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《大行報告》摩通首予奈雪的茶(02150.HK)「增持」評級 目標價15元
阿思達克 08-09 15:11
摩根大通發表研究報告,首予奈雪的茶(02150.HK)「增持」評級,以現金流折現率計,目標價15元,相當於明年預測市銷率3倍,或明年預測市盈率53倍。 報告稱,公司是內地第二大高端連鎖茶店品牌,隨年輕一代及社交媒體乘勢而起,以零售消費價值計,去年市佔率18.9%屬次高。該行料其回本期將加快,店舖毛利率高於傳統連鎖火鍋店、咖啡店、薄餅店、漢堡包店、酒吧等。隨著店舖網絡擴張,經營槓桿料支持毛利率。受惠經營槓桿,奈雪的茶PRO加快開店及數碼化,該行料其2020至2023年間銷售及盈利年均複合增長達43%及238%,經調整經營利潤率料由去年的1.9%擴至2023年的10%。
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