《大行報告》高盛上調海底撈(06862.HK)目標價至20元 評級「沽售」
高盛發表報告指,海底撈(06862.HK)管理層於業績會上分享過去透過完善跨維度的營運管理系統,有助提升生產力及成本效益,從而提高整體利潤率。
另外,海底撈管理層亦對近期經營前景感到正面,期望3月旗下餐廳翻桌率按年提升,並對未來開店計劃抱審慎樂觀態度,同時專注於質量增長。高盛表示很高興看到海底撈在成本結構及提升客戶互動作出的努力,但未來亦會持續關注與同業比較的品牌發展勢頭與同行相比,以及現有的成本控制措施是否具備可持續性。
高盛維持對海底撈「沽售」評級,並將其2023至2025年盈利預測上調各50.1%、10.1%及4.9%,預計2023年淨利潤率將達到8.2%,門店擴張將更加可控,預測明年公司將淨增125家門店,考慮到額外成本和新店擴張開支,預期淨利潤率明年可能會下降至7.4%。該行將海底撈目標價上調至20元。
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