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《大行報告》中信証券上調海底撈(06862.HK)評級至「買入」 目標價28元
中信証券發表報告指,海底撈(06862.HK)預計2022年下半年扣除票據收益的淨利潤12.4億人民幣,大幅超預期,淨利率7%亦勝於預期。該行認為疫情下各項費用均有精進努力,其中人工優化會較明顯,費用精進或有望為常態化經營效率帶來提升空間,且門店客流穩健回升推動收入修復。 該行上調海底撈的投資評級至「買入」。該行分別上調集團2023及2024年經調整淨利潤預測至33.4億及50.5億元人民幣(原預測各為23.4億及35.9億人民幣),予其目標價28元,相當於預測2024年市盈率30倍。 中信証券表示,今年1月海底撈整體及同店翻桌率均按年持平。分城市等級看,三線及以下城市恢復最好,其次依次為二線和一線。春節及元宵雙節帶動下,整體門店的翻桌率表現逐漸回升,其中一線城市如深圳恢復較好,翻桌率達到去年同期的約106%,二線城市如西安、鄭州、杭州均超過去年同期水平。全年來看,公司整體翻桌率有望迎來穩健復甦。
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