金吾财讯 | 海通国际发研报指，江南布衣(03306)FY25H1(24年7月-12月)收入同比增5.0%至31.6亿元，毛利率降0.1pct至65.1%，销售费用率因JNBY三十周年推广活动一次性费用提升1pct至32.3%，归母净利润增长4.7%至6.0亿元，归母净利率下降0.05pct至19.0%，线上增长+线下门店规模增长驱动收入增长。新开店铺以经销渠道为主，经销收入占比提升3.6pct下毛利率维持较好，判断折扣优化。中期股息每股0.45港元，派息率37.1%。该行表示，FY25H1期末店铺数较FY24末增长5%，内地自营/经销店铺分别变动-4.7%/+8.5%，净开-24/+126家，该行判断公司处于渠道优化调整期，将部分非核心地区自营店铺转化为经销店铺。成熟/成长/新兴品牌分别净开36/49/14店，该行判断成长品牌收入增速较低与新开店以经销为主+成长品牌新开店较多有关。线下自营/线下经销/线上收入同比变动-7.7%/+14.2%/+11.9%，毛利率73.6%/59.0%/64.2%，同比+1.0/-0.5/+2.3pct，线下门店同店同比增长0.1%。该行预计FY2025-27归母净利润8.88、9.55、10.28亿元，EPS1.71、1.84、1.98元/股，给予FY25市盈率估值9-10X，按1港元=0.92元兑换，对应合理价值区间16.75-18.62港元/股，维持“优于大市”评级。
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