“我们一直在等待布局Toast的合适时机。尽管该股2025年以来股价下跌6%，但盈利预期已上调27%;2026年其‘增长+利润率’综合指标(Rule of 54%)已确立，若采用38%的增量利润率计算则该指标可达59%;此外，如果信用卡交换费监管政策落地，该股还存在额外上涨潜力。基于上述因素，我们上调其评级，”研报补充道。
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