《大行報告》招商證券下調百勝中國(09987.HK)目標價至452元 評級「增持」
招商證券發表研究報告指,百勝中國(09987.HK)第三季收入按年增9%至29.14億美元,剔除匯兌影響的收入按年增15%。自營餐廳收入為27.59億美元,按年增8%。經營利潤按年增2%至3.23億美元,淨利潤增18%至2.44億美元。
報告提到,集團整體系統流水按年增15%,而同店銷售增長為4%。肯德基及必勝客的均價按年分別跌5%及9%,主要是因為促銷活動增加、外賣佔銷售的比例較堂食低,及取消疫情限制後早餐訂單反彈,而堂食訂單和早餐訂單通常都是較小的訂單。該行指,雖然集團今年第三季單價按年下降,但仍高於2019財年的水平。另外,今年第三季餐廳利潤率為17%,按年減少1.8個百分點,較該行預測低0.4個百分點。不過,該行料集團第四季的餐廳利潤率將錄得按年增長。
該行表示,由於人民幣貶值及預期利潤率下調,將集團2023至25財年的每股盈測分別下調6%、9.2%、7.9%,目標價由552.3元降至452元,維持「增持」評級。該行又預計公司從2023至25財年的內生每股盈利複合件增長率為26%。
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