研报掘金丨浙商证券:维持海澜之家“买入”评级 主品牌稳健表现领跑同业

格隆汇
07 Jul

浙商证券日前研报指出,海澜之家是高股息的男装第一龙头,主品牌稳健表现领跑同业,京东奥莱有望加速开店。主品牌单季度趋势已经触底企稳,有望同比回正。京东奥莱下半年有望加速开店,中长期成长势头依然强劲,市场关注度有望再度提升。按照分部估值法预测,公司主业企稳回升,预计25年净利润超过20亿元,给予14倍目标PE,对应约300亿左右市值;新业务京东奥莱有序推进,预计3年内归母净利润10亿元左右,给予20倍目标PE,对应约200亿市值。合计目标市值500亿元左右,目标价10.31 元/股,对应现价空间42.6%。公司近两年分红率稳定在90%以上,测算25年股息率6.3%,维持“买入”评级。

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