You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行》招銀國際升江南布衣(03306.HK)目標價至23.3元 短期催化劑可能有限
阿思達克 09-10 16:08
招銀國際研究報告指出,江南布衣(03306.HK)6月底止年度業績符合預期,但核心品牌銷售增長相對疲軟及高庫存水平值得擔憂。儘管今年7至8月零售銷售增長令人鼓舞,但公司對2026財年的指引(特別是淨利潤率)非常保守。招銀國際表示,雖然因其具吸引力股息收益率(2026財年預測為8%),維持「買入」評級,但短期股價催化劑可能有限;目標價從18.68元上調至23.3元,基於預測2026財年市盈率12倍。 對於明年6月底止2026財年的淨利潤增長,招銀國際不排除相較2025財年加速的可能性,因為若同店銷售增長加速且營運槓桿發揮作用,這可能輕易發生。然而,招銀國際希望保持謹慎,因為2025年6月至12月中國宏觀環境趨弱,管理層持保守觀點且有意對品牌進行再投資(廣告與推廣費用增長仍快於整體銷售增長)。 招銀國際略微下調了江南布衣2026及2027財年淨利潤預測7%、8%,以考慮更快銷售增長(主要來自新品牌貢獻);低於預期的毛利率,以及低於預期的營運槓桿;並認為江南布衣的銷售增長和淨利潤仍具韌性且領先行業,然而,2026財年的淨利潤增長可能仍較溫和。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account