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《大行》中金升江南布衣(03306.HK)目標價至23.7元 看好公司會員黏性及多品牌培育能力
阿思達克 09-15 10:27
中金發表研究報告指出,江南布衣(03306.HK)今年6月底止2025財年收入55.5億元人民幣(下同),按年增加4.6%;歸母淨利潤8.9億元,按年增加5.3%。符合該行預期。公司重申2026財年百億元零售目標,中金預計7至8月公司終端流水優於同業,看好公司強會員黏性和多品牌培育能力有望使得業績穩健增長。 報告表示,江南布衣計劃自建物流中心,預計資金佔用或減少財務收益淨額,使得2026財年收入增速快於利潤增速。該行基本維持2026財年盈利預測9.26億元,引入2027財年盈利預測9.83億元,當前股價分別對應今明兩年10.1倍、9.7倍市盈率,維持「跑贏行業」評級。考慮到公司品牌力持續提升,上調目標價18%至23.7港元,分別對應今明兩年12倍、11.6倍市盈率,較當前有19%的上行空間。
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