《大行》匯豐研究首予蜜雪(02097.HK)「持有」評級 目標價544.1元
匯豐研究發表報告,首次覆蓋蜜雪集團(02097.HK)予「持有」評級,目標價544.1元。報告稱,集團作為內地現製茶龍頭企業,行業在內地蓬勃發展,但仍高度分散,進入門檻低。
該行留意到兩種差異化策略,即成為低端領域的成本領袖,或在中價板塊專注單一產品,前者以蜜雪為優,後者以古茗(01364.HK)領先。蜜雪內地菜單每杯飲品平均僅7元人民幣,端到端供應鏈有助加盟商進入低線城市。而龐大的分店網絡有助成本優勢,其自家IP「雪王」加強了市場推廣及品牌力度。
報告稱,公司自3月初上市以來股價急升,估值偏高,現價相當於預測2027年市盈率25.7倍,該行料其2024至27年收入及純利年均複合增長分別達17.5%及17.4%。該行料至2027年蜜雪分店將增至6.9萬間。而海外擴張仍然是集團一個增長選項,該行認為如果其能在海外市場成功複製國內成功模式,將是創造價值的一個選項。
該行提及,須留意今年9月2日及明年3月2日各有股份禁售期屆滿。該行料其2025至2027年各年每股盈測分別14.39元、16.62元及18.9元人民幣。
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