《大行》海通國際首次覆蓋小菜園(00999.HK)予「優於大市」評級 目標價13.5元
海通國際發表報告指,小菜園(00999.HK)是大衆便民中式餐飲領導者。2024年截至8月,公司的門店層面經營利潤率爲17.8%。該行預計,得益於門店面積優化縮減固定成本、炒菜機器人投入提升人效、規模效應顯現推動原材料端成本進一步攤薄,以及品牌力增強帶來的租金議價權提升,2025年門店經營利潤率有望回升至20%以上。開店空間方面,經測算小菜園開店空間廣闊,預計門店數量可超2,500家。
海通國際預計,2025至2027年小菜園營收各65.4億、79.3億及94.3億元人民幣,按年各增25%、21%及19%,經調淨利潤各7.4億、9.2億及11億元人民幣,按年各增27%、24%及19%。基於小菜園處於品牌上升期且門店拓展提速,給予2025年20倍市盈率,對應合理市值159億港元,目標價13.5港元,首次覆蓋給予「優於大市」評級。
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