里昂发表报告,指京东-SW(09618.HK) 百亿元人民币补贴下饮品股为显而易见的选择,但配送利润拖累意味着有关企业需在折扣和配送费之间平衡补贴分配。该行在瑞幸(LKNCY.US) 和蜜雪(02097.HK) 之间优先考虑后者,因瑞幸希望保护利润率,而蜜雪产品价格已很低。该行认为瑞幸产品平均售价可能受到限制,对蜜雪影响为中性。
该行上调将瑞幸2025及2026财年经调整除息税折旧摊销前溢利(EBITDA)18%及8%,因公司加速开店。但将2027财年的经调整(EBITDA)预测下调4%,因预计产品平均售价不会上涨。该行将瑞幸的目标企业价值倍数由从12倍下调至10倍,目标价从38美元下调至37美元。该行对蜜雪目标市盈率从24倍上调至30倍,为其上市以来的交易平均值,以反映定价优势。目标价从445元上调至645元。
该行对两股的投资评级均为“跑赢大市”,又指两者之间更看好瑞幸,因其具备更高增长潜力。(fc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-30 16:25。) (美股为即时串流报价; OTC市场股票除外,资料延迟最少15分钟。)
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