机构：华鑫证券 卡位女性赛道 打造圣贝拉品牌认知 盈利预测 预测公司2025 年-2027 年营收11、14.8、19.6 亿元，归母净利润分别为0.94、2.0、3.19 亿元，对应最新 市值PE 为43.1/20.1/12.6 倍，公司卡位垂类月子中心赛道积极布局一老一小，伴随老龄化推进，其养老 护理业务有望承接市场新需求，也为公司提供双重增长引擎，圣贝拉具有"全生命周期家庭生态"的特色 性，首次覆盖，给予"买入"投资评级。 风险提示 产业政策变化的风险；用户付费的可持续的风险、酒店合作中断风险、预付费资金监管缺位及海外业务 合规隐患的风险、低出生率持续的风险、技术落地不及预期的风险、政策风险如月子中心行业兼顾趋 严；行业分散竞争的风险；宏观经济波动的风险。 研究员：朱珠 成立于2017 年的圣贝拉SAINT BELLA 以月子中心为入口（2024 年公司主业市占率1.2%），逐步构建 覆盖"产前-产后-育儿-养老"的全生命周期服务生态，收入端，2022-2024年营收从4.72 亿元升至7.99 亿 元，年复合增长率达30%，经调整净利润从2022 年亏损转为2023 年盈利0.208 亿元，2024 ...

2025 年 07 月 24 日 卡位女性赛道延伸至全生命周期生态 买入(首次) 投资要点 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn 基本数据 | 当前股价（港元） | 7.27 | | --- | --- | | 总市值（亿港元） | 44.3 | | 总股本（百万股） | 609.7 | | 流通股本（百万股） | 609.7 | | 52 周价格范围（港元） | 6.08-11 | | 日均成交额（百万港元） | 86.7 | 市场表现 资料来源：Wind，华鑫证券研究 -40% -20% 0% 20% 40% 圣贝拉 恒生指数 —圣贝拉（2508.HK）公司动态研究报告 ▌ 卡位女性赛道 打造圣贝拉品牌认知 成立于 2017 年的圣贝拉 SAINT BELLA 以月子中心为入口 （2024 年公司主业市占率 1.2%），逐步构建覆盖"产前-产 后-育儿-养老"的全生命周期服务生态，收入端，2022-2024 年营收从 4.72 亿元升至 7.99 亿元，年复合增长率达 30%， 经调整净利润从 2022 年亏损转为 2023 年盈利 0.208 亿元， 2024 ...

Core Viewpoint - The article discusses the urgent need for a comprehensive pension financial ecosystem in China to address the challenges of aging population and retirement planning, emphasizing the integration of finance, technology, and elder care services [1][6]. Group 1: Pension Financial Ecosystem - The pension financial ecosystem encompasses three main areas: pension finance, elder care service finance, and elder care industry finance, aiming to provide a holistic service system throughout an individual's life stages [2][3]. - Key elements of the ecosystem include participants such as government, financial institutions, elder care service providers, and technology companies, each playing a crucial role in policy-making, product offerings, and service delivery [2]. Group 2: Pension System Structure - The core of pension finance is the "three-pillar" pension system, which includes basic pension insurance, enterprise/professional annuities, and personal pensions, alongside a specialized asset management system to ensure safety and returns [3]. - The elder care service finance should establish comprehensive payment tools that integrate insurance, savings, and credit functions to enhance the accessibility of elder care services [3]. Group 3: Strategies for Different Life Stages - During the working phase (pension wealth accumulation), it is essential to enhance education and awareness about pension planning, innovate products and services, and foster collaboration with enterprises to provide tailored pension solutions [4]. - In the retirement phase (pension wealth consumption), expanding pension financial products and optimizing elder care service finance are critical, including the promotion of a "personal pension account+" model and improving service facilities [5]. Group 4: Future Development - The construction of a comprehensive pension financial ecosystem is a complex task requiring collaboration among government, financial institutions, technology companies, and consumers to provide personalized and sustainable pension solutions [5][6]. - The continuous development of financial technology and improvement of pension financial policies will create greater opportunities for the pension financial ecosystem, supporting the response to the challenges of an aging population [6].