大行評級|建銀國際:下調海底撈目標價至17.9港元 但維持“跑贏大市”評級
建銀國際發表報吿指出,海底撈上半年淨利潤按年跌10%至20.33億元。如剔除一次性項目,核心經營利潤增長穩健,按年升13%至27.99億元勝預期,該行認為是受惠於翻枱率改善及毛利率擴張好過預期。期內收入增長13.8%,毛利率擴大1.7個百分點至61%。該行提及,受暑假人流增加及經營效率提升支持,海底撈於7月及8月的銷售穩健。由於目前翻枱率回覆至正常水平,該行預期海底撈將藉此機會加快下半年的銷售點擴張,包括引入子品牌及增加自營店鋪及特許經營店鋪的數量。該行預期公司下半年的收入增長15.1%,主要受同店銷售增長低十位數、銷售點增長約6.8%、翻枱率增長約10.5%,以及均價下跌2%所推動。該行維持對海底撈“跑贏大市”評級,將其今年盈利預測下調15%,目標價由21港元下調至17.9港元。該行認為,鑑於海底撈上半年手頭資金達84.25億元,相信公司未來幾年的派息率維持約90%,為股東帶來可持續的回報,並支持其估值。
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