構建多元品牌矩陣
江南布衣創於1997年，2016年在港交所上市，是一家有影響力的設計師品牌時尚公司。公司主營業務爲設計、推廣及銷售時尚服裝、鞋類、配飾和家居產品，組合品牌包括一個成熟品牌，三個成長品牌及若干新興品牌。
Steady revenue and profit uptrends generated by a diverse brand portfolio
Company profile:
influential Chinese fashion design house JNBY started business in 1997 and went on to list on the Hong Kong Stock Exchange in 2016. The core business covers the design, marketing and sale of branded apparel, footwear and accessories, as well as home products. On top of its mature brand JNBY (Just Naturally Be Yourself), the product portfolio carries three growth brands and several emerging brands.
營收利潤增長穩健，費率優化，派息率高
FY19-23公司營收規模從33.58億元增長至44.65億元（CAGR7.38%），歸母淨利潤從4.85億元增長至6.21億元（CAGR6.37%），主要系實體店可比同店銷售增長，線上渠道銷售的快速增長以及線下門店規模的增長所致。2024上半財年，隨着公司整體收入增長，經營效率增長，各項費率都減少明顯。公司近年將75%左右的淨利潤用於股東分紅，派息率高。
Robust financials:
JNBY is financially stable with a 7.38% revenue CAGR over FY19-23 (the fiscal year ends in June) from RMB3.36bn to RMB4.47bn; while net profit tracked a 6.37% CAGR from RMB485m to RMB621m. The key factors were offline same-store sales growth, rapid online sales growth and rising business scale with offline store growth. FY24H1 revenue grew along with better operating efficiency as total expense ratio dropped sharply.
Generous DPR:
JNBY has maintained high dividend payout ratios in recent years and rewarded shareholders with about 75% of net profit.
設計師品牌市場擴張，頭部效應明顯
1）規模：
根據中商產業研究院、共研網等，22年我國服裝行業市場規模2.6萬億、設計師品牌行業市場規模1776億。我們認爲伴隨人均可支配收入增長、政策環境改善、消費理念變化，設計師品牌行業市場規模將繼續擴大。
2）格局：
當前設計師品牌行業格局較爲分散，准入門檻較高且頭部效應、先入優勢顯著，江南布衣作爲行業領軍者將佔領先機。
JNBY enjoys a clear lead in the face of an expanding market for designer wear
Scale:
China’s apparel industry amounted to RMB2.6tr in 2022, within which designer brands accounted for RMB177.6bn, according to China Business Industry Research Institute and Gonyn.com. We believe the scale of the designer brand industry will continue to expand as per-capita disposable income rises, the policy environment improves, and consumption scenarios evolve.
Scattered market:
The current designer brand industry structure is relatively fragmented, with a high entry threshold and significant leading effect and first-mover advantage. As an industry leader, JNBY will gain the upper hand.
設計、多品牌、粉絲經濟三大戰略驅動，有望保持可持續增長
1）設計驅動：
公司推崇原創設計，對設計師團隊與研發投入力度大，研發能力突出。旗下品牌多次獲獎，品牌理念與核心價值引領消費者提高品牌認知度。
2）多品牌驅動：
公司目前擁有1個成熟品牌、3個成長品牌及若干新興品牌。多元品牌矩陣定位不同目標客戶，成熟品牌爲收入核心，成長品牌增速更快。
3）粉絲經濟驅動：
公司加強會員制度建設，增強粉絲粘性，培育“粉絲經濟”。通過打造新型消費場景或產品提供產品增值服務，數智渠道增速較快。
Three-pronged strategy: original design, multiple brands and sticky follower base
We believe the company will sustain stable growth trends on the strength of its three-pronged strategy:
1)Design:
JNBY advocates original design and invests heavily into its team of designers as well as in R&D, which has built up its R&D advantage and led its stable of brands to win multiple awards, with its brand concepts and core values growing in mindshare among consumers.
2)Multiple brands:
aside from its mature JNBY brand, the company has three growth brands and several emerging brands. Its diverse brand matrix caters to different customer markets. JNBY is the core revenue driver, while the growth brands are stepping up pace.
3)Strong following:
the company has created an effective membership system by cultivating customer stickiness around a “fan economy”. Its online channel has expanded fast by adding new consumption scenarios and products with value-added services.
