研報掘金丨國信證券:維持海瀾之家“優於大市”評級,目標價7.7~8.5元
國信證券研報指出,海瀾之家(600398.SH)是我國男裝第一大品牌集團,連續多年穩居男裝市佔率第一。公司歷經三十餘年發展,從品牌創立到男裝龍頭,再到多品牌零售巨頭,2024年再次開拓新增長曲線,斯搏茲實現並表、京東奧萊業務快速推進、打開未來成長空間。財務方面盈利穩定,ROE 較高,現金流充裕,分紅率高。公司主業有望企穩,斯搏茲未來增長可期。經歷2024年宏觀消費疲軟的低谷期,在刺激內需政策以及出海和電商渠道帶動下,2025-2026年品牌業務增速有望企穩;斯搏茲的京東奧萊和阿迪FCC業務,預計未來3-5年都有新店快速開出,其中京東奧萊以輕資產、高盈利模式運營,預計增速和帶來的利潤貢獻可觀,預計合理的目標價格區間爲7.7~8.5元,維持“優於大市”評級。
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