野村:首予海底撈及九毛九買入評級 連鎖餐飲復甦強勁
野村發表研究報吿指,中國餐飲行業是2021年其中一個推薦的消費板塊,該行業正沿着標準化及品牌效應的方向增長,首予海底撈(6862.HK)買入評級,目標價91.3港元;又首予九毛九(9922.HK)買入評級,目標價35.8港元。
野村指,中國的餐飲連鎖店滲透率只有2%,對比環球平均的19.1%,及美國的37%;國內餐飲連鎖店銷售2018-20年的複合年增長率為13.5%,較整個餐飲行業的9%增長較快。
野村續指,中國新冠疫苗推出已令餐飲業銷售由2020首季的跌44.3%收窄至全年的16.6%,復甦強勁。該行預期,海底撈及九毛九旗下太二酸菜魚的餐桌利用率將由2020年的3.2倍及3.8倍,上升至2021年的3.9倍及4.5倍。該行又料,連鎖店營運商將可從規模效應中獲益。
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