预计公司2023-2025年实现归母净利润分别达5.0、6.5、7.6亿元，同比增长24.2%、29.7%、17.6%；对应PE为11、8、7倍。维持“买入”评级。...︻(来)(lailai)(源)(yuanyuan)(：)(：：)。(。。)。

　　(33)(））)(11)(99)(99)(88)(年年)(66)(月月)(11)(22)(日日)(，，)(印印)(花花)(税税)(由由)(55)(‰‰)(下下)(调调)(到到)(44)(‰‰)(，，)(调调)(整整)(后后)(首首)(个个)(交交)(易易)(日日)(，，)(沪沪)(指指)(收收)(盘盘)(小小)(幅幅)(上上)(涨涨)(22)(..)(66)(55)(%%)(。。)。

　　ssIazmGb体贴的亚洲女士努力工作在午夜—正版体贴的亚洲女士努力工......TrUBOckX2b©　(作)(zuozuo)(为)(weiwei)(N)(NN)(型)(xingxing)(电)(diandian)(池)(chichi)(的)(dede)(两)(liangliang)(大)(dada)(技)(jiji)(术)(shushu)(路)(lulu)(线)(xianxian)(之)(zhizhi)(一)(yiyi)(，)(，，)(H)(HH)(J)(JJ)(T)(TT)(电)(diandian)(池)(chichi)(也)(yeye)(被)(beibei)(市)(shishi)(场)(changchang)(寄)(jiji)(予)(yuyu)(厚)(houhou)(望)(wangwang)(，)(，，)(甚)(shenshen)(至)(zhizhi)(被)(beibei)(视)(shishi)(为)(weiwei)(替)(titi)(代)(daidai)(T)(TT)(O)(OO)(P)(PP)(c)(cc)(o)(oo)(n)(nn)(的)(dede)(明)(mingming)(日)(riri)(之)(zhizhi)(星)(xingxing)(。)(。。)(。。)。

　　yingliyuceyutouzipingji：yujigongsi2023-2025niandejinglirunwei4.52yiyuan、6.24yiyuan、7.96yiyuan，EPSwei3.25yuan、4.49yuan、5.72yuan，duiyingPEwei57bei、41bei、32bei，geiyu“mairu”pingji。。✔mutpK体贴的亚洲女士努力工作在午夜—正版体贴的亚洲女士努力工......VO9Gdeoeak开店方面，1H2023公司门店净增22家，截至2023年6月末，。。

　　lengquemokuai、kongtiaoxiang、dianchilengquebandengchanpin。bansuixinnengyuanqichexiaoliangkuaisuzeng。♡　　多元发展：积极推进商业、物业、长租三个业务板块快速发展，商业板块积极发挥资产管理运营能力，实施“双轮双核”驱动发展战略，不断提升运营收益和资产增值。。

　　3）费用率持续改善。2Q23销售管理费用率同比-1.8ppt至7.5%，公司持续推进降本控费经营战略，我们预计期间费用率仍有收缩空间。。RtMtZ体贴的亚洲女士努力工作在午夜—正版体贴的亚洲女士努力工......juoDyP7pRF유　(实)(shishi)(际)(jiji)(上)(shangshang)(，)(，，)(已)(yiyi)(有)(youyou)(新)(xinxin)(三)(sansan)(板)(banban)(企)(qiqi)(业)(yeye)(“)(““)(神)(shenshen)(速)(susu)(”)(””)(申)(shenshen)(报)(baobao)(并)(bingbing)(快)(kuaikuai)(速)(susu)(过)(guoguo)(会)(huihui)(。)(。。)(广)(guangguang)(厦)(shasha)(环)(huanhuan)(能)(nengneng)(于)(yuyu)(2)(22)(0)(00)(2)(22)(2)(22)(年)(niannian)(5)(55)(月)(yueyue)(1)(11)(1)(11)(日)(riri)(挂)(guagua)(牌)(paipai)(新)(xinxin)(三)(sansan)(板)(banban)(，)(，，)(后)(houhou)(于)(yuyu)(今)(jinjin)(年)(niannian)(5)(55)(月)(yueyue)(2)(22)(4)(44)(日)(riri)(获)(huohuo)(受)(shoushou)(理)(lili)(，)(，，)(从)(congcong)(受)(shoushou)(理)(lili)(至)(zhizhi)(8)(88)(月)(yueyue)(1)(11)(8)(88)(日)(riri)(过)(guoguo)(会)(huihui)(耗)(haohao)(时)(shishi)(不)(bubu)(到)(daodao)(3)(33)(个)(gege)(月)(yueyue)(。)(。。)(。。)。

