江南布衣（03306）：FY26H1 实现高质量增长，上调全年业绩预期

Investment Rating - The report assigns a rating of "Accumulate" for the company [8]. Core Insights - The company is expected to achieve high-quality growth in FY26H1, with strong performance from multi-brand and online channels, alongside steady expansion of stores and membership, leading to an upward revision of the full-year performance forecast [2]. - The company reported a revenue of 3.376 billion RMB in FY26H1, representing a year-on-year growth of 7.0%, and a net profit of 676 million RMB, up 11.9% year-on-year [12]. - The company has a total of 2,163 independent retail stores globally, with a net increase of 46 stores since the beginning of the period [12]. Financial Summary - The company’s total revenue is projected to grow from 5.238 billion RMB in FY2024 to 6.956 billion RMB in FY2028, with a compound annual growth rate (CAGR) of approximately 7.3% [5]. - The net profit is expected to increase from 849 million RMB in FY2024 to 1.145 billion RMB in FY2028, reflecting a CAGR of about 8.7% [5]. - The company’s gross profit margin is projected to improve from 66.52% in FY26H1, with a net profit margin of 20.02%, both showing year-on-year increases [12]. Brand and Channel Performance - The mature brand JNBY remains the core revenue driver, achieving 1.860 billion RMB in revenue for FY26H1, a growth of 5.67% year-on-year [12]. - Emerging brands such as LESS and new brands showed significant growth, with revenues of 394 million RMB and 237 million RMB respectively, marking increases of 16.33% and 22.42% year-on-year [12]. - Online channels experienced a revenue increase of 25.10% year-on-year, contributing to overall profitability enhancement [12]. Membership and Inventory Management - The company has 590,000 active member accounts, an increase of 50,000 year-on-year, with high-engagement members contributing over 4.9 billion RMB to retail sales, accounting for more than 60% of offline retail revenue [4]. - Inventory management remains effective, with inventory at 1.020 billion RMB at the end of FY26H1, a year-on-year increase of 2.91%, which is lower than the revenue growth rate [4].