《大行报告》美银证券上调呷哺呷哺(00520.HK)目标价至22.1元 评级「买入」
美银证券发表研究报告指,呷哺呷哺(00520.HK)复苏步伐好於预期,高端火锅品牌「凑凑火锅」增长加快,因此将2020年每股盈利预测提升至2分人民币,并将2021至2022年每股盈利预测分别提高6%及3%。
该行指,呷哺品牌同店销售增长恢复到疫情前水平的90%以上,而凑凑火锅同店销售在11月恢复到100%以上,在行业龙头中复苏速度属最快。美银指出,呷哺呷哺在2020年采取了相对保守的扩张策略,每个品牌的门店净增40家,重点放在网络优化、运营调整及品牌建设上,为未来经营打好基础,认为到2021年扩张可能会加快,呷哺呷哺和凑凑火锅将分别增加100和70家分店。
美银表示,低基数效应和经济活动正常化可能对呷哺呷哺的2021年增长而言利好,2019至2022年每股盈利复合增长率料达36%,因此将目标价由11元大幅上调至22.1元,以反映更强的中期增长潜力,重申「买入」评级。
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