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《大行》匯豐研究降名創優品(09896.HK)目標價至49港元 續籲「買入」
阿思達克 05-26 11:49
匯豐研究發表報告指,名創優品(09896.HK)(MNSO.US)今年首季初將國內市場的經營重點由擴張改為專注於同店銷售增長(SSSG),國內同店銷售的跌幅確實由去年下半年的雙位數收窄至今年首季的中單位數。國內市場收入增長由上季的6.5%升至期內的9%,盈利能力穩健,但海外市場的自營店擴張則令利潤率受壓,經營利潤率(OPM)於期內按年跌4個百分點至16%,低於其中期目標20%水平。該行預期如集團整體OPM要達到20%水平,海外自營店的OPM要加速增長至中雙位數。 該行將港股目標價由54.08港元降至49港元,美股目標價由27.7美元降至25.1美元,維持「買入」評級。該行對其2025至27年的經營利潤預測下調14%至17%,主要因為下調對其海外業務預測,淨利潤預測則下調介乎19%至26%,並預期集團層面整體OPM將由2025財年的16.7%改善至2027財年的17.2%。
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