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《大行报告》野村下调海底捞(06862.HK)目标价至82.6元 评级「买入」
阿思达克 03-25 10:15
野村发表研究报告指,海底捞(06862.HK)为应对人手短缺问题,去年下半年加强投入自动化,於旗下超过900间餐厅设有机械人侍应,另外正开设超过50间新科技餐厅,由於中央厨房烹调至为客户提供个人化汤底均使用到智能化设备,预期中期有助降低员工成本。去年人工成本比例为33.8%,按年上升3.7个百分点,预期今年至2023年员工成本支出比例可回落至32.5%、32.3%及31.9%。

报告引述管理层指,去年已签订超过800间分店的新租约,当中有330间已开业,预期仍有470间餐厅将於今年开业,较预测的280间为多。该行目前预期今年有500间新店将开业,店铺数量将按年增长39%,加上推出新产品,预期平均售价於未来三年可提升2%至3%,因此将今年销售收入增长预期提升至88%。

野村指,海底捞去年业绩大致上符合预期预期,相信是由於去年下半年表现与上半年比较有强劲反弹,翻桌率由上半年的3.4次提升至3.8次,每名客人平均消费亦按年增长4.7%,但考虑到人工成本上升,该行将净利润预测下调7.4%,并将目标价下调7.35至82.6元 ,重申「买入」评级。

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