Tiger Brokers

【券商聚焦】华鑫证券维持达势股份(01405)“买入”评级 指当前市场拓展与门店规模远未及上限

金吾财讯
Sep 09, 2025

金吾财讯 | 华鑫证券研报指出，达势股份(01405)2025H1总营收25.93亿元（同增27%），门店层面经营利润3.79亿元（同增28%），持有人应占利润0.66亿元（同增504%），经调整净利润0.91亿元（同增80%）。该机构指，公司2025H1毛利率同增0.1pct至72.75%，同比持平；原材料成本/员工薪酬开支/广告及推广开支/门店经营及维护开支占收入比例分别同减0.1pct/1pct/0.1pct/0.2pct至27.25%/33.83%/5.30%/6.15%，费用整体维稳；经调整净利率同增1pct至3.53%，规模效应逐步释放，带动利润改善。该机构续指，2025H1公司同店销售减少1%，主要系新开设高销量纪录门店进入同店销售增长周期，初期带来负面影响所致；单店日均销售额同减4%至1.29亿元，主要系上述门店销售额趋稳所致。会员拓展方面，2025H1公司会员人数较年初净增600万名至3010万名，较去年同期增长55%，客户基础进一步夯实。该机构表示，公司坚持门店网络“走深”、“走广”，产品竞争优势显著，当前市场拓展与门店规模远未及上限，未来业绩增长空间广阔。根据2025年半年度业绩公告，该机构调整公司2025-2027年EPS分别为1.15/1.89/2.62元（前值为1.13/1.83/3.13），当前股价对应PE分别为72/44/32倍，维持“买入”投资评级。

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