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《大行报告》大和升海底捞(06862.HK)目标价至32元评级「持有」
阿思达克 08-22 11:04

大和发表的报告指,海底捞(06862.HK)上半年业绩好坏参半,留意到受餐厅扩张步伐影响,期内经营去杠杆的压力浮现,重申「持有」评级,相信其价值合理。该行指出公司计划下半年加快餐厅开业,而上半年开业餐厅数目多过预期,加上一、二线城市同店销售增长减慢,以及新店回本期由1-3个月延长至1-4个月,各项因素均令公司短期盈利可见性减低。

该行认为公司下半年开店仍维持进取步伐,反映公司存在自我竞争的风险,特别是一、二线城市。中期而言公司开店计划仍未清晰,因为其扩张计划是采取由下而上的方式,主要是由餐厅经理所推动。而公司策略性建立低成本库存,有助带动上半年毛利率维持稳定,但今年以来原材料成本持续上升,认为公司平均销售单价下半年或只有单位数升幅,未必足够弥补包括牛、羊肉在内的价格升幅。

该行将公司2019-21年净利预测升2-4%,主要考虑公司有更多新店开张,现时估计2019-21年分将有300/250/200家分店开张,但将每股盈测下调1-2%,重申「持有」评级,目标价由23.5元升至32元。 ~

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