《大行報告》瑞銀首予海底撈(06862.HK)評級「中性」 目標價44元
瑞銀髮表研究報告,首予海底撈(06862.HK)「中性」評級,目標價44元,相當於明年預測市盈率34倍,或明年預測市盈增長率1倍,並意味其2021至2023年純利年均複合增長率料約34%。報告認爲公司在未來店鋪擴張及翻檯率方面存在不確定性,該行數據亦顯示海底撈旗下自家分店互相侵蝕及競爭對手快速擴張,致今年以來公司復甦慢過同業。報告估計分店擴張減慢將令員工維持高服務水平的誘因減低。
據該行數據顯示,公司首季互相侵蝕情況較主要競爭對手嚴重,而相關情況自2019年起急劇增加,與公司加快開店及同店銷售轉弱的情況一致,假如海底撈分店擴張至3,000家,翻檯率將跌至每日3.6次。該行估計今年公司在中高端火鍋市佔將達15%至30%,主要受惠分店擴張,不過競爭對手同時加快擴張。
該行認爲市場已合理反映海底撈盈利增長前景,將留意復甦率有否改善及競爭壓力會否緩和,未來或成爲正面催化劑。該行予其2021至2023年每股盈測分別0.72元、1.05元及1.28元人民幣,均低於市場預期。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.