《大行報告》匯豐研究首予奈雪的茶(02150.HK)「買入」評級 看7.3元
匯豐研究發表研究報告指出,奈雪的茶(02150.HK)於去年6月首次公開招股時,將公司定位為現代、優質的茶館品牌。該行認為公司目前希望透過優化其產品組合及普遍降低產品均價以擴大客戶群中取得平衡,相信公司在競爭激烈的市場中,可通過成本控制改善毛利,創造出長期增長穩健的結構性基礎。
該行估計,奈雪的茶將於明年開始實現盈利,料2022至2024財年公司開店數目的年均複合增長率為29%,實現收入年均複合增長率達34%,相對於今年上半年淨利率為負12.4%,料2023財年淨利率增至2.8%,至2024年進一步升至4.8%。首予其「買入」評級,目標價為7.3元,相當於2023財年市盈率55倍,
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