《大行報告》招商證券削頤海(01579.HK)目標價至16元 評級「中性」
招商證券發表報告指,頤海國際(01579.HK)上半年營收遜預期,為26.16億元人民幣,按年降2.7%,較該行預測低20.6%。上半年淨利潤為3.58億元人民幣,按年增長36%,較該行預測高3.4%。
報告指,頤海沒有給出下半年指引,招商證券認為方便速食產品將會按季增長,但按年仍下降。同時預計向第三方銷售的其他產品流水將分別以中單位數百分點的速度增長,而向海底撈(06862.HK)銷售的流水將按年增長39%。由於頤海繼續控制成本,該行預計下半年經營利潤率將按年持平。
招商證券將頤海2023財年每股盈利預測上調0.5%,2024和2025財年分別下調2.7%和4.9%,主要是由於更保守的銷售假設與更好的成本假設相互抵銷。目標價由25.5元降至16元,維持「中性」評級。
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