大行評級|招銀國際:首予綠茶集團“買入”評級 每店銷售復甦表現優於同行
招銀國際研究報告,首予綠茶集團目標價9.73港元,評級“買入”。得益於不錯的性價比和獨特的門店環境,綠茶集團的每店銷售復甦表現優於同行,相較於2019財年,2023財年恢復率達94%,領先於海底撈的87%、肯德基的87%及九毛九的77%。該行也認爲綠茶的外賣業務具有強大潛力,成爲未來增長的驅動力。
該行預測綠茶2023至2026財年間銷售額複合年均增長率爲18%,調整後淨利潤複合年均增長率達25%,主要得益於綠茶進一步調整菜單;供應鏈改進(更直接及標準化的採購和使用中央廚房;小型門店的銷售佔比擴張;其他營運費用相對平穩帶來的規模經濟。該行亦預期綠茶2025財年上半年銷售額增長20%以上,淨利潤增長30%以上。
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