《大行》花旗:料綠茶集團06831.HK)純利將按年增長 目標價11.1元 評級「買入
花旗研究報告指出,綠茶集團(06831.HK)日前發布盈利預喜,公司預計今年上半年調整後淨利潤按年增38%至42%,達2.47億至2.54億元人民幣,受21%至25%的收入增長及門店層面的盈利能力提升推動。
花旗表示,綠茶作為一家高增長的休閒中式餐廳營運商,其創新產品、親民價格及吸引人的品牌形象,使該集團可在中國不同層級城市的各個地區擴展零售店,新店快速實現收支平衡。
花旗又預測集團2025年、2026年淨利潤將年增29%、26%,受收入加速增長加速推動(2025年、2026年分別為19%、21%,2024年為7%),淨開店數增加(2025年、2026年分別為150家、200家,2024年為105家)。由於較低的營運支出/銷售比率降及新店能快速實現收支平衡,2025至2026年營運利潤率預計將按年增長。
花旗對綠茶集團股份的目標價定為11.1港元,基於2025年目標市盈率15倍,較中國餐飲同業的平均交易市盈率折讓約15%;評級「買入」。
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