Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expected relative outperformance of more than 10% compared to the benchmark index [1] Core Views - The company is a leading designer fashion group with high brand recognition and customer loyalty, ranking first in retail sales in China's designer fashion industry in 2022 [4] - The company's brand matrix includes mature, growing, and emerging brands, with mature brands contributing 56.3% of revenue in FY23 [4] - The company has optimized its omnichannel retail network with a focus on fan economy, achieving a 17.7% CAGR in membership growth from FY19 to FY23 [4] - The company's FY23 gross margin reached a historical high of 65.3%, making it one of the few companies in the industry to continuously improve gross margin since the pandemic [5] - The company's inventory turnover days decreased to 188 days in FY23, the lowest among comparable peers [5] Financial Performance and Valuation - The company's FY23 revenue was HKD 4.465 billion, with a YoY growth of 9.28% [6] - Net profit for FY23 was HKD 621 million, representing a YoY growth of 11.17% [6] - The company's FY23 ROE was 31.35%, ranking first among comparable peers [5] - The report forecasts FY24-FY26 net profit of HKD 831 million, HKD 971 million, and HKD 1.102 billion, respectively, with EPS of HKD 1.60, HKD 1.87, and HKD 2.12 [5] - The report values the company at 9-10x FY24 PE, corresponding to a fair value range of HKD 15.68-17.42 per share [5] Brand and Market Position - The company's mature brand JNBY has the highest brand loyalty among China's top 10 women's clothing designer brands based on repeat purchase rate [4] - The company's market share in the women's clothing designer brand segment has been among the highest and has shown the most significant improvement over the past decade [4] - The company's FY23 dividend yield is expected to be 7.8%, ranking among the top in the women's clothing peer group [5] Channel and Membership Strategy - Online revenue has maintained positive growth over the past five years, with a CAGR of 21.3% from FY19 to FY23, accounting for 19.1% of total revenue in FY23 [4] - The number of active members and members with annual purchases exceeding HKD 5,000 increased significantly in FY23, with the latter contributing over 60% of offline sales [4] - The company's "JNBY+" multi-brand stores expanded by 850% from FY19 to FY23, contributing to a 9.1% increase in comparable store sales in FY23 [13] Industry Comparison - The company's gross margin of 65.3% in FY23 is higher than most peers in the industry [16] - The company's inventory turnover days of 188 in FY23 are the lowest among comparable peers [17] - The company's ROE has ranked first among comparable peers since 2018, with FY23 ROE at 33.9% [16]
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