Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The company is recognized as a leading designer brand in the fashion industry, maintaining a high return on equity (ROE) and a high dividend payout, showcasing its resilience in the market [8]. - The rise of "interest consumption" among younger consumers highlights the company's ability to attract a loyal customer base willing to pay a premium for personalized experiences [8]. - The company's core competitive advantages include design-led retail, a diverse brand matrix, and the integration of fan economy with digital strategies to enhance retail efficiency [8]. Financial Forecast - The company's revenue is projected to grow from RMB 4,465 million in 2023 to RMB 6,572 million by 2027, with a compound annual growth rate (CAGR) of approximately 9.3% [2]. - The net profit attributable to shareholders is expected to increase from RMB 621 million in 2023 to RMB 1,006 million in 2027, reflecting a growth rate of 11.8% in the final year [2]. - The earnings per share (EPS) is forecasted to rise from RMB 1.20 in 2023 to RMB 1.94 in 2027, indicating a steady increase in profitability [2]. Company Overview - The company operates a diverse brand portfolio, including mature brands like JNBY and emerging brands such as POMME DETERRE, catering to various consumer demographics [17]. - The company's historical development can be divided into three phases: initial establishment (1994-2004), brand matrix construction (2005-2016), and a focus on innovation and sustainability (2017-present) [18][19]. - The ownership structure is stable, with the founding couple holding a significant majority of shares, ensuring consistent management and strategic direction [20]. Industry Analysis - The trend of "interest consumption" is becoming increasingly significant, driven by younger consumers who prioritize quality and personal expression in their purchasing decisions [36]. - The report indicates that the new generation of consumers is willing to pay for products that enhance their lifestyle and social connections, emphasizing the importance of brand identity and aesthetic appeal [36][41].
江南布衣（03306）：高ROE高股息筑基，设计师品牌韧性凸显