotextkey>get=_blank class=infotextkey>发行_blank class=infotextkey>get=_blank class=infotextkey>有望优化_blank class=infotextkey>get=_blank class=infotextkey>负债结构,_blank class=infotextkey>get=_blank class=infotextkey>释放_blank class=infotextkey>get=_blank class=infotextkey>国内动性。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司现_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>海外_blank class=infotextkey>get=_blank class=infotextkey>负债_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>多为一年期借款,在_blank class=infotextkey>get=_blank class=infotextkey>发行_blank class=infotextkey>get=_blank class=infotextkey>五年期可转债之后_blank class=infotextkey>get=_blank class=infotextkey>负债结构_blank class=infotextkey>get=_blank class=infotextkey>得到优化。_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时此前_blank class=infotextkey>get=_blank class=infotextkey>海外借款_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>多为内_blank class=infotextkey>get=_blank class=infotextkey>保外贷形式展开,_blank class=infotextkey>get=_blank class=infotextkey>国内_blank class=infotextkey>get=_blank class=infotextkey>流动_blank class=infotextkey>get=_blank class=infotextkey>资_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>使用受_blank class=infotextkey>get=_blank class=infotextkey>限,此次_blank class=infotextkey>get=_blank class=infotextkey>发行可转债_blank class=infotextkey>get=_blank class=infotextkey>有望_blank class=infotextkey>get=_blank class=infotextkey>提升_blank class=infotextkey>get=_blank class=infotextkey>国内_blank class=infotextkey>get=_blank class=infotextkey>资_blank class=infotextkey>get=_blank class=infotextkey>金的_blank class=infotextkey>get=_blank class=infotextkey>使用效率。
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>季节性_blank class=infotextkey>get="_blank" web="1">_blank class=infotextkey>get=_blank class=infotextkey>产品特性导致其_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>半年_blank class=infotextkey>get=_blank class=infotextkey>资_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>需求量较_blank class=infotextkey>get=_blank class=infotextkey>大,_blank class=infotextkey>get=_blank class=infotextkey>资_blank class=infotextkey>get=_blank class=infotextkey>金储备_blank class=infotextkey>get=_blank class=infotextkey>提升蓄力_blank class=infotextkey>get=_blank class=infotextkey>未来_blank class=infotextkey>get=_blank class=infotextkey>业务快速_blank class=infotextkey>get=_blank class=infotextkey>发展。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>由于_blank class=infotextkey>get="_blank" web="1">_blank class=infotextkey>get=_blank class=infotextkey>产品季节性_blank class=infotextkey>特征较强导致_blank class=infotextkey>get=_blank class=infotextkey>每年_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>半年_blank class=infotextkey>get=_blank class=infotextkey>资_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>需求量较_blank class=infotextkey>get=_blank class=infotextkey>大在_blank class=infotextkey>get=_blank class=infotextkey>目前对_blank class=infotextkey>get=_blank class=infotextkey>未来_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>发展_blank class=infotextkey>get=_blank class=infotextkey>增速预期较_blank class=infotextkey>get=_blank class=infotextkey>高、观察是否_blank class=infotextkey>get=_blank class=infotextkey>存在_blank class=infotextkey>get="_blank" web="1">_blank class=infotextkey>get=_blank class=infotextkey>产业整_blank class=infotextkey>合_blank class=infotextkey>get=_blank class=infotextkey>机_blank class=infotextkey>get=_blank class=infotextkey>会、_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时维持较_blank class=infotextkey>get=_blank class=infotextkey>高的_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>回_blank class=infotextkey>get=_blank class=infotextkey>报的_blank class=infotextkey>get=_blank class=infotextkey>综_blank class=infotextkey>合考量_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司希望_blank class=infotextkey>get=_blank class=infotextkey>保持账_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>充足的_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>金储备(详情见_blank class=infotextkey>get=_blank class=infotextkey>下表)。
