《大行報告》里昂下調海底撈(06862.HK)目標價至22.7元 反映單位門店銷售增長放緩
里昂發表報告指,海底撈(06862.HK)發盈喜,預期去年收入按年下跌15.8%,遜於預期23%,但公司料轉盈賺最少13億元人民幣,若撇除特海國際(09658.HK)因素,海底撈盈利則為該行預期的三倍,相信主要由於關閉表現不佳的店舖,及員工數目下降。
該行認為,即使內地經濟重新開放,但年初至今的復甦之路放慢,是令人憂慮食物行業高增長已過的訊號,不過該行認為海底撈具有強大的品牌價值,相信在競爭緩和時可有幫助。
由於單店銷售增長放緩,里昂將海底撈今明兩年盈利預測下調各17%,將目標價由27元降至22.7元,相當預測企業價值對EBITDA的13倍,維持「跑贏大市」評級。
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