金吾财讯 | 中金发研报指，名创优品(09896)宣布发行本金总额5.5亿美元、2032年到期的股票挂钩证券；同时就该股票挂钩证券订立认购协议及看涨期权价差，以筹集资金。该行认为，该交易帮助公司获取融资的同时也将潜在摊薄延迟至较高的实际行使价，考虑102.1元的转股价较1月6日港股收市价51.05元溢价100%，此举反映公司对长期发展的信心。该行表示，名创优品计划将是次交易筹集资金净额用于海外业务发展及股份回购，该行认为本次融资将助力海外业务保持快速发展，募集资金用于回购也将进一步增厚股东回报。至于每年第四季是公司海外业务旺季，去年第四季公司哈利波特IP产品首次全球同步上新，相关产品在全球多地实现热销，该行看好公司去年第四季的收入增长性和盈利能力。该行维持名创优品2024及2025年每股盈利预测2.16与2.62元人民币不变，并引入2026年每股盈利预测3.16元人民币。将估值切换至今年，该行上调名创优品港股及美股目标价19%，各至56.87港元及29.35美元，均维持“跑赢行业”评级。
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