Core Viewpoint - Citigroup maintains its earnings forecast for Jiangnan Buyi (03306), raising the target price from HKD 20.8 to HKD 22.5, citing attractive valuation and an ideal dividend yield of approximately 8%, with a "Buy" rating [1] Financial Performance - For the first half of the fiscal year ending December 2026, the company's revenue and net profit grew by 7% and 12% year-on-year, reaching RMB 3.38 billion and RMB 674 million respectively [1] - Despite macroeconomic challenges, management has upheld its fiscal year 2026 targets, including a gross merchandise volume (GMV) of RMB 10 billion, revenue of RMB 6 billion, and gross and net profit margins exceeding 65% and 15% respectively, along with a payout ratio exceeding 75% [1] Sales and Membership Growth - The company has reported a positive same-store sales growth for the fiscal year 2026 to date (from July last year to February this year), despite facing a warm winter [1] - The company continues to enhance membership operations, brand value, and digitalization to drive growth, achieving record highs in active membership numbers and average annual spending per member exceeding RMB 5,000 for 2025 [1]
花旗：升江南布衣(03306)目标价至22.5港元 上半财年业绩符预期