发布时间：2026-03-23 股票投资评级 买入|维持 -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 2025-03-21 2025-08-18 2026-01-13 圣贝拉集团 恒生指数 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价(元） | 25.95 | | --- | --- | | 总股本/流通股本(亿股) | 16.71 | | 总市值/流通市值(亿元） 433.55 | | | 52 周高/低(元） | 42.01 /15.62 | | 资产负债率(%) | | | 市盈率 PE | 30.40 | | 第一大股东 | 以岭医药科技有限公司 | | 持股比例 | 31.53% | | 实际控制人 | 31.05% | 证券研究报告：食品饮料 |行业点评报告 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 圣贝拉集团(2508.HK ) ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company is transitioning from a high-end offline maternity service provider to a comprehensive maternal and infant health service platform driven by AI technology [4][5] - The "Bela Doctor" app serves as the core entry point for a full-cycle service ecosystem, integrating external AI capabilities and internal professional service systems [6] - The company has established a scientific "age-based parenting" service system, enhancing customer experience and brand loyalty [7] - Strategic investment in AI service provider WITH1000 AI aims to improve user understanding and industry standards [8] - Collaboration with China Merchants Bank to create a secure maternity guarantee fund account enhances customer confidence [9] Financial Projections - Revenue forecasts for 2025-2027 are projected at 1.076 billion, 1.403 billion, and 1.777 billion yuan, representing year-on-year growth of 34.73%, 30.42%, and 26.65% respectively [11] - Net profit forecasts for the same period are 315 million, 406 million, and 478 million yuan, with growth rates of 157.65%, 28.75%, and 17.71% respectively [11] - The company is expected to achieve an EPS of 0.51, 0.65, and 0.77 yuan for 2025, 2026, and 2027 [13]