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《大行報告》花旗下調頤海國際(01579.HK)目標價至43.7元 評級「沽售」
阿思達克 06-23 09:46
花旗發表報告指,據頤海國際(01579.HK)管理層分享,今年上半年的第三方銷售按年增長單位數,關聯方銷售高於2019年上半年。不過淨利潤率將下降,原因是銷售組合轉向關聯方,廣告和促銷活動增加,原材料成本上漲,以及隨著線上分銷商招聘,對物流投資增加。

該行將頤海國際2021年至2023年度的淨利潤預測下調10%至13%,以反映較低的第三方銷售和廣告促銷活動增加,目標價由74.4元下調至43.7元,維持「沽售」評級。

另外,花旗預計,頤海國際今年上半年供應海底撈的比例將維持在與去年相同的86%水平,全年亦將超過80%。海底撈向第三方供應商採購主要是由於更優惠的價格,某些地區的物流運營效率,以及當地供應商提供的本地化口味。為了與這些供應商競爭,頤海旨在優化運營和加強新產品。管理層提到今年上半年沒有價格調整,相信下半年大幅降價的可能性很低。

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