《大行報告》匯豐研究下調海底撈(06862.HK)目標價29%至16.4元 評級「持有」
匯豐研究發表研究報告指出,由於海底撈(06862.HK)由2021年下半年起積極精簡門市,且疫情後客流量復甦,該行預期公司今年上半年的翻桌率恢復至4倍,或達2019年水平的83%。加上公司的成本削減措施,該行料其上半年餐廳毛利率將正常化至16.9%,與2019年水平相同。
該行認為,鑑於海底撈上半年開店數量僅為單位數,估計其上半年底中國的餐廳數目達1,358家,港澳及其他地區約持平於22家。該行料公司上半年收入按年增長48%至217.05億元人民幣。
此外,該行指由於海底撈尚未準備好擴張計劃,因此對其2024及2025年的門店擴張增速預測,由6.3%及6.6%下調至4.4%及5.6%。對其2024及2025年純利預測亦較原預期下調3.5%及9.7%,收入預測則不變及下調1.6%。對公司目標價由23元下調至16.4元,維持「持有」評級。
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