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大行評級|招銀國際:維持海底撈“買入”評級 目標價下調至21.52港元
格隆匯 04-09 10:34
招銀國際發表報吿指,海底撈的下行空間受到股息保護,而上行空間則在很大程度上取決於門店擴張的速度,而目前仍非常緩慢,該行傾向認為一旦特許經營模式最終確定,擴張速度將加快。該行維持對該股“買入”評級,以預測2024財年市盈率20倍為基礎,目標價由24.76港元降至21.52港元。長遠而言,缺乏增長動力仍是一個問題。招銀國際指,由於完善員工成本結構,如聘用更多兼職員工,實行低底薪加高獎金,海底撈翻桌率的盈虧平衡點已從3次降至2至3次左右。因此該行預計2024財年的翻桌率將進一步上升至4.2次,2023財年為3.8次,2024財年的營業利潤率亦將從前值14.3%上升至14.6%。
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