《大行報告》大和下調海底撈(06862.HK)目標價至31.5元 評級「跑贏大市」
大和發表的研究報告指,海底撈(06862.HK)於8月24日公布上半年業績,淨利9,500萬元人民幣,主要因為疫情相關影響及公司積極擴張銷售點拖累盈利能力。
該行指出近期受河南水災及個別地區爆發疫情等令翻檯率較波動,不過管理層指出8月份趨勢反映復甦勢頭較好,並對擴張看法正面,不過在密集式的做法上將較審慎,相信部分分店翻檯率將逾5倍,惟長龍或影響顧客用餐感受。公司有透過其應用程式與顧客互動,其中逾8,500萬名客戶貢獻逾八成上半年的收入,意味公司可進一步改善增值服務及變現會員基礎。6月份公司推動組織架構改革,以加強分店管理,各個大型地區均由小型地區組成,並由經理負責到店檢查、考核及指引。
該行將公司2021-22年每股盈測降32-67%,以反映對開店及翻檯率估算下降,目標價由58.5元降至31.5元,評級維持「跑贏大市」。
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