及_blank class=infotextkey>get="_blank" web="1">_blank class=infotextkey>get=_blank class=infotextkey>投资建议:_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>进入_blank class=infotextkey>get=_blank class=infotextkey>销售_blank class=infotextkey>get=_blank class=infotextkey>季节后_blank class=infotextkey>get=_blank class=infotextkey>营销节奏_blank class=infotextkey>get=_blank class=infotextkey>有条_blank class=infotextkey>不紊,9 月米兰_blank class=infotextkey>时_blank class=infotextkey>get=_blank class=infotextkey>装周_blank class=infotextkey>get=_blank class=infotextkey>设计师_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>系列_blank class=infotextkey>get=_blank class=infotextkey>发_blank class=infotextkey>get=_blank class=infotextkey>布_blank class=infotextkey>get=_blank class=infotextkey>会邀请名模Kendal Jenner_blank class=infotextkey>get=_blank class=infotextkey>走秀、Nicole Kidman 观秀,_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时聘请_blank class=infotextkey>get=_blank class=infotextkey>“带货女_blank class=infotextkey>get=_blank class=infotextkey>王_blank class=infotextkey>get=_blank class=infotextkey>”杨幂_blank class=infotextkey>get=_blank class=infotextkey>成为_blank class=infotextkey>get=_blank class=infotextkey>设计师_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>系列_blank class=infotextkey>get=_blank class=infotextkey>代言_blank class=infotextkey>get=_blank class=infotextkey>人、_blank class=infotextkey>get=_blank class=infotextkey>10 月登峰造极_blank class=infotextkey>get=_blank class=infotextkey>高端_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>系列_blank class=infotextkey>get=_blank class=infotextkey>发_blank class=infotextkey>get=_blank class=infotextkey>布_blank class=infotextkey>get=_blank class=infotextkey>会_blank class=infotextkey>反响强烈、 _blank class=infotextkey>11 月与爱马仕_blank class=infotextkey>get=_blank class=infotextkey>设计师_blank class=infotextkey>get=_blank class=infotextkey>高缇耶在_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上海隆_blank class=infotextkey>get=_blank class=infotextkey>重推出_blank class=infotextkey>get=_blank class=infotextkey>联名款羽绒服、并_blank class=infotextkey>get=_blank class=infotextkey>连续与包括 Tom Hiddleston、Scarlett Johansson 等_blank class=infotextkey>get=_blank class=infotextkey>大牌欧美_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>演员_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合作_blank class=infotextkey>get=_blank class=infotextkey>实现_blank class=infotextkey>get=_blank class=infotextkey>产品露出,_blank class=infotextkey>get=_blank class=infotextkey>营销_blank class=infotextkey>get=_blank class=infotextkey>资源较_blank class=infotextkey>get=_blank class=infotextkey>去年同期更_blank class=infotextkey>get=_blank class=infotextkey>上层_blank class=infotextkey>get=_blank class=infotextkey>楼。本次双_blank class=infotextkey>get=_blank class=infotextkey>十一_blank class=infotextkey>get=_blank class=infotextkey>销售结构也_blank class=infotextkey>get=_blank class=infotextkey>体现出_blank class=infotextkey>get=_blank class=infotextkey>产品及_blank class=infotextkey>get="_blank" web="1">_blank class=infotextkey>get=_blank class=infotextkey>品牌_blank class=infotextkey>get=_blank class=infotextkey>升级_blank class=infotextkey>get=_blank class=infotextkey>带来的_blank class=infotextkey>get=_blank class=infotextkey>销售_blank class=infotextkey>get=_blank class=infotextkey>高端化_blank class=infotextkey>以及客群年轻化和_blank class=infotextkey>get=_blank class=infotextkey>成果。此次_blank class=infotextkey>get=_blank class=infotextkey>发行可转债后_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>负债结构进一步_blank class=infotextkey>get="_blank" web="1">_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>改善,_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>金储备增加_blank class=infotextkey>get=_blank class=infotextkey>有利于_blank class=infotextkey>get=_blank class=infotextkey>未来_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>发展。_blank class=infotextkey>get=_blank class=infotextkey>我们维持 FY_blank class=infotextkey>get=_blank class=infotextkey>20/FY_blank class=infotextkey>get=_blank class=infotextkey>21/FY_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2 _blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3.4 亿/17.4 亿/_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>1._blank class=infotextkey>3 亿的业绩预期,_blank class=infotextkey>get="_blank" web="1">同比_blank class=infotextkey>get=_blank class=infotextkey>增长 _blank class=infotextkey>36.9%/_blank class=infotextkey>get=_blank class=infotextkey>29.6%/_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2._blank class=infotextkey>3%,对应 PE _blank class=infotextkey>get=_blank class=infotextkey>27.9X/_blank class=infotextkey>get=_blank class=infotextkey>21.5X/17.6X,维持_blank class=infotextkey>get=_blank class=infotextkey>“买入_blank class=infotextkey>get=_blank class=infotextkey>”评级。
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险提示:_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>环境、_blank class=infotextkey>get=_blank class=infotextkey>天气_blank class=infotextkey>get=_blank class=infotextkey>变化使终端_blank class=infotextkey>get=_blank class=infotextkey>零售_blank class=infotextkey>get=_blank class=infotextkey>需求_blank class=infotextkey>不及预期。
_blank class=infotextkey>gn="center">