智通财经APP获悉，名创优品(09896)午后涨超5%，截至发稿，涨4.78%，报32.85港元，成交额2.47亿港元。
消息面上，特朗普承认美对自华进口商品关税过高，预计将大幅降低。天风证券指出，名创优品24年北美收入占比约30%，海外直营市场非中国采购比例已提升至30%、美国市场比例提升至约40%。公司持续深化全球布局，加大直采，并灵活调整定价，保持毛利率稳定。
长江证券则表示，中长期看名创优品不乏投资亮点。国内业务通过创新店态矩阵、小店转大店、线上O2O展开更加精细化的运营；海外直营亮眼展店表现和较强的IP拉动作用；直营投入导致阶段性稀释利润率，预计后续伴随海外和国内直营门店的规模效应和控费带动盈利回暖；预计上述战略的有效落地将带来公司收入端加速和盈利能力回暖，2025-2027年经调整净利润为30.4亿、37.3亿和45.9亿，维持“买入”评级。
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