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研報掘金|東吳證券:首次覆蓋蜜雪集團 予“買入”評級及目標價509港元
格隆匯 03-12 10:38

東吳證券發表研報指,蜜雪集團作爲平價現制飲品龍頭,自建端對端全流程供應鏈體系打造核心壁壘,IP化品牌營銷塑造品牌心智。另外,該公司以加盟模式深耕下沉市場,推進品牌出海,持續鞏固行業地位。東吳證券預計,蜜雪集團2024至2026財年歸母淨利潤將分別爲43.8億、51.2億及59.4億元,對應市盈率分別爲28、24及21倍。

東吳證券亦指,蜜雪集團的核心優勢是品牌勢能及在平價現制飲品市場的統治力,且在出海方面值得期待,類比近一年新上市的一些強勢能品牌,例如毛戈平和老鋪黃金,蜜雪集團有望享有估值溢價,2026財年目標市盈率爲30倍。東吳證券首次覆蓋蜜雪集團股份,目標價定於509港元,給予“買入”評級。

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