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《大行報告》野村下調海底撈(06862.HK)目標價至82.6元 評級「買入」
阿思達克 03-25 10:15
野村發表研究報告指,海底撈(06862.HK)為應對人手短缺問題,去年下半年加強投入自動化,於旗下超過900間餐廳設有機械人侍應,另外正開設超過50間新科技餐廳,由於中央廚房烹調至為客戶提供個人化湯底均使用到智能化設備,預期中期有助降低員工成本。去年人工成本比例為33.8%,按年上升3.7個百分點,預期今年至2023年員工成本支出比例可回落至32.5%、32.3%及31.9%。

報告引述管理層指,去年已簽訂超過800間分店的新租約,當中有330間已開業,預期仍有470間餐廳將於今年開業,較預測的280間為多。該行目前預期今年有500間新店將開業,店鋪數量將按年增長39%,加上推出新產品,預期平均售價於未來三年可提升2%至3%,因此將今年銷售收入增長預期提升至88%。

野村指,海底撈去年業績大致上符合預期預期,相信是由於去年下半年表現與上半年比較有強勁反彈,翻桌率由上半年的3.4次提升至3.8次,每名客人平均消費亦按年增長4.7%,但考慮到人工成本上升,該行將淨利潤預測下調7.4%,並將目標價下調7.35至82.6元 ,重申「買入」評級。

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