研報掘金|華泰證券:下調奈雪的茶目標價至1.17港元 預計2025仍是調整之年
華泰證券發表報吿指,奈雪的茶去年收入49.21億元,按年跌4.7%,符合預期。經調整淨虧損為9.19億元,按年轉虧,低於預期的虧損6.85億元,閉店相關虧損及2025年預計優化門店減值準備約1.6億元、過往投資虧損3.2億元拖累利潤端表現。
該行預計2025仍將為奈雪的茶的調整之年,2024年月度復購率展現較強客户粘性,新店型及菜單調整陸續落實,Green店型試營業表現較優,海外擴張穩步推進,有望持續鞏固品牌核心競爭力,期待店型切換及同店企穩帶來的業績回暖。該行維持對奈雪的茶的“增持”評級,目標價由1.58港元降至1.17港元。
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