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《大行報告》高盛首予奈雪的茶(02150.HK)「中性」評級 目標價5.5元
阿思達克 04-28 11:01
高盛發表研究報告,首次給予奈雪的茶(02150.HK)「中性」評級,目標價5.5元,指出公司在快速增長及高度分散的中國新鮮茶飲料行業排名第二,市場份額達到2%,主要歸因於其產品創新、營銷、供應鏈管控及數字化管理,預期行業未來幾年將實現強勁結構性增長。 不過,高盛預計其在2023年之前未能扭虧,預測2023至2024年淨利潤率將達到2%及4%。 該行指出,公司面臨行業壁壘低、消費者忠誠度不足導致的競爭加劇,以及疫情後中高端市場加快融合等挑戰。奈雪的茶正計劃改以預製產品取代現場製作麵包店,過渡至規模更小、成本更低的經營模式,高盛認為或降低對消費者的吸引力,但利潤率將提升。
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