Core Viewpoint - Jianyin International's report indicates that Jiangnan Buyi (03306) slightly exceeded profit expectations for the fiscal year 2025, with a net profit growth of 6% to 5.548 billion RMB and a revenue increase of 4.6% [1] Financial Performance - The net profit for fiscal year 2025 is 5.548 billion RMB, reflecting a year-on-year growth of 6% [1] - Revenue for the same period increased by 4.6% [1] Forecast Adjustments - Jianyin International raised the profit forecasts for Jiangnan Buyi for fiscal years 2026 and 2027 by 4% and 5% respectively, due to faster revenue growth [1] - The valuation has been shifted from fiscal year 2025 to fiscal year 2026 [1] Target Price and Valuation - The target price has been adjusted from 19.6 HKD to 20.7 HKD based on a consistent price-to-earnings ratio of 10 times [1] - The attractive dividend yield supports the valuation, maintaining an outperform rating [1]
建银国际：升江南布衣目标价至20.7港元 维持“跑赢大市”评级