《大行》華泰證券降名創優品(09896.HK)目標價至47元 關注精細化營運措施顯效
華泰證券研究報告指,考慮到關稅、直營投入等不確定因素,將名創優品(09896.HK)2025至27年經調整淨利潤預測下調7.1%、9%及9%,至29.9億、37.3億及45.7億元人民幣。另考慮海外拓店短期內不確定性增大,對其目標價由47.11港元下調至47港元,維持「買入」評級,其關注公司精細化營運措施顯效。
該行指,名創優品今年首季營收按年增長18.9%至44.3億元人民幣,高於此前指引範圍(升15%至18%),主要原因是國內渠道升級及貨盤優化帶動同店表現修復;經調整淨利潤按年下降4.8%至5.9億元人民幣,主因是直營門店快速拓展,短期內投入較大,對整體利潤率產生結構性影響,以及財務費用增加等。
該行認為,名創優品國內策略由「跑馬圈地」邁向精細化營運,在海外市場加強多樣化供應鏈建設及本地化營運,有望逐步推動盈利能力企穩向好,賦能全球業務的持續擴張。
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