《大行報告》花旗:海底撈(06862.HK)去年核心淨利潤遠勝預期
花旗發表報告,引述海底撈(06862.HK)發盈喜料去年全年扭虧,淨利潤料不低於13億元人民幣,好過該行預測的4.96億元人民幣及市場普遍預測的4.57億元人民幣,換言之去年下半年錄得淨利潤約16億元人民幣,對比去年上半年錄淨虧損2.66億元人民幣。
該行指,即使剔除回購票據的一次性收益,海底撈2022年仍錄得核心淨利潤約10億元人民幣,遠超該行及市場預期,相信盈利能力勝預期主要是受惠於門店優化計劃及新店虧損較預期少,繼續將海底撈列為今年中國消費行業的首選之一,給予「買入」評級,目標價27.3元。
花旗指出,公司的翻檯率於今年1月份基本按年持平,預計中國重新開放後翻檯率可進一步改善,在門店效率提升及經營環境顯著改善下,估計海底撈會繼續專注於低線城市重開門店,預期會採取較審慎和戰略性方法,避免蠶食現有門店營業額。
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