《大行報告》美銀證券下調頤海國際(01579.HK)目標價至20.6元 評級「跑輸大市」
美銀證券指,頤海國際(01579.HK)上半年業績有好有壞,收入較市場預計低7%,主要受第三方收入疲軟所拖累,但關聯方收入海底撈(06862.HK)有所恢復。受惠於原材料成本下降,稅後淨營業利潤增長36%,意味著淨利潤率為14%,好於去年上半年的12%。基於中期增長放緩的假設,該行將今明兩年每股盈利分別下調6%和9%,並將目標價由25.2元下調至20.6元,繼續擔心第三方業務的可持續性和結構性利潤率壓力。重申評級「跑輸大市」。
該行指,考慮到成本通縮,預計下半年關聯方收入增長將因定價壓力而放緩。受惠於新低價單品(SKU)推出、渠道發展和基數正常化,第三方收入增長可能會加快。由於平均售價下降,關聯方和方便食品毛利率可能會面臨更大的利潤壓力。
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