《大行报告》汇丰研究削海底捞(06862.HK)目标价45%至21.1元  「捞底」时机未至
汇丰研究发表报告指,海底捞(06862.HK)今年上半年整体翻台率每天3次,较去年同期每天3.3次下跌,整体翻台率转差导致盈利令人失望,加上海底捞品牌能力越来越弱,相信扩张及盈利能力的拉锯战会持续,维持「减持」评级,将目标价由38.2元调低至21.1元,下调幅度达45%。
汇丰称,海底捞股价自今年起已累跌56%,然而,目前仍未到「捞底」时机,只有管理层减少开店计划,公司盈利能力才能回复。惟管理层仍然有意维持开新店的步伐,该行维持收入预测大致不变,但下调毛利率预测,同时调低2021年至2023年预测纯利72%、48%及41%,较市场纯利预测低49%至68%。
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