金吾财讯 | 名创优品(09896)股价疲软，截至发稿，报40.05港元，跌4.64%，成交额6.8亿港元。消息面上，野村表示，预计名创优品2024年财年第四季中国销售额将温和增长，主要由于中国市场同店销售额增长势头疲软，料按年跌幅为低单位数；加上净增117间门市，名创优品国内销售额应会按年增加10%，略低于该行预期的按年增长11%。对于海外业务，野村预计名创优品的销售动能将在2024财年第四季持续，即预期按年增长49%，低于该行先前预测的57%按年增长。总体而言，野村预计名创优品2024财年第四季的销售额将按年增加26%，接近公司预测按年增长25%至30%的指引下限水平，并低于该行先前预测的按年增加29%。野村预料，名创优品2024财年的经调整净利润率将达到16%，也将处于公司指引16%至16.5%的下限水平。该行预计2024财年经调整净利润为27亿元人民币，略低于指引及该行估计的28亿元人民币。展望2025财年，野村预期名创优品中国同店销售将逐步回升，至于经营利润率将继续承压。同时将2024至2026财年收入及经调整净利润预测，分别下调约1%及2%至5%，并将其美股目标价由28.1美元下调至26.7美元，维持“买入”评级。
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