【券商聚焦】中邮证券首予圣贝拉(02508)“买入”评级 看好其轻资产运营模式

金吾财讯
Aug 04

金吾财讯 | 中邮证券研报指,圣贝拉(02508)发布2025年中期盈利预告,预期于2025年上半年取得收入不低于人民币4.48亿元,同比增长将不低于25%;该集团受托管理的月子中心收入将不低于人民币 7200 万元(并不构成集团收入),较2024 年同期增长将不低于 156%;及报告期的集团收入及集团受托管理的月子中心收入合计将不低于人民币5.2亿元,较2024年同期增长将不低于35%。该集团首次实现财务报表层面整体盈利。该机构看好公司的轻资产运营模式,在前期供应链/数智化前置投入、品牌口碑积累、标准化管理的竞争优势积累下,公司规模和市占率的持续提升,规模效应下的净利率提升。此外产后业务旨在解决行业痛点,未来增长值得期待。从经营节奏看,前两年均是下半年开店多于上半年,且门店产出收入一般需要3-6个月,预计下半年利润贡献高于上半年。该机构预计2025-2027年收入预测至10.76/14.03/17.77亿元,同比+34.73%/30.42%/26.65%,预计20252027年实现归母净利润预测至3.15/4.06/4.78亿元,同比+157.65%/28.75%/17.70%,由于公司上市前财务性损益较多,预计2025-2027年经调整净利润分别为1.22/1.96/2.67亿元,同比+189.52%/61.58%/35.69%,首次覆盖给予“买入”评级。

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