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研報掘金丨方正證券:豫園股份迎來價值重估,維持“推薦”評級
格隆匯 02-21 15:54

方正證券研報指出,豫園股份(600655.SH)雙重股權激勵彰顯發展信心,業績考覈以24年收入爲基準,未來三年累計收入增長不低於15%。認爲公司當下處於聚焦主業發展、持續瘦身健體期,謀求地產業務退出,利潤端或受此因素擾動有一定影響,故以收入端爲考覈指標具備合理性。雙重激勵有望充分調動公司高管、核心骨幹的積極性,激發合夥人企業家精神,也彰顯公司對於長期增長的信心。當下整體消費環境有較大不確定性,公司旗下黃金珠寶、商業地產、餐飲等傳統消費板塊或有所承壓。但從另一角度看,新經濟形勢下消費向兩極化趨勢愈發明顯,公司近年來以“東方生活美學”爲置頂戰略,對旗下各板塊的人、貨、場全生態產業進行升級。如黃金珠寶板塊中老廟打造古韻金拳頭系列,創立“東家金造“高端黃金品牌;美麗健康集團以化妝品、中醫養生與保健寵物三大賽道,發力童涵春堂、AHAVA等老字號/領先品牌。後續此類高潛力增長賽道,公司有望憑藉其旗下衆多老字號品牌的文化底蘊、高潛力的領先品牌與集團層面的賦能,在當下消費較疲軟背景下取得亮眼表現獲得更多露出與曝光,迎來價值重估。維持“推薦”評級。

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