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《大行》花旗首予綠茶集團(06831.HK)「買入」評級 目標價9.4元
阿思達克 06-24 11:55
聯席保薦人之一花旗發表研究報告指,綠茶集團(06831.HK)是一家高增長的休閑中式餐廳經營者,儘管其歷史財務記錄較短,但其創新的產品(中式融合菜)、適宜的價格,及其品牌形象有助於新店快速實現損益平衡(幾乎所有新餐廳均計劃在1至4個月內實現初步損益平衡),並應推動2025年預計淨利潤的加速增長(新店快速開張對營運利潤率影響甚微)。首予綠茶「買入」評級。 花旗指,截至今年3月,公司已在中國21個省、4個直轄市及2個自治區開設了486家餐廳,並計劃在 2025財年、2026財年、2027財年分別新開150、200、213家門店。因其中式融合菜的設計,以及價格親民等因素,花旗預測綠茶2025及2026財年淨利潤將分別按年增長29%和26%,主要是受銷售額加速增長推動(2025及2026財年分別為19%、21%,2024年為7%),這主要得益於淨開店數量的增加(2025和2026財年分別為150和200家,2024年則有105家)。由於營運費用和銷售比率降低及新餐廳快速實現損益平衡,花旗預計綠茶集團2025至2026財年營運利潤率應按年擴張。 報告提及,考慮到綠茶的歷史記錄較短、餐廳網絡規模較小、加速開店對營運及財務影響的不確定性,以及尚未確定的股息政策,花旗認為綠茶應相對於行業同行以合理折扣估值,基於12.8倍2025財年市盈率計算,即較內地餐廳同業折讓20%,目標價9.4元。
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