Tiger Brokers

【券商聚焦】海通国际维持特海国际(09658)“优于大市”评级 看好其品牌优势、管理理念及国际运营能力

金吾财讯
Nov 28, 2025

金吾财讯 | 海通国际研报指，特海国际(09658)发布2025年三季报。3Q25公司收入2.1亿美元，同比增长7.8%。归母净利润360.9万美元，同比下降90.4%，主因本季度汇兑亏损净额较2024年同期增加3170万美元，剔除后测算净利率约4.6%。3Q25经营利润率5.9%，同比下降1.6pct，环比提升4.0pct，符合公司执行让利政策的预期，同时也反映出在精细化运营方面仍有进一步优化空间。该机构指，让利策略导致短期成本费用增加，盈利水平有望逐步改善。展望未来，公司将持续坚持“抓顾客、抓员工”策略，聚焦提升门店管理质量、审慎开出优质新店，并稳步推进红石榴等新业态探索。随着运营效率持续优化，盈利水平有望稳步回升。该机构看好公司的品牌优势、管理理念及国际运营能力。通过推进主品牌扩张与“红石榴计划”的品牌矩阵建设，叠加精细化运营举措深化，运营效率有望进一步提升。该机构基本维持2025-27年收入预测各8.6/9.5/10.6亿美元，同比各增长10.0%/11.2%/11.7%。考虑到让利措施带来的短期成本端压力，该机构略下调2025-27年归母净利各1.1%/4.9%/2.1%至0.4/0.5/0.7亿美元，同比各增长102.4%/23.5%/25.6%，归母净利率各5.2%/5.7%/6.4%。该机构维持公司25年1.8倍PS估值，对应目标市值119.8亿港元，目标价18.4港元（对应汇率为USD/HKD=7.8）；维持“优于大市”评级。

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