Huaxi Securities(SZ:002926) 智通财经网·2025-09-10 03:24Core Viewpoint - Huaxi Securities maintains a "Buy" rating for Jiangnan Buyi (03306) and raises profit forecasts, indicating resilience in performance despite weak terminal consumption [1] Group 1: Financial Projections - Revenue forecasts for FY26-27 are adjusted to 6.004 billion and 6.396 billion yuan, with an additional forecast of 6.806 billion yuan for FY28 [1] - Net profit forecasts for FY26-27 are raised to 0.971 billion and 1.040 billion yuan, with a new forecast of 1.115 billion yuan for FY28 [1] - EPS forecasts for FY26-27 are increased to 1.87 and 2.01 yuan, with a new forecast of 2.15 yuan for FY28 [1] Group 2: Performance Analysis - In the short term, the company's performance shows resilience due to strong growth from its main brand, driven by online and franchise channels, despite weak consumer demand [1] - The company has significant growth potential for its emerging brands and new stores, with opportunities for improved store efficiency through various strategies [1] - Long-term prospects indicate that fan loyalty may enhance gross margins and scale effects could reduce costs, leading to further growth in net profit margins [1] Group 3: FY2025 Financial Results - For FY2025, the company reported revenues of 5.548 billion yuan, net profit of 0.898 billion yuan, and operating cash flow of 1.133 billion yuan, reflecting year-on-year growth of 4.6% and 6.0%, but a decline in cash flow by 29.2% [2] - The net profit, excluding government subsidies and impairment reversals, was 0.814 billion yuan, showing a 3.7% increase year-on-year [2] - The company declared a final dividend of 0.93 HKD per share, with a total dividend payout ratio of 75% and a dividend yield of 6.2% [2]