周观点:如何理解蜜雪集团上市后首周股价的优异表现?截至3 月7 日公司股价相较发行价202.5 港元已上涨75.3%至355 港元。纵观海内外连锁消费业态龙头,高速扩张期的估值中枢通常显著高于成熟期(60-100 倍vs 稳定期15-30 倍),而成熟期优秀企业凭借经营阿尔法仍有望获得相对估值溢价。其核心逻辑在于,门店数量扩张能为连锁企业收入增长提供更强劲的信心,考虑新店爬坡期过后的盈利兑现有较强...
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