研報掘金丨國盛證券:維持孩子王“買入”評級,不斷“深耕會員、全渠道經營
國盛證券研報指出,孩子王(301078.SZ)爲具備全渠道運營能力的母嬰公司,圍繞““全球優選差異化供應鏈+本地親子成長服務+同城即時零售”策略定位,不斷“深耕會員、全渠道經營、全球優選差異化供應鏈、本地生活、全域營銷、新項目”六大戰略,並不斷升級數字化,當前均有突破,2024年加速推進加盟模式,加快佔領下沉市場,同時加快升級全齡段兒童生活館。參考公司2024及2025Q1業績表現,暫不考慮鏈啓未來及智領未來子公司業績,暫不考慮絲域並表後業績, 預計公司2025-2027年營業收入107.0/126.8/146.1 億元,歸母淨利潤3.0/4.1/5.4億元,EPS分別爲0.23/0.33/0.43元/股,當前股價對應PE 分別爲63.6/45.3/35.0倍,維持“買入”評級。
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