《大行報告》摩通下調奈雪的茶(02150.HK)目標價至7元 評級「增持」
摩根大通發表研究報告指,奈雪的茶(02150.HK)去年下半年經調整淨虧損率達到8.9%,與2020年度及去年上半年經調整淨利潤率0.6%及2.3%比較表現明顯轉差,主要由於期內中國疫情發展,為餐飲及零售行業帶來挑戰。
摩通指出,奈雪的茶面對行業困境下仍維持今年開設350家新店的目標,預期開店計劃將為公司帶來更大虧損,但一旦疫情回穩,防疫措施鬆綁,預期消費需求將復甦。
摩通預計奈雪的茶今年淨虧損將達到4億元人民幣,並估計2023年將扭虧,錄得利潤約3.13億元人民幣,淨利潤率回升至3.8%,目標價由15元下調至7元,對應市銷率約1.2倍,維持「增持」評級。
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