《大行報告》麥格理下調呷哺呷哺(00520.HK)目標價至4.1元 評級「中性」
麥格理髮表研究報告指,呷哺呷哺(00520.HK)去年錄淨虧損2.93億元人民幣,即去年下半年虧損達2.43億元人民幣,符合盈利預警。
該行指,集團正在進行重組,包括推出新的員工激勵計劃,對於呷哺呷哺品牌,預期將通過提供更多套餐產品來維持大衆化定位;至於湊湊品牌則維持具吸引力的品牌定位,對公司未來增長前景感到滿意,雖然相信新措施有助於今年恢復盈利,但最近疫情再爆發可能會延遲復甦時間表,國內各城市封鎖政策帶來不確定性。
監於公司的大衆市場定位,麥格理認爲公司調價難度較大,公司有計劃通過供應鏈優化及靈活菜單調整來抵銷成本壓力。根據敏感性分析,預期肉類價格每上漲10%,公司經營利潤將會下降15%,要通過提價1.5%來抵銷成本壓力。
麥格理又指,在目前充滿挑戰及激烈競爭的行業環境下,呷哺呷哺應關注門店質量而非數量,預期門店網絡調整已基本完成,基於復甦延遲,將2022至2023年的盈利預測下調18.5%及20.4%,目標價從5.2元下調至 4.1元,評級「中性」。
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