The Zhitong Finance App learned that Dongwu Securities released a research report and gave Jiangnan Puyi (03306.HK) a “buy” rating for the first time. The bank expects the company's net profit to be 969/10.46/1,125 million yuan respectively for FY2026 to 2028, or +8.5%/8.0%/+7.6%, respectively. The corresponding PE is 9/8/8 times, respectively. The valuation is low among peers, the dividend ratio is high, and the margin of safety is sufficient. Jiangnan clothing is a scarce countertrend growth target in mature and scattered women's clothing circuits. With a relatively friendly price band, a fan economy built by a unified design style and strong member operation, and a four-year life cycle+inventory sharing+returnable product back-up mechanism, the company supports the heaviest distribution model among its peers and effectively controls its risks, and has outstanding management resilience.

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