瑞銀:市場逐漸關注內地餐飲板塊,首選百勝中國
瑞銀髮研指,留意到愈來愈多投資者憧憬中國可能通關並放寬防疫措施,因而對中國餐飲板塊有興趣。部分對沖基金在農曆新年後受到市場情緒的影響,然而多頭基金則不太樂觀,原因是通關路徑以及餐館基本面好轉的能見度有限。該行的行業首選為百勝中國(9987.HK),看好集團加快門店擴張戰略,同時門店回報和外賣業務也具有吸引力。相反,海底撈(6862.HK)和呷哺呷哺(0520.HK)的互相競爭和持續供過於求,導致市場需求低迷。
報吿指,儘管百勝中國擴張提速,但其新店穩健的回報令許多投資者驚喜,這是由於每家新餐廳的資本支出較低,所需面積較小;低線城市的門店盈利能力更好;在其他領先連鎖餐廳尚未滲透的空白位置中競爭有限。投資者整體看好百勝中國有能力實現其擴張步伐並從通關主題中受益。主要關注集團與其他成長中的中國和西方快餐品牌的競爭,以及其外賣業務的盈利能力。
報吿又指,投資者憂慮海底撈的品牌影響力下降,餐廳關閉後的流量恢復可能沒有預期般有幫助。2019-2020年火鍋行業的過度擴張導致市場競爭加劇,海底撈和呷哺呷哺的蠶食率很高。

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