浦银国际研究特海国际1Q25净利润大幅低于预期,主要是由于公司短期员工费用率大幅上升,导致利润率同比下滑。尽管我们依然看好公司长期门店拓展的空间,但开店空间释放的速度慢于预期,因此公司短期的利润率以及股价大概率都将继续承压。●2025年利润率可能持续承压:为了增强员工满意度,从而更好地激励员工,公司在1Q25加强了对员工福利的投入。这导致1Q25的员工费用占收入的比例大幅上升1.4ppt至...
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