Core Viewpoint - Citigroup's report indicates that Jiangnan Buyi's performance for the first half of the fiscal year ending December 2026 met expectations, with revenue and net profit growing by 7% and 12% year-on-year, reaching 3.38 billion and 674 million respectively [1] Financial Performance - For the fiscal year 2026, the company aims for a total gross merchandise value (GMV) of 10 billion, revenue of 6 billion, and gross and net profit margins exceeding 65% and 15% respectively, with a dividend payout ratio exceeding 75% [1] - Despite challenges from the macro environment and a warm winter, same-store sales growth has turned positive for the fiscal year 2026 to date (from July last year to February this year) [1] Membership and Digital Strategy - The company continues to enhance membership operations, brand value, and digitalization to drive growth [1] - Active membership numbers for 2025 and per capita annual spending of members exceeding 5,000 yuan have both reached record highs [1] Investment Outlook - Citigroup maintains its earnings forecast for Jiangnan Buyi and raises the target price from 20.8 HKD to 22.5 HKD, considering the company's valuation attractive with a dividend yield of approximately 8%, which is viewed as an ideal level, and rates the stock as "buy" [1]
大行评级丨花旗：上调江南布衣目标价至22.5港元，公司估值具吸引力