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研報掘金|華西證券:維持海底撈“買入”評級 持續看好公司增長潛力
華西證券發佈研究報吿稱,維持海底撈“買入”評級,結合盈利預吿,調整此前盈利預測,預計2023-2025年營收為415/465/514億元。公司發佈正面盈利預吿,預計2023年度的持續經營業務收入不低於414億元/+33.3%,持續經營業務淨利潤不低於44億元,對應淨利率約10.6%。據該行推算,預計2023年下半年公司持續經營業務收入不低於225億元,持續經營業務淨利潤不低於21.4億元,對應淨利率約9.5%;若剔除匯兑損失的影響,預計下半年持續經營業務淨利潤不低於22.7億元,對應淨利率約10.1%。研報指,2023年公司業績強勁復甦,一方面,疫後門店客流持續恢復,同時公司持續發力產品推新和營銷活動,例如海底撈“科目三”舞蹈在各大網絡平台火爆出圈,帶動品牌勢能向上、翻枱率提升;另一方面,公司不斷加強門店精細化管理,持續優化單店人員結構,同時不斷擴大智能化系統和設備的應用場景,推動運營效率改善。2023年海底撈展店較為謹慎,上半年新開5家門店、24家前期關停門店恢復營業。展望2024年,該行認為隨着翻枱率的穩步回升,展店有望提速。
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