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《大行報告》野村降海底撈(06862.HK)評級至「減持」 目標價下調至17元
阿思達克 11-09 10:08
海底撈(06862.HK)決定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門店,並適時收縮擴張計劃,並表明不裁員。野村認為,該些策略令門店密度減少,有可能令餘下門店人流增加,租金壓力減少,不過短期內盈利會因一次性租賃減值和維持員工數目成本而減少。該行將海底撈目標價由31.6元大幅下調至17元,此相當預測2022財年市盈率30倍,評級由「中性」下調至「減持」。 野村指,上述措施有助減低海底撈營運成本,不過或無助解決目前海底撈的挑戰,包括因為疫情下火鍋較不受歡迎、公司未能吸引年輕顧客以及增加平均單價、員工基礎成本大幅高過同行,若在吸引年輕顧客上無具體計劃,營運狀況會持續差過同行。
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