Guotai Haitong Securities: Maintains "Overweight" rating on JNBY (03306), value compounding driven by multi-brand ecosystem

Zhitong Finance APP has learned that Guotai Haitong Securities issued a research report stating that it is estimated that JNBY's (03306) net profit attributable to shareholders for FY2027-2029 will be RMB 1.08/1.17/1.26 billion, respectively, and it assigns FY2027 12X PE. Based on the exchange rate of HK$1 = RMB 0.86, it gives a target price of HK$28.3 and maintains an "Outperform" rating; the bank believes that the women's apparel industry is shifting from total volume expansion to share competition, and concentration in the mid-to-high-end segment is rising relatively faster. With its strong brand recognition, JNBY is expected to benefit first.