大行评级|招银国际:首予绿茶集团“买入”评级 每店销售复苏表现优于同行

格隆汇
Jun 25, 2025

招银国际研究报告,首予绿茶集团目标价9.73港元,评级“买入”。得益于不错的性价比和独特的门店环境,绿茶集团的每店销售复苏表现优于同行,相较于2019财年,2023财年恢复率达94%,领先于海底捞的87%、肯德基的87%及九毛九的77%。该行也认为绿茶的外卖业务具有强大潜力,成为未来增长的驱动力。 该行预测绿茶2023至2026财年间销售额复合年均增长率为18%,调整后净利润复合年均增长率达25%,主要得益于绿茶进一步调整菜单;供应链改进(更直接及标准化的采购和使用中央厨房;小型门店的销售占比扩张;其他营运费用相对平稳带来的规模经济。该行亦预期绿茶2025财年上半年销售额增长20%以上,净利润增长30%以上。

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