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研報掘金|招商證券:百勝中國次季業績超預期 予“增持”評級及目標價320港元
招商證券發表報吿指,百勝中國第二季業績超出該行和市場預期,股價上日收盤飆升10%。在分析師電話會議上,管理層有信心通過靈活的門店擴張理念降低成本基礎,維持全年淨增1,500至1,700家門店和15億美元股東回饋的目標。報吿指,嚴格的成本基礎和門店淨增長將足以保障百勝中國在下半年實現淨利潤增長。與其他餐飲同業相比,特別考慮到發佈季度盈警的公司,百勝中國的優勢證明該行“增持”評級的合理性,目標價為320港元。為反映更嚴格的成本舉措,該行調升2024至2026年淨利潤5至6%,按分析師電話會議上管理層提供的指引維持2024至2026年的一般管理費用比率約5%。
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