《大行报告》高盛:呷哺呷哺(00520.HK)主要增长动力凑凑餐饮总裁辞任 令人关注扩张步伐
有报道指呷哺呷哺(00520.HK)旗下凑凑餐饮首席执行官张振纬离任,高盛发布报告表示,近年来凑凑餐饮为呷哺呷哺主要的增长动力,凑凑餐饮自新冠疫情受控後录健康复苏,在今年3月达到了疫情之前的水平,而凑凑餐饮占呷哺呷哺去年总体收入约31%,市场亦预期凑凑餐饮於未来数年保持强劲的扩张空间(管理层原先指导至2021年将开设70家新店)。
该行认为,凑凑餐饮的强劲增长动力源於其现有的供应链以及其在集团长期经验,并注意到即将离任的首席执行官张振纬过往具强大执行力。该行将密切关注近期的执行情况,尤其是在门店扩张方面。该行下调对呷哺呷哺目标价由21元降至18元,维持对其「买入」评级。
按呷哺呷哺3月底披露今年首季仅开新店3间,对比今年全年原定开70家新店目标,高盛决定下调对凑凑火锅於2021年门店扩张计划由新增80间新店下修至60间,降凑凑火锅於2022年门店扩张计划由新增76间新店下修至65间,降凑凑火锅於2023年门店扩张计划由新增81间新店下修至65间,料凑凑火锅於2021年至2023年收入及餐厅盈利复合增长率均为27%。(wl/)
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