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《大行報告》富瑞上調海底撈(06862.HK)及九毛九(09922.HK)目標價 升頤海(01579.HK)評級至「持有」
富瑞發表研報指,海底撈(06862.HK)、頤海國際(01579.HK)和九毛九(09922.HK)將在3月下旬公布業績,預期海底撈和九毛九去年下半年仍會受到零星的疫情影響,相信投資者焦點會放在同店銷售復甦趨勢及重新開放後的開店情況。 該行預測頤海去年下半年淨利潤將下降1%至4.12億元人民幣,銷售額則增長5%至34.7億元人民幣,指出去年下半年供應鏈仍有受到影響,但由於毛利率較高的第三方增長好過預期,相應將2023至2024年盈利預測上調6%至9%,評級上調至「持有」,目標價亦由19.6元升至28元。 富瑞預計海底撈去年下半年淨利潤達3.41億元人民幣,經營利潤率為2.1%,銷售額則下降16%至176億元人民幣,指出雖然去年第四季仍受到疫情打擊,但公司擁有良好的成本節約措施,在艱難時期仍保持盈利,估計除夕和農曆新年期間營業額將恢復至去年同期的90%以上,相信投資者會關注公司未來開店計劃,將目標價由19元上調至20元,維持「持有」評級。 至於九毛九,該行預測去年下半年銷售額及淨利潤將分別按年下跌1%及67%,主要亦是由於疫情爆發令門店需要暫時關閉,毛利率則預期可有穩定改善,將2022年盈利預測下調至1.08億元人民幣,並將今明兩年盈利預測下調9%及1%,以反映公司更謹慎的開店策略,維持「買入」評級,目標價由20.5元升至21.5元。
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