江南布衣（03306）：港股研究|公司点评|江南布衣（03306.HK）：江南布衣FY2026H1点评：弱市兑现较优增长，顺周期下优选的低估值&高股息标的

Investment Rating - The report maintains a "Buy" rating for Jiangnan Buyi [2][6]. Core Insights - Jiangnan Buyi, as a leading designer brand in China, demonstrates resilience in a weak market, supported by strong design capabilities, fan economy, and a multi-brand matrix. The company's robust omnichannel operations and a large, loyal membership base continue to drive retail sales, laying a solid foundation for steady growth. The projected net profit for FY2026-FY2028 is estimated at 960 million, 1.03 billion, and 1.1 billion yuan, corresponding to P/E ratios of 11, 10, and 10X. Assuming a 75% dividend payout ratio, the dividend yield for FY2026 is expected to reach 7.1%, making it a high-dividend, low-valuation growth stock [2][4][6]. Financial Performance Summary - For FY2026H1, Jiangnan Buyi achieved revenue of 3.38 billion yuan, a year-on-year increase of 7%, and a net profit of 670 million yuan, up 12.5% year-on-year. The revenue and performance met expectations. The interim dividend per share is 0.52 HKD, totaling 250 million yuan, with a dividend payout ratio of approximately 37% [4][6]. - The company's various brands recorded revenue growth, with JNBY, Suxie, jnby by JNBY, LESS, and emerging brands showing year-on-year increases of 5.7%, 0.4%, 4.1%, 16.3%, and 22.4%, respectively. The total retail sales from high-value members exceeded 4.9 billion yuan, with a net increase of 46 stores in FY2026H1 [4][6]. - The gross profit margin (GPM) for core brands improved, with net profit margin reaching a recent high of 20%, reflecting effective discount control and changes in channel structure [4][6].