《大行报告》麦格理上调呷哺呷哺(00520.HK)目标价至21.6元 评级「跑赢大市」
麦格理发表报告指,呷哺呷哺(00520.HK)去年下半年收入增长6.5%,纯利增长107%,撇除一次性汇兑损失,净利润符合预期。
该行指出,呷哺呷哺的双品牌策略推动增长,去年下半年收入按年跌9.5%,但见到三线及以下城市情况有所复苏,部分地区已录得轻微增长,而一线城市分店翻桌率亦有显着改善。呷哺呷哺近期推出套餐产品,该行预期有助缓解近期原材料成本波动及提升翻桌率。
呷哺呷哺品牌方面,该行预计公司今年门店扩张步伐将会加快;至於凑凑火锅自去年下半年起复苏步伐良好,增长势头延续至今年,公司计划今年开设70家门店,并期望扩张步伐加快,相信将重点於二、三线城市发展。同时受惠於成本结构改善,二线城市分利润率高於一线城市,麦格理预计凑凑火锅品牌销售额将按年增长73.7%,并占今年总销售额的约35%。
该行认为,尚未进军的地区对於公司而言是足够的增长空间,预期火锅及茶饮受年轻消费者欢迎,维持「跑赢大市」评级,并将目标价由19.7元上调至21.6元,以反映2022年预测市盈率约30倍。
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