Guosheng Securities: Initiates "Buy" rating on JNBY (03306), a leading mid-to-high-end designer brand

Zhito Finance APP has learned that Guosheng Securities issued a research report stating that it expects JNBY (03306) FY2027-2029 total operating revenue to be RMB 6.47/6.88/7.29 billion, up 7%/6%/6% year on year, and expects net profit attributable to the parent to be RMB 1.07/1.15/1.23 billion, up 8%/7%/7% year on year; as of September 25, 2026, the company's stock price corresponds to FY2027 PE of 9.3 times, and it believes the company's reasonable stock price range is HKD 25.4-27.2, corresponding to FY2027 PE of 10.8-11.6 times, implying 16%-24% upside, initiating coverage with a "Buy" rating; the bank believes that the company is a mid-to-high-end womenswear group with unique brand positioning and attractive dividends, and its future dividend payout ratio is expected to remain above 70%, corresponding to an FY2027 dividend yield of 7%+.