【研报掘金丨中金:下调名创优品目标价至42.28港元 下调2025和26年经调整盈测】中金发表报告指,名创优品第一季收入按年增长19%至44亿元,经调整净利润按年下跌5%至5.87亿元,业绩低于该行预期,主要因直营门店投入前置带来的销售费用率提升及财务费用增加。 报告指,第二季以来名创优品国内业务同店仍在改善,特别是在五一假期期间实现转正,公司维持全年国内同店实现正增长的目标不变,并将继续重视海外业务特别是直营门店的扩张和发展。考虑公司仍有较多费用支出,该行下调2025和2026年non-IFRS经调整净利润预测14%及8%,各至 27亿及35亿元,维持“跑赢行业”评级,下调目标价8%至42.28港元。

金融界
26 May
中金发表报告指,名创优品第一季收入按年增长19%至44亿元,经调整净利润按年下跌5%至5.87亿元,业绩低于该行预期,主要因直营门店投入前置带来的销售费用率提升及财务费用增加。 报告指,第二季以来名创优品国内业务同店仍在改善,特别是在五一假期期间实现转正,公司维持全年国内同店实现正增长的目标不变,并将继续重视海外业务特别是直营门店的扩张和发展。考虑公司仍有较多费用支出,该行下调2025和2026年non-IFRS经调整净利润预测14%及8%,各至 27亿及35亿元,维持“跑赢行业”评级,下调目标价8%至42.28港元。

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