Core Viewpoint - Jiangnan Buyi (03306) reported a slight beat in net profit expectations for the fiscal year 2025, with a year-on-year increase of 6% to RMB 5.548 billion, and a revenue growth of 4.6% [1] Financial Performance - The net profit for fiscal year 2025 is slightly higher than the expectations due to a lower-than-expected effective tax rate [1] - Revenue growth of 4.6% indicates a stable performance in the company's operations [1] Future Projections - The earnings forecasts for Jiangnan Buyi for fiscal years 2026 and 2027 have been raised by 4% and 5% respectively, reflecting a faster revenue growth [1] - The valuation has been shifted from fiscal year 2025 to 2026, maintaining a price-to-earnings ratio of 10 times [1] Target Price and Rating - The target price has been adjusted from HKD 19.6 to HKD 20.7, supported by an attractive dividend yield [1] - The company maintains an "outperform" rating in the market [1]
建银国际：升江南布衣(03306)目标价至20.7港元 维持“跑赢大市”评级