《大行》野村下調海底撈(06862.HK)今年至2027年盈測7%至10% 目標價降至16.2元
野村發表報告,預期海底撈(06862.HK)中期收入按年跌4.4%至205億元人民幣,以板塊劃分,估算餐廳營運(海底撈主品牌)按年跌6%,受同店翻檯率估算按年跌6%影響,縱使每單消費低單位數改善,以及淨關店8間(撇除25間店轉型至特許經營)。外賣業務及YEAH QING燒烤增長或部分紓緩下跌情況。
該行亦下調海底撈利潤率預測,經營溢利率及經調整淨溢利率料按年收縮0.3及0.4個百分點,料食物成本比率較去年下半年升2.4個百分點,因向顧客提供更佳性價比產品,經營開支比率料按年升0.4個百分點,受經營去槓桿影響,折舊及攤銷減少提供部分紓緩。預測中期經調整淨利潤按年跌8%至18億元人民幣。
該行下調對公司今年至2027年淨利潤預測7%至10%,以反映經營成本高於預期,目標價由20.2港元降至16.2港元,維持「買入」評級。
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