华泰证券:首次覆盖茶百道 给予“买入”评级

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06 Jan
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  华泰证券发布研究报告,首次覆盖茶百道(02555),给予“买入”评级。该行认为,茶百道具备 3 大竞争优势:1)牢抓性价比、便利性两大 C 端需求痛点,深耕大众价格带,以灵活的选址提高产品触达便捷度,进而做优外卖场景、增厚店效。2)B 端以小店模型全国化扩张,打造高效率 UE 持续吸引加盟商。3)供应链规模效益和议价能力较强,存货周转率高于同业。长远来看,公司在下沉市场、高线城市枢纽点位仍有加密空间,此外,境外业务有望成为公司第二成长曲线。

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