星展:名创优品核心利润或受海外增长放缓和利润率稀释拖累

格隆汇
Sep 08
星展集团研究分析师在一份报告中表示,名创优品2026-2027年核心利润可能因海外销售增长慢于预期以及直营店带来的利润率稀释幅度大于预期而承压。名创优品的最新指引更加谨慎,反映出其在欧洲进行重组,计划关闭100-110家业绩不佳的分销商门店。公司的盈利能力可能继续受到向海外直营店转型和销售费用上升的拖累。分析师将2026-2027年核心利润预测下调23%-32%。不过,市场对名创优品利润率的担忧可能已反映在股价中。星展将ADR目标价从20美元下调至12美元,但维持买入评级。

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