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大行評級|大華繼顯:首予名創優品“買入”評級 受惠於輕資產模式及有效供應鏈
大華繼顯首次覆蓋名創優品,給予“買入”評級,H股及美國預託證券(ADR)目標價分別為61.6港元及31.2美元。該行認為公司產品多元、沉浸式購物環境及與客户緊密互動使其區別於傳統零售商,該行喜歡公司急速業務擴張動力,尤其在海外市場,受惠於輕資產模式及有效供應鏈。該行對公司海外收益2024年至2028年增加3倍的目標有信心,其在中國數字整合的供應鏈有助快速以價格優勢把高質產品帶給全球客户。公司把自身定為禮品店,亦區別於其他本地零售商,並建立良好品牌形象。公司依循本地化發展策略,滿足本地消費者胃納及提供日常生活方便,令產品更具吸引力。該行認為名創優品在內地一二線及更低線城市有空間增設逾萬間分店。
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