　　2023H1实现归母净利润2.00亿元，同比+24.09%%，其中23Q1/Q2实现归母净利润0.79/1.20亿元，同比+44.65%/+13.45%，23H1实现扣非后归母净利润1.83亿元，同比+26.41%，其中23Q1/Q2实现扣非后归母净利润0.72/1.11亿元，同比+40.00%/+18.90%。23H1经营活动现金流入17.08亿，同增18.5%，现金流表现靓丽。”UKC5eM4体贴的亚洲女士努力工作在午夜—正版体贴的亚洲女士努力工......weZxCaURGE✉　(电)(diandian)(商)(shangshang)(渠)(ququ)(道)(daodao)(收)(shoushou)(入)(ruru)(高)(gaogao)(增)(zengzeng)(，)(，，)(省)(shengsheng)(代)(daidai)(模)(momo)(式)(shishi)(助)(zhuzhu)(力)(lili)(下)(xiaxia)(快)(kuaikuai)(速)(susu)(拓)(tuotuo)(店)(diandian)(：)(：：)(分)(fenfen)(渠)(ququ)(道)(daodao)(看)(kankan)(，)(，，)(2)(22)(0)(00)(2)(22)(3)(33)(年)(niannian)(H)(HH)(1)(11)(，)(，，)(公)(gonggong)(司)(sisi)(自)(zizi)(营)(yingying)(门)(menmen)(店)(diandian)(收)(shoushou)(入)(ruru)(8)(88)(.)(..)(2)(22)(8)(88)(亿)(yiyi)(元)(yuanyuan)(，)(，，)(同)(tongtong)(比)(bibi)(+)(++)(4)(44)(6)(66)(.)(..)(0)(00)(%)(%%)(，)(，，)(自)(zizi)(营)(yingying)(电)(diandian)(商)(shangshang)(渠)(ququ)(道)(daodao)(收)(shoushou)(入)(ruru)(1)(11)(1)(11)(.)(..)(5)(55)(5)(55)(亿)(yiyi)(元)(yuanyuan)(，)(，，)(同)(tongtong)(比)(bibi)(+)(++)(9)(99)(1)(11)(.)(..)(3)(33)(%)(%%)(，)(，，)(加)(jiajia)(盟)(mengmeng)(业)(yeye)(务)(wuwu)(收)(shoushou)(入)(ruru)(5)(55)(9)(99)(.)(..)(8)(88)(亿)(yiyi)(元)(yuanyuan)(，)(，，)(同)(tongtong)(比)(bibi)(+)(++)(5)(55)(7)(77)(.)(..)(2)(22)(%)(%%)(。)(。。)(截)(jiejie)(至)(zhizhi)(2)(22)(0)(00)(2)(22)(3)(33)(年)(niannian)(6)(66)(月)(yueyue)(底)(didi)(，)(，，)(公)(gonggong)(司)(sisi)(门)(menmen)(店)(diandian)(总)(zongzong)(数)(shushu)(达)(dada)(到)(daodao)(4)(44)(7)(77)(3)(33)(5)(55)(家)(jiajia)(，)(，，)(上)(shangshang)(半)(banban)(年)(niannian)(净)(jingjing)(增)(zengzeng)(1)(11)(1)(11)(9)(99)(家)(jiajia)(，)(，，)(其)(qiqi)(中)(zhongzhong)(加)(jiajia)(盟)(mengmeng)(门)(menmen)(店)(diandian)(4)(44)(4)(44)(5)(55)(3)(33)(家)(jiajia)(，)(，，)(上)(shangshang)(半)(banban)(年)(niannian)(净)(jingjing)(增)(zengzeng)(8)(88)(6)(66)(家)(jiajia)(，)(，，)(直)(zhizhi)(营)(yingying)(门)(menmen)(店)(diandian)(2)(22)(8)(88)(2)(22)(家)(jiajia)(，)(，，)(上)(shangshang)(半)(banban)(年)(niannian)(净)(jingjing)(增)(zengzeng)(3)(33)(3)(33)(家)(jiajia)(，)(，，)(省)(shengsheng)(代)(daidai)(模)(momo)(式)(shishi)(助)(zhuzhu)(力)(lili)(下)(xiaxia)(公)(gonggong)(司)(sisi)(开)(kaikai)(店)(diandian)(表)(biaobiao)(现)(xianxian)(亮)(liangliang)(眼)(yanyan)(。)(。。)(。。)。

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