《大行報告》中金料內地餐飲股本季同店恢復有壓力 降本降價引流考驗品牌韌性
中金發表研究報告,估計第四季內地餐飲股同店較2019年恢復度有一定壓力,而能否在合理利潤下降本降價、持續引流成為檢驗品牌韌性的「試金石」,又相信龍頭品牌有能力透過新品研發、產品結構調整等方式調節毛利率。
該行指,9月以來多數上市餐飲品牌同店恢復較7至8月走弱,相信主要是由於當前消費環境下需求受壓所影響,為適應當前消費環境,大部分上市餐飲品牌採取降價促銷、拉動銷售措施。該行估計,肯德基第三季同店單均價按年跌5%;必勝客跌9%。慫火鍋從上半年客單價121元人民幣降至10月的100至120元人民幣;奈雪9至11月客單價按年減10%。
該行指,內地餐飲股的估值具吸引力,推薦海底撈(06862.HK)、百勝中國(09987.HK)、九毛九(09922.HK)等。
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