研報掘金|國信證券:首予名創優品“買入”評級 目標價45.3-50.6港元
國信證券發佈研究報吿稱,首予名創優品“買入”評級,目標價45.3-50.6港元,預計FY2024-2026年歸母淨利潤為22.91/28.42/34.4億元。作為全球折扣零售商龍頭公司,以優秀的產品力和高效供應鏈為基礎,在當前性價比消費趨勢下實現業績快速增長。未來隨着公司繼續推進品牌升級和超級門店戰略,單店店效提升和門店擴張有望共同推進,從而支撐業績持續高速增長。研報指,目前全球自有品牌綜合零售市場處於穩健增長態勢,據弗若斯特沙利文,除2020年由於疫情原因導致市場規模下滑,但隨着全球消費市場日益復甦疊加低基數效應,預計2022-2026年將以12.6%的年複合增長率繼續增長。其中中國市場呈現主流消費者年輕化以及性價比消費崛起趨勢,預計未來5年複合增速為14.8%。競爭格局方面,2021年全球市場CR5僅為20.3%,名創優品憑藉6.7%市佔率位於榜首。
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