《大行報告》麥格理下調海底撈(06862.HK)目標價至31元 評級「中性」
麥格理發表報告,海底撈(06862.HK)上半年收入按年增長105.9%,達到201億元人民幣,凈利潤為9,500萬元人民幣,去年同期淨虧損為9.65億元人民幣。該行對海底撈持觀望態度,維持「中性」評級,目標價由45港元下調31%至31港元,相等於35倍的預測2022財年市盈率。
麥格理認為,海底撈目前的股價很大程度上已對經濟復甦定價,但其門店運營效率是否能迅速回復到疫情大流行前的水平仍存在不確定性。在公布最新業績後,將2021財年和2022財年的凈利潤預期分別下調20.3%和5.7%。
麥格理指,海底撈在上半年凈開了299間門店,令上半年的門店總數達到1,597家。展望未來,管理層計劃在門店密度較低的地區開設新店,並且沒有關閉門店的計劃。該行認為該公司應該更專注於提高現有門店的運營效率,而非新店的擴張。除了核心的海底撈品牌,少數新品牌仍處於早期發展階段,所以預計暫未能帶來有意義的貢獻。
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