江南布衣(03306.HK)FY2026H1点评：弱市兑现较优增长 顺周期下优选的低估值&高股息标的

Core Viewpoint - Jiangnan Buyi's FY2026 H1 revenue reached 3.38 billion yuan, a year-on-year increase of 7%, with net profit attributable to shareholders at 670 million yuan, up 12.5%, meeting expectations [1] Revenue and Performance - The company achieved revenue growth across all brands, with JNBY, Suxie, jnby by JNBY, LESS, and emerging brands recording year-on-year increases of 5.7%, 0.4%, 4.1%, 16.3%, and 22.4% respectively, totaling 1.86 billion, 390 million, 500 million, 390 million, and 240 million yuan [1] - The company expanded its store count by 46 in FY2026 H1, with 31 new stores for the main brand, contributing to stable revenue growth despite a challenging consumer environment [1] Channel Performance - Revenue from self-operated, distribution, and online channels increased by 6%, remained flat, and grew by 25% respectively, totaling 1.18 billion, 1.44 billion, and 750 million yuan [1] - Offline same-store sales decreased by 2.2% due to pressure on customer traffic, while online revenue continued to grow significantly, driven by changes in consumer behavior [1] Profitability and Margins - Gross profit margins for JNBY, Suxie, jnby by JNBY, LESS, and emerging brands improved by 1.8 percentage points, 2.0 percentage points, 1.8 percentage points, 1.7 percentage points, and decreased by 3.6 percentage points respectively, leading to an overall gross margin increase of 1.4 percentage points [2] - The net profit margin for FY2026 H1 increased by 0.8 percentage points to 20%, marking a recent high [2] Strategic Positioning - The company is positioned as a leading designer brand in China, leveraging strong design capabilities, fan economy, and a multi-brand matrix to create a competitive moat [2] - The robust membership system and leading omnichannel operations continue to contribute to stable revenue growth [2] Future Outlook - Projected net profits for FY2026 to FY2028 are 960 million, 1.03 billion, and 1.1 billion yuan, with corresponding price-to-earnings ratios of 11, 10, and 10 times [2] - Assuming a 75% dividend payout ratio, the dividend yield for FY2026 is expected to reach 7.1%, indicating a combination of high dividends and low valuations with growth potential [2]