《大行報告》瑞信:海底撈(06862.HK)去年業績較預期疲弱
海底撈(06862.HK)預期,去年淨虧損約38億至45億元人民幣(下同),而2020年同期則錄淨利潤約3.1億元;去年收入料超過400億元,按年增長逾40%。瑞信發表報告,指海底撈業績指引較預期差,除了關店帶來的一次性虧損大於市場預期的30億元,也涵蓋其餘門店生意減少帶來的減值損失。該行對海底撈目標價18元,維持「中性」評級。
瑞信指,即使撇除一次性損失,公司2021財年仍錄得約5億元至6億元的淨虧損,主要受海外業務虧損較大拖累,而其國內業務應在年內實現盈利。
該行對集團重申「中性」評級,指因海底撈業務在國內市場達至近期高位,集團須在大規模門店關閉後錄得強勁的運營能力,來證明其長期增長潛力,惟其近期的復甦趨勢尚未顯示出如此明顯的復甦信號。
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