惠譽:海底撈(06862.HK)收縮擴張計劃並關店或將改善現金流
惠譽評級表示,海底撈(06862.HK)宣佈放緩門店擴張,若剩餘門店生產力提升,或將助其自由現金流轉正,該公司發行人違約評級展望負面,是因爲其盈利能力變弱,且門店擴張資本支出高企,預計短期內該公司的FFO淨槓桿率將維持在2倍以上。該機構認爲,海底撈近期公佈的措施表明,未來12至18個月內,其現金流生成能力或將有所改善,永久性關閉的門店可能會產生一次性減值損失,暫時關停的門店可能會持續產生租金成本,惠譽認爲,海底撈的整體生產力將在此舉後有所提升。
惠譽預計,海底撈修正戰略後,執行風險仍將存在,鎖定全國範圍內恰當的門店集中度尚需時間,且疫情相關的限制措施,或將繼續拖累。但惠譽認爲,若海底撈的每日平均翻檯率達到或超過4次,其FFO生成能力應能更好地支持其潛在規模擴張。
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