Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3][10][12]. Core Insights - Jiangnan Buyi, as a leading designer brand in China, showcases strong design capabilities, fan economy, and a multi-brand matrix that forms its competitive moat. The company demonstrates resilience in adverse conditions and flexibility in favorable ones, supported by its advanced omnichannel operations and a large, loyal membership system that continuously contributes to retail sales, laying a solid foundation for steady growth in performance [3][10]. Summary by Sections Company Overview - Jiangnan Buyi is recognized as a top designer brand in China, with a product positioning in the mid-to-high-end market. The company has a comprehensive multi-brand layout that meets diverse customer needs, with established brands, growth brands, and emerging brands contributing to its revenue [7][30]. Financial Performance - The company is projected to achieve a net profit attributable to shareholders of 9.2 billion, 9.6 billion, and 9.9 billion CNY for FY2026, FY2027, and FY2028, respectively, with a corresponding PE ratio of 9 for each year. Assuming a 75% dividend payout ratio, the dividend yield for FY2026 is expected to reach 8% [3][10]. Competitive Advantages - Jiangnan Buyi's competitive advantages stem from three main pillars: design strength, fan engagement, and a multi-brand strategy. The design aspect combines artistic creativity with commercial viability, while the fan economy leverages a comprehensive retail model to enhance customer engagement and retention [8][9][10]. ROE and Dividend Policy - The company maintains a high return on equity (ROE) of over 35% in recent years, supported by efficient inventory turnover and strong profit margins. The dividend payout ratio has consistently been above 70%, reinforcing its attractiveness as a high-dividend stock [7][9][50]. Market Position - Jiangnan Buyi holds a significant market share in the domestic designer brand segment, with a 9.6% share in 2016, and has shown steady revenue growth with a CAGR of 13% from FY2014 to FY2025 [26][30][31]. Future Outlook - The report highlights the company's potential for growth in the designer brand segment, which is expected to continue expanding at a CAGR of 17% over the next five years, significantly outpacing the overall apparel market [56][58].
江南布衣（03306）：观“潮”系列4：布道匠心，衣路深耕