《大行報告》中金:海底撈(06862.HK)擴張速度快預期 上調目標價至52.3元
中金發表的研究報告指,海底撈(06862.HK)上半年業績基本上符合早前盈警,估計8月份海底撈餐廳的整體平均翻台率達每日4次,呈穩步復甦的趨勢,而8月同店翻台率達每日4-4.5次,同店銷售亦回復至去年同期的80-90%,雖然目前疫情會否反覆仍存在不確定性,但該行認為形勢變化的反應將更迅速。
另外該行料公司擴張速度將快過預期,估算7月及8月分別開設40-50家餐廳,考慮到簽約餐廳數量及疫情期間更多獲得優質點位的機會,估計全年公司淨開店數量或超之前300家的目標。
長遠而言該行認為公司正積極改善內部組織架構,並加強餐廳智能化升級,長期來看認為公司對新技術的運用有助於確保食品安全及提升營運效率等。該行維持對公司2020年盈利預測,考慮到擴張速度快過預期,將2021年盈利預測升8%至49億元人民幣,目標價升16%至52.3元,評級維持「跑贏行業」。
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