【券商聚焦】方正证券首予圣贝拉(02508)“推荐”评级 指其目前已具备规模、品牌、运营等优势

金吾财讯
Jul 25, 2025

金吾财讯 | 方正证券研报指,圣贝拉(02508)为国内超高端月子中心龙头,目前公司在营96家月子中心,其中自营/管理门店分别为62/34家;月子中心品牌圣贝拉、艾屿、小贝拉分别定位不同客群,提供差异化服务;除月子中心外,公司的家庭护理及食品业务也持续拓展。2024年公司实现收入7.99亿元,3年CAGR 46%,经调整净利润0.42亿元已转正。该机构指,月子中心渗透率提升空间大,行业集中度较低。公司具备轻资产运营&服务专业&品牌认可&数字化优势。1)轻资产运营:与高端酒店合作,灵活安排客房预订,实现低初始投资&短建设周期&低空置成本&快速扩张。2)服务专业化:采取院校合作&专业培养模式,人才供给充裕,流失率低。护理流程高度标准化,客户满意度较高。3)品牌营销:高端物业&明星背书&潜在社交资源,强化圣贝拉超高端品牌认知度。社交裂变策略成功,2024年约38%的销售额系通过老客推荐或自有渠道获取。4)数字化:自研SaaS系统降本增效,提升管理半径及服务质量,积极拥抱AI,提升线上转化率。公司目前已具备规模优势、品牌优势、运营优势,中短期持续推进单店爬坡及门店扩张,长期以全球化及全周期生态布局打开成长天花板。预计2025-2027年,公司实现收入10.35/13.26/16.60亿元,yoy+30%/+28%/+25%,实现经调整净利润1.22/1.83/2.40亿元,yoy+189%/+50%/+31%,当前股价对应2026年PE 21X,首次覆盖,给予“推荐”评级。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10