JNBY Design - Stock Analyst Research

Target Price*HKD 15.27
Recommendation NEUTRAL
Market Cap*7729
Publication Date19 Mar 2024

*At the time of publication

江南布衣 (03306.HK) 線下客流量復蘇.內地通縮陰霾成潛在隱憂

江南布衣是一家設計師品牌時尚公司,創立於 1994 年,2016 年在港交所上市(代
號:03306),總部位於中國杭州。公司主營業務為設計、推廣及銷售時尚服飾、鞋
類、配件及家居產品,品牌組合包括三個階段的多個品牌:成熟品牌 JNBY,成長品牌
包括 CROQUIS(速寫)、jnby by JNBY 及 LESS,以及新興品牌包括 POMME DE
TERRE(蓬馬)、JNBYHOME 等。截至 2023 年 12 月底,在全球經營的實體零售店總
數為 2,036 家(包括「江南布衣+」多品牌集合店),零售網絡覆蓋中國內地所有省、
自治區和直轄市及全球其他 9 個國家和地區。
品牌力提升拉高毛利率
截至 2023 年 6 月底止年度(FY2023),總收入為 44.65 億元(人民幣.下同),按
年增長 9.3%。純利為 6.21 億元,按年上升 11.2%;純利率按年增 0.2 個百分點至
13.9%。每股基本盈利 1.24 元,按年增 10.7%。公司末期股息為每股 0.67 港元(或相
當於每股人民幣 0.63 元),連同中期股息每股 0.30 港元,全年共派息每股 0.97 港
元。期內,整體毛利 29.17 億元,按年增長 11.9%;整體毛利率由 FY2022 的 63.8%,
上升至 FY2023 的 65.3%。按百分比計,銷售費用率為 38.0%(FY2022:37.0%),
與上年度相比,費用率上升主要由於在長期品牌力建設上的投入增加所致。
截至 2023 年 12 月底止半年度(1HFY2024),總收入為 29.76 億元,按年增長
26.1%。收入增長,主要由於實體店可比同店銷售增長、線上渠道銷售的增長以及線下
門店規模的增長所致。純利為 5.74 億元,按年大升 54.5%;純利率按年增 3.5 個百分
點至 19.3%。每股基本盈利 1.14 元,按年增 54.1%。公司派發中期股息每股 0.46 港元
(或相當於每股 0.42 元人民幣)及特別中期股息每股 0.39 港元(或相當於每股 0.36
元人民幣),每股合計 0.85 港元。

About the author

Eric Li
Analyst
Research

李浩然先生(Eric Li) 高級分析師 現任現為輝立証券持牌高級分析師,曾任職股票基金、家族辦公室及證券公司等,擁有多年的證券研究部門從業及投資經驗,並先後於香港最暢銷的財經媒體撰寫投資專欄。畢業於香港理工大學電子計算系。 Eric is currently a licensed research analyst at Phillip Securities. Prior to joining Phillip Securities, he has years of equity research and investment experiences in asset management company, family office and securities company. Meanwhile, he has written investment columns in Hong Kong`s best-selling financial media for years. He holds Bachelor of Arts in Computing from The Hong Kong Polytechnic University.

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