研報掘金|華泰證券:維持名創優品“買入”評級 入股永輝屬財務投資佈局且公司現金尚足
華泰證券發表研究報吿指,名創優品擬收購永輝29.4%股權,併成為第一大股東。該行認為,名創優品未來仍將以興趣消費為核心持續打造IP產品,並透過與永輝的業務資源共享,提升雙方供應鏈的規模優勢、渠道的營運效率,此次收購永輝對名創優品利潤端的影響需持續跟進,後續需觀察永輝超市的調改成效。華泰證券指出,當前暫不考慮股權收益、維持名創優品2024至26年經調整淨利預期28.8億、36.8億、46億元,維持公司目標價51.21港元及“買入”評級。
報吿提到,截至今年上半年,名創優品帳面擁有62.3億元現金,是次收購擬由公司內部財務資源以及外部融資撥付。公司現金尚足,相信此次屬於財務投資佈局線下資產。
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