研報掘金丨財通證券:菜百股份在華北區域內優勢顯著,大電商投入打造新增長點
格隆匯8月4日丨財通證券3日研報指出,菜百股份(605599.SH)作為我國黃金珠寶品牌老字號,堅持直營保障品牌力,在華北區域內優勢顯著。上市以來通過北京地區加密、開拓省外市場、加大電商投入打造新增長點。預計公司2023-2025年歸母淨利潤分別為7.28/8.28/9.46億元,對應PE分別為15x/13x/12x。維持“增持”評級。公司是京津冀區域黃金珠寶行業的龍頭品牌,從事珠寶的設計、推廣和直營連鎖經營,主要產品包括貴金屬飾品、貴金屬投資品、黃金飾品和鑽翠珠寶飾品。2023H1,公司預計實現歸母淨利潤3.80-4.30億元,同比增長53.12%-73.27%(追溯調整前)。公司經營業績大幅增長主要系受經濟復甦和消費需求釋放影響,消費者購買黃金珠寶產品的意願增強,公司整體銷售情況向好,以及公司積極拓展營銷網絡,門店數量較同期有所增加,實現銷售增量所致。
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