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《大行報告》瑞信:海底撈(06862.HK)關三百家低效門店規模大於預期 可除不明朗
阿思達克 11-08 10:56
瑞信發表報告表示,海底撈(06862.HK)上週五(5日)公佈,決定調整門店擴張規劃決策,於今年底前逐步關停300家左右客流量相對較低及經營業績不如預期的海底撈門店,指若海底撈門店的平均翻檯率低於每日4次,原則上不會規模化開設新的海底撈門店。 該行指,海底撈關閉門店的決定屬意料之中,但受影響的門店數量超過了該行原先估計(原料150家)和市場預期(100至150家),這些商店大部分是過去一至兩年開設的新店 瑞信表示,海底撈在積極擴張後一直在努力應對虧損的新店。這種關店舉措無疑會帶來近期壓力,但同時也部分消除了最大不明朗因素,並可能引發明年的翻檯及利潤率改善。該行持對海底撈「中性」評級及目標價25.5元。
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