《大行》招銀國際升綠茶集團(06831.HK)目標價至10.54元 下半年展望樂觀
招銀國際研究報告指出,綠茶集團(06831.HK)發布盈利預喜,預計今年上半年淨利潤年增長32%至36%,超出預期。綠茶集團管理層預測2025年上半年淨利潤約為2.3億至2.37億元人民幣,代表年增32%至36%。此外,調整後淨利潤預計約為2.47億至2.54億元人民幣,隱含38%至42%年增長(扣除約1,500萬至2,000萬元人民幣的上市費用後)。
招銀國際認為,上述利好表現主要驅動因素包括:銷售增長加速(2025年上半年銷售額可能年增21%至25%,達22.5億至23.3億元人民幣);快速門店擴張(根據該行估計,門店數量增長約25%);門店層面盈利能力及營運效率提升。招銀國際予綠茶集團維持「買入」評級,目標價從9.73元升至10.54元。
招銀國際認為,綠茶集團利潤率改善實際上相當關鍵,因部分投資者擔憂外送訂單快速增長可能稀釋利潤率(外送渠道銷售增長是公司重點之一,且行業也有利好因素助力)。招銀國際對集團2025年下半年展望仍正面,因門店開設速度仍按計劃進行。
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