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研報掘金丨華鑫證券:五芳齋持續推進粽+戰略,同時探索零售+輕餐飲小型門店模型
格隆匯 05-25 14:51
格隆匯5月25日丨華鑫證券研報指出,五芳齋(603237.SH)粽子有望量價齊升,持續推進粽+戰略。五芳齋作為主品牌,重點發力中高端,推動品牌溢價及盈利能力提升,同時打造第二品牌彌補中低價位段。烘焙食品為第二增長曲線,其中月餅走差異化路線,推出高端流心糯月。今年將佈局烘焙自有產線,提升自產比例,毛利率改善可期。第三曲線擬開發速度米麪產品。
餐飲+零售的傳統門店將逐步進行關轉縮(關店/轉型/縮小門店面積),同時探索零售+輕餐飲小型門店模型。目前已初有成效,有望加快加盟節奏。積極佈局抖音、快手等渠道。逐步開發江浙滬區域市縣區,華中、華南、華北地級市和百強縣,完善全國銷售網絡佈局。該行維持公司“買入”投資評級。
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