中银国际发布最新研究报告指出，在名创优品（09896）公布业绩及8月31日股价大幅波动后，该行认为其估值已开始进入值得重新关注的区间，建议投资者可在未来寻觅合适时机进行再度评估。
该机构仍然看好名创优品长期成长为全球领先零售商的潜力，因此维持其H股及美股（MNSO.US）的“买入”评级。不过，H股目标价已从34.4港元大幅下调40.1%至20.6港元，美股目标价亦由17.6美元削减40.3%至10.5美元。
同时，中银国际将2026至2028财年的经调整盈利预测分别下调18%、20%及14%。名创优品次季业绩显著低于市场预期，经调整经营利润及经调整净利润分别同比下滑84%及24%，按会计准则计算的净利润更是转为亏损。
除了汇兑损失的影响外，公司海外业务表现亦有所转弱，快速扩张导致费用大幅攀升，对盈利构成明显压力。该行预计，2026年下半年业绩仍将持续承压，公司即将进入业务调整阶段，经营拐点最早可能要到2027年才会出现。
中银国际认为，快速全球扩张转化为盈利增长的投资逻辑，将需要更长时间才能得到验证。
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