中信建投:維持海底撈(6862.HK)“買入”評級
中信建投證券發佈報告稱,海底撈(6862.HK)當前股價對應2020、2021年PE為54、30倍,預計海底撈門店長期穩定後合理估值約40倍,近兩年仍享受一定估值溢價,約支撐60-65倍估值,當前位置股價具有底部韌性,維持其“買入”評級,目標價格6個月為42港元。
該行表示,從現金流狀況看,海底撈近幾年經營性現金流保持穩定增勢,受益近兩年門店數量的快速擴張,經營性現金流有所提升,並且公司經營性現金流量金額與融資活動現金流量金額之和大於投資活動現金流量淨支出。
從資金狀況看,公司現金及現金等價物餘額較為充裕,速動資產呈現快速增長態勢,且存貨水平受益供應鏈佈局較為可控。測算現金及現金等價物應對停業期間的員工工資支出以及保障全年的開店計劃,都較為充裕。
從營運資金角度看,公司受益2018年公司在港股IPO募資,2018年以來流動資產合計金額均大幅超出流動負債合計金額,債務情況良好。
從經營效率看,公司穩固護城河帶來的較高經營效率將有利於保障門店恢復營業後現金流的改善。對比其他連鎖餐飲及正餐巨頭,海底撈在現金流和資金狀況上總體存在一定的優勢。

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