《大行報告》大摩首予奈雪的茶(02150.HK)「與大市同步」評級 目標價3.4元
摩根士丹利發表報告指,鮮泡茶飲及酒吧將爲兩個增長最快的行業,預期在今年至2025年三年期間,市場複合年增長率分別16%及9%,超出大部分消費行業。茶飲品牌奈雪的茶(02150.HK)在勞工及租金方面的節省開支計劃,今年開始生效,預期今明兩年店鋪經營利潤率分別19%及20%,今年至2025年EBITDA複合年增長率42%。
該行給予奈雪的茶「與大市同步」評級,目標價3.4元,認爲目前估值合理,在鮮茶飲品市場具增長潛力,但在高端及低端市場競爭、以及新推出的特許經營模式下,面對經營的不確定性。
大摩認爲海倫司(09869.HK)的事業合夥人計劃,加快在低端城市取得市場佔有率,但快速擴充可能拖累店鋪經營效益,短期面對執行風險,估計今年至2025年銷售額複合年增長率22%,EBITDA複合年增長率24%,店鋪經營利潤率由2021年的14.7%,提升至今年的24.3%。該行給予海倫司「減持」評級,目標價4.1元。
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