《大行報告》匯豐研究削海底撈(06862.HK)目標價45%至21.1元 「撈底」時機未至
匯豐研究發表報告指,海底撈(06862.HK)今年上半年整體翻檯率每天3次,較去年同期每天3.3次下跌,整體翻檯率轉差導致盈利令人失望,加上海底撈品牌能力越來越弱,相信擴張及盈利能力的拉鋸戰會持續,維持「減持」評級,將目標價由38.2元調低至21.1元,下調幅度達45%。
匯豐稱,海底撈股價自今年起已累跌56%,然而,目前仍未到「撈底」時機,只有管理層減少開店計劃,公司盈利能力才能回復。惟管理層仍然有意維持開新店的步伐,該行維持收入預測大致不變,但下調毛利率預測,同時調低2021年至2023年預測純利72%、48%及41%,較市場純利預測低49%至68%。
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