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《大行報告》匯豐研究降海底撈(06862.HK)評級至「減持」 目標價下調至13.9元
阿思達克 08-31 11:28
匯豐研究發表報告指,早前預期海底撈(06862.HK)在疫情期間優化店舖網絡後,利潤率會顯著改善,因此對公司的盈利預測高於同業水平。公司公布上半年業績,雖然利潤率強勁,但銷售額遜預期,年率化後內地每間餐應的銷售額只有2,600萬元人民幣,較該行預期低15%,因此上半年純利較該行預期低10.5%。 報告指,公司優化店舖網絡帶動利潤率提升,但銷售復甦方面則具挑戰,估計在今年至2025年期間,店舖數目的複合年增長率5%,雖然市場估計擴充網絡是未來的催化劑,但按以往經驗,較快的擴充可能導致利潤率攤薄,不一定對盈利有利。 由於平均每店的銷售額令人失望,該行將今年至2025年三年期間,純利預測分別下調14.8%、14.7%及12.3%,目標價由16.4元下調至13.9元,評級由「持有」下調至「減持」。
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