瑞银发表报告指，蜜雪集团(02097.HK) 的估值过高，现价相当于预测今明年两年预测市盈率43倍及36倍，相当于动态市盈率2.2倍(对比中国新型消费股同业的动态市盈率1.9倍)，加上海外复苏速度较预期缓慢，因此将蜜雪集团评级由“中性”下调至“沽售”，目标价则由435.59元升至477.13元，相当于预测今明年两年预测市盈率33倍及28倍，动态市盈率1.7倍。
该行指出，集团受惠于强大的供应链能力、价值主张和稳健的特许经营模式，其国内业务保持强劲的增长势头。然而，由于竞争日益激烈，其海外业务遭遇挫折。
该行相信，蜜雪集团将于未来3至4年维持每年开店增长率15%，并于2028年达到7万间店铺。另外，该行预期集团在东南亚市场仍有长期增长潜力，预料集团明年海外营收占总营收的比例将放缓至4.5%，并于2028年回复至5.3%。
瑞银料蜜雪集团2025年及2026年每股摊薄盈利预测各为13.29元及15.93元人民币，按年升7.8%及19.9%。(sl/w)(港股报价延迟最少十五分钟。)
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