研報掘金丨華西證券:維持孩子王“增持”評級,認爲公司將迎來戴維斯雙擊
華西證券研報指出,孩子王預計25H1業績同比增長50%-100%,加碼新業態、新渠道、新品類。業績高增主要來自直營業務穩健增長、樂友國際35%股權並表、費用端優化等因素。加盟業務順利推進,已投入運營、在建及籌建數量合計超過200家,爲中長期業績增長蓄力。認爲公司門店在下沉市場具備差異化,有望持續提升市場份額,公司未來有望通過直營和加盟業態共同提升供應鏈和數字化能力,保障中長期的業績增長。長期來看,認爲公司業績增長驅動包括:1)產業鏈持續整合;2)合資公司鏈啓未來助力線上業務高增;3)加盟業務持續放量;4)同店及費控改善帶動直營店利潤穩步增長;5)AI玩具業務帶來業務增量。公司成長看點較多,疊加生育政策催化,認爲公司將迎來戴維斯雙擊,維持“增持”評級。
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