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《大行報告》麥格理上調呷哺呷哺(00520.HK)目標價至21.6元 評級「跑贏大市」
阿思達克 04-01 10:43
麥格理發表報告指,呷哺呷哺(00520.HK)去年下半年收入增長6.5%,純利增長107%,撇除一次性匯兌損失,淨利潤符合預期。

該行指出,呷哺呷哺的雙品牌策略推動增長,去年下半年收入按年跌9.5%,但見到三線及以下城市情況有所復甦,部分地區已錄得輕微增長,而一線城市分店翻桌率亦有顯著改善。呷哺呷哺近期推出套餐產品,該行預期有助緩解近期原材料成本波動及提升翻桌率。

呷哺呷哺品牌方面,該行預計公司今年門店擴張步伐將會加快;至於湊湊火鍋自去年下半年起復甦步伐良好,增長勢頭延續至今年,公司計劃今年開設70家門店,並期望擴張步伐加快,相信將重點於二、三線城市發展。同時受惠於成本結構改善,二線城市分利潤率高於一線城市,麥格理預計湊湊火鍋品牌銷售額將按年增長73.7%,並佔今年總銷售額的約35%。

該行認為,尚未進軍的地區對於公司而言是足夠的增長空間,預期火鍋及茶飲受年輕消費者歡迎,維持「跑贏大市」評級,並將目標價由19.7元上調至21.6元,以反映2022年預測市盈率約30倍。

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