《大行報告》瑞信下調海底撈(06862.HK)目標價至32元 翻檯率降損前景
瑞信發表研究報告指,海底撈(06862.HK)今年上半年銷售為201億元人民幣按年升106%,按季則升7%,期內淨利9,450萬人民幣,業績預早前盈利預告一致,認為翻檯率及訂單規模下跌,令該行憂慮其利益前景及分店擴張潛力。該行將其目標價由50港元降至32港元,相當預測明年市盈率43倍,維持「中性」評級。
該行指出海底撈上半年淨開店299家,不過翻檯率由去年同期的3.3倍降至3倍,其中新店為2.3倍,同店則為3.1倍,由於分店擴張集中在低線城市,致相關地區翻檯率顯著由3.6倍跌至2.9倍。
瑞信表示,將海底撈2021及2022年收入預測各降16%及17%,下調對其2021及2022年每股盈測降70%及43%,以反映上半年業績表現,現時估算今明兩年將淨增380及200家分店,而今明兩年整體翻檯率則為3.1倍及3.5倍。
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