中金：下调名创优品(09896)目标价至32.4港元维持“跑赢行业”评级

智通财经网

Aug 17

智通财经APP获悉，中金发布研报称，维持名创优品(09896)/美股(MNSO.US)"跑赢行业"评级不变，将目标价下调17%和18%至32.4港元/16.7美元，对应11倍2026年经调整市盈率。中金指，名创优品预告上半年剔除汇兑损益的经调整净利润年度同比下降1%-3%，弱于该行预期。公司预计收入114.5亿至115.5亿元人民币，年度同比增长22%-23%;期内利润9.4亿至9.6亿元人民币，年度同比增长4%-6%;对应次季收入57.6亿至58.6亿元人民币，年度同比增长16%-18%，期内利润转亏2.9亿至3.1亿元人民币。上半年扣除汇兑影响的经调整净利润12.1亿至12.3亿元人民币，年度同比下降1%-3%。

该行预计公司次季毛利率年度同比下降，主要因毛利率较高的海外业务占比下降，及国内优化货盘、创新业务占比提升。销售费用率年度同比提升，主因直营相关开支及营销投入增加。非经营层面，次季投资人工智能企业产生亏损6亿元人民币，永辉并表亏损0.2亿元人民币，净汇兑亏损0.6亿元人民币，叠加股票挂钩证券、优先股赎回负债公允价值变动亏损，次季利润转亏。该行暂维持2026/2027年经调整净利润预测31亿/35亿元人民币不变，待公司中期业绩给出更多指引。

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