惠譽確認海底撈(06862.HK)信貸評級「BBB-」 展望上調至正面
惠譽評級表示,確認海底撈(06862.HK)的長期發行人違約評級及高級無抵押評級為「BBB-」,評級展望從「穩定」上調至「正面」,同時確認海底撈的美元高級無抵押票據的評級為「BBB-」。
惠譽指,海底撈管理層調整經營策略後餐廳生產力提高,加上中國去年初起解除嚴格的新冠疫情防控措施,推動海底撈的盈利能力顯著提高。若海底撈在較長時間內持續改善經營業績,並保持審慎的門店擴張步伐,進而助其持續產生正向自由現金流及保持低槓桿率,則惠譽可能對該公司採取正面評級行動。
惠譽認為,海底撈的品牌認知度高,餐廳效率提升亦推動EBITDA增長,為其評級帶來支持,預計海底撈的EBITDA利潤率將自2022年的13%升至2023年的17%,翻台率將從2022年的3倍及去年上半年的3.3倍,提高至今明兩年的4倍。
惠譽又預測,海底撈2023至2025年資本支出為10億至20億元人民幣,低於其快速擴張階段的資本支出高峰60億元人民幣。
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