《大行》交銀國際升名創優品(09896.HK)目標價至48.7元 續籲「買入」
交銀國際研究報告指,名創優品(09896.HK)上半年收入按年增長21.1%至93.9億元人民幣(下同),其中次季按年增長23.1%,超過此前指引,由海外市場和Top Toy推動。上半年經調整淨利潤按年微增3%至12.8億元,次季經調整淨利潤率按季改善至13.9%,但仍低於去年同期,受到海外直營店投入的影響。
名創優品上調全年整體收入增長指引至超過25%,內地門店的同店銷售全年有望實現按年正增長,並預期全年經調整經營利潤將達36.5億至38.5億元,對應按年增長7%至13%。
考慮到上半年業績和近期的銷售趨勢,交銀國際小幅上調2025年收入預測1%,但下調了2026至27年收入預測2%至4%,基於更加保守的利潤率假設,報告下調了2025至27年調整後淨利潤預測13%至14%,至28億至40億元。基於16倍預測市盈率不變(滾動至2026年),目標價由46.42港元升至48.7港元,維持「買入」評級
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.