大行評級|大摩:下調海底撈目標價至17.5港元 預計收入增速將在下半年恢復
摩根士丹利發報告指,由於海底撈需求疲軟,預計其2025年上半年收入將年減3.5%至207億元;同時預期利潤率將面臨壓力,淨利潤將下降約5%至19億元。大摩預計,由於基數較低、自助餐業務的開展以及第四季外賣競爭可能減弱,集團收入年增速將在下半年恢復。由於業績轉弱,下調海底撈2025-2027年收入預測6-7%;因毛利率壓力及經營去槓桿,將2025年淨利預測下調14%,並將2026年淨利預測下降12%。該行將其目標價由20港元降至17.5港元,維持“增持”評級。
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