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《大行报告》高盛降颐海(01579.HK)目标价至100元 评级「中性」
阿思达克 03-26 14:02
高盛发表研究报告,指颐海国际(01579.HK)去年下半年第三方销售低於管理层预测,本年至今新产品销售呆滞。管理层归咎於品牌投资力度不足,新产品激励短板及供应链欠效率。公司将引入区域经理,理顺供应链激励及逐渐加强品牌推广以改善经营。

报告称,对颐海而言,因为第三方业务基数较高,今年具挑战性。公司对新产品展望趋保守,增加品牌推广及定价下调料抑压毛利率。正面而言,随着海底捞(06862.HK)店铺扩张,其关连方销售强劲反弹可期,加上上半年基数较低,增长有高可见度。长远而言,受惠产品创新往绩、激励计划改善、持续物流优化及成本控制等,对其增长机遇维持正面看法,考虑估值上行空间有限,短期新产品潜在毛利压力,维持「中性」评级,并削2021至2025年盈测介乎9%至10%,目标价由117元降至100元。

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