圣贝拉(2508.HK):高端服务新典范 全周期护理平台迈步全球

华泰证券
Aug 05

首次覆盖圣贝拉并予以“买入”评级,目标价9.76 港币,对应27X 26E PE。圣贝拉是亚洲和中国最大的产后护理与修复品牌集团(24 年月子中心收入口径,沙利文),已在全球30 个城市布局月子中心门店96 家(截至2025.6)。我们看好公司本土高端服务品牌的稀缺性、标准化运营复制能力以及年轻创始团队的锐气与专业沉淀。立足当下,公司正处于同店稳定增长、门店快速扩张的势能成长期,规模效应有望撬动...

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