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研報掘金丨華福證券:千味央廚邁入多維進化道路,短期有望實現主業增長提速,首予“買入”評級
格隆匯 07-18 13:38
格隆匯7月18日丨華福證券17日研報指出,千味央廚(001215.SZ)主業加速回暖,同時向預製菜C端探索以及通過併購優質資產味寶切入茶飲供應鏈賽道,邁入多維進化道路。餐飲供應鏈市場空間廣闊,公司有望憑藉多維競爭優勢把握機遇。且在陪跑百勝等大客中沉澱多維服務優勢,未來有望持續打造大單品,把握供應鏈機遇。
從渠道端看,大B擴店與內部品類延伸帶來營收增長確定性,同時今年餐飲復甦帶來業績增長彈性;公司通過招商育商、挖掘場景推動中小B持續放量;B端主業穩健增長可期。此外,公司探索預製菜C端,併購優質資產味寶,逐步進化為供應鏈的全能選手。從產品端看,公司橫向挖掘新場景,縱向拓展新品類,持續培育多個大單品,以實現規模躍遷、質效齊升。
該行預計公司2023-2025年歸母淨利潤將達到1.51/2.04/2.48億元,三年分別同比增長48%/35%/22%,期間CAGR達28%。基於餐飲大B需求復甦,公司短期有望實現主業增長提速;同時考慮到下游降本增效與連鎖化趨勢,公司未來成長空間廣闊。故給予公司2023年47倍PE,對應目標價81.78元/股,首次覆蓋給予公司“買入”評級。
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