研報掘金|廣發證券:首次覆蓋頤海國際 予“買入”評級及合理價值18港元
廣發證券發表報吿,首次覆蓋頤海國際,予“買入”評級,合理價值18港元。該行預計公司2024至2026年淨利潤分別為9.4/10.6/11.9億元,按年增長10.7%/12.4%/11.9%,參考可比公司估值及公司改革勢能節奏,給予2024年18倍市盈率。報吿指,2022年以來關聯方承壓、速食需求疲軟及中式覆調掉隊等多重因素疊加,頤海國際與天味食品的差距逐步拉開。考慮渠道基因和產品矩陣的差異,頤海受外部環境擾動更劇烈,但組織調整滯後及對市場反應鈍化或為核心。該行認為今年在關聯方增長、產品質價比、激勵模式改革及多渠道補齊等下或迎反轉機遇。此外,報吿指,2023年公司和海底撈均大幅提升派息比例至90%,考慮現有產能充裕,低資本開支和充裕現金流下高派息或有支撐。
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