华西证券：维持江南布衣“买入”评级 关注存货和现金流情况

Group 1 - The core viewpoint of the report is that Huaxi Securities maintains a "buy" rating for Jiangnan Buyi, raising profit forecasts and providing revenue and net profit projections for FY26-28 [1] - For FY26-27, the company’s revenue is projected at 60.04 billion and 63.96 billion, with an additional FY28 revenue forecast of 68.06 billion [1] - The net profit forecast for FY26-27 is raised to 9.71 billion and 10.40 billion, with a new FY28 net profit forecast of 11.15 billion [1] Group 2 - The company’s EPS forecast for FY26-27 is adjusted to 1.87 and 2.01, with a new FY28 EPS forecast of 2.15 [1] - Short-term performance shows resilience due to strong growth in the main brand, driven by online and franchise channels, despite weak terminal consumption [1] - The company has significant room for growth in its emerging brands and store openings, with potential improvements in store efficiency through various strategies [1] Group 3 - Long-term prospects indicate that fan loyalty may lead to stable gross margin growth and reduced expenses due to economies of scale, potentially increasing net profit margins [1] - For FY2025, the company reported revenue, net profit, and operating cash flow of 55.48 billion, 8.98 billion, and 11.33 billion, respectively, with year-on-year growth of 4.6% and 6.0% [2] - The cash flow decline is attributed to inventory management and sales performance, although cash flow remains higher than net profit [2] Group 4 - The company declared a final dividend of 0.93 HKD per share, along with an interim dividend of 0.45 HKD, resulting in a dividend payout ratio of 75% and a dividend yield of 6.2% [2] - The dividend payout ratio is consistent with recent years, although it has decreased compared to the previous year due to the absence of a special dividend [2]