Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 3.376 billion yuan, a net profit of 676 million yuan, and operating cash flow of 996 million yuan for FY2026H1, representing year-on-year growth of 7.0%, 11.9%, and 21.1% respectively. After excluding government subsidies, the net profit was 626 million yuan, reflecting a 15.5% increase year-on-year [2] - The company declared an interim dividend of 0.52 HKD per share, resulting in a dividend yield of 5.18% [2] - The company's brands showed varied performance, with JNBY, LESS, and emerging brands experiencing revenue growth of 5.7%, 16.3%, and 22.4% respectively, while the men's brand Su Xie continued to struggle [3] - The gross margin for FY2026H1 was 66.5%, an increase of 1.4 percentage points year-on-year, while the net profit margin rose to 20.0%, up 0.9 percentage points [4] - Inventory at the end of FY2026H1 was 1.02 billion yuan, a 9.4% increase year-on-year, with accounts receivable remaining stable at 220 million yuan [5] Financial Projections - Revenue forecasts for FY26-28 are 6.004 billion, 6.396 billion, and 6.806 billion yuan, with year-on-year growth rates of 8.21%, 6.53%, and 6.41% respectively. Net profit projections are 971 million, 1.040 billion, and 1.115 billion yuan, with growth rates of 8.72%, 7.08%, and 7.24% [6][8] - The estimated earnings per share (EPS) for FY26-28 are 1.86, 1.92, and 2.09 yuan, with corresponding price-to-earnings (PE) ratios of 9.4, 9.1, and 8.3 [6][8]
江南布衣：业绩靓丽，剔除政府补助后净利增速更高-20260227