《大行》浙商證券升蜜雪(02097.HK)評級至「買入」 看好長期成長
浙商證券研究報告指,蜜雪集團(02097.HK)今年上半年營業收入按年增長39.3%,高增長一方面源於門店網絡的持續拓展,另一方面得益於門店店均營業額的提升。該行計算蜜雪集團今年上半年門店數量按年增長23.3%(門店數量按期初期末平均數計算,下同);平均單店貢獻商品銷售收入27.8萬人民幣,按年增長13.2%,受益於外賣戰對於訂單量的拉動。
該行表示,公司作爲現製茶飲行業龍頭,仍多維度拓展邊界,持續深化品牌、門店網絡、供應鏈、產品壁壘,正打造越來越深的護城河;預計公司2025至2027年公司營業收入分別爲328.1億、374億、428.4億人民幣,分別年增32.1%、增14%、增14.5%;歸母淨利潤分別爲58.1億、66.7億、76.9億人民幣,分別年增30.9%、增14.8%、增15.3%。
該行同時看好蜜雪集團在多市場拓展和份額提升雙維度下的長期成長性,因此由「增持」上調至「買入」評級。
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