金吾财讯 | 瑞幸咖啡(LKNCY)上扬1.61%，最新报32.64美元，成交额664.31万美元。消息面上，高盛近日研报首次覆盖，给予瑞幸咖啡买入评级，12个月目标价49美元，较当前股价约61%上行空间，估值基于21倍2026年预期市盈率。该行认为，瑞幸咖啡作为中国最大现磨咖啡品牌在激烈的价格竞争中展现出强劲的护城河，大陆市场门店扩张空间远未触顶，利润率改善与股东回报潜力构成额外上行催化剂。该机构表示，瑞幸均价约14元人民币，仅为星巴克的一半，相当于中国大陆时薪的0.4倍，高可及性与高性价比为渗透率提升奠定基础。同时，瑞幸通过引导用户在自有APP或小程序下单，积累了超过9800万月活跃交易用户及4.5亿累计会员，形成强大的数据驱动运营能力，2025年研发投入超过6亿元人民币，在现磨饮品头部品牌中居首。此外，瑞幸非咖啡产品表现同样亮眼，包括现磨茶饮、果蔬汁等产品在2025年已占杯量的20%以上，有助于拓展低线城市的消费场景与客群。
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