《大行報告》高盛:海底撈(06862.HK)中期撇除減值後錄核心盈利4,100萬人幣 勝預期
高盛發表報告指,海底撈(06862.HK)上半年銷售為168億元人民幣(下同),並錄得2.66億元虧損,當中包括3.08億元減值損失。若撇除減值影響,上半年錄核心純利4,100萬元,表現好於該行預期的虧損1.26億元,主要由於相對穩定的產品均價及員工成本大減,令毛利率得到更佳控制。
由於復甦路徑或會延長,加上宏觀經濟疲弱和勞動密集型商業模式造成盈利/估值下行,該行維持對海底撈股份「沽售」評級,目標價12.5港元。
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