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【券商聚焦】国海证券首予百果园(02411)增持评级 指战略转型成效显现_今日热议

2026-10-14 10:10:35来源：金吾财讯  


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国海证券：首予百果园集团(02411.HK)“增持”评级金吾财讯|国海证券发布研报指，百果园集团(02411.HK)2026H1归母净利润同比扭亏为盈，毛利率同比提升，战略转型成效显现。研报未给出目标价，首次覆盖给予“增持”评级。2026H1公司收入50.08亿元人民币，同比增长14.5%；毛利6.09亿元，同比增长182.5%；归母净利润0.34亿元，上年同期亏损3.42亿元，实现扭亏；经调整净利润0.61亿元，上年同期亏损2.95亿元。毛利率由4.9%增至12.2%，同比提升7.3个百分点，净利率由-8.1%转正至0.6%。其中，“七星联盟”业务模式收入7.21亿元，占集团收入14.7%。加盟基本盘企稳，门店网络重回扩张。2026H1加盟水果门店产品销售收入30.81亿元，同比增长0.1%。截至2026年6月末，水果零售门店达4,758家，较上年同期净增372家，同比增长8.5%；单店日均销售额同比增长约1.37%。七星联盟与7家区域零售品牌合作，品牌合作门店达1,951家，贡献约5,560万元新增毛利；存货平均周转天数由2025H1的12.3天降至2026H1的11.2天。般果平台稳步扩张，AI降本增效持续兑现。2026H1深圳般果B2B平台GMV达14亿元，同比增长21.9%，全国主要仓库增至9座；海外B端水果及水果产品销售额同比增长36.3%至1.545亿元。AI客服使客服团队人力成本下降44%，远程智能巡店效率提升至传统巡店的5倍。盈利预测方面，预计2026—2028年公司营业收入96、105、115亿元人民币，归母净利润0.56、1.62、2.27亿元人民币，对应PE分别为49.86/17.29/12.37倍。

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