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《大行》瑞銀:百勝中國(YUMC.US)次季淨利潤符合指引 目標價59美元籲「買入」
瑞銀研究報告指,百勝中國(09987.HK)(YUMC.US)次季度收入及淨利潤分別按年升4%及1%,符合市場預期;撇除匯率影響後的系統銷售額(system sales)按年增長4%,而首季按年升2%,EBITDA亦符合預期。同店銷售增長1%,首季則持平。餐廳利潤及經營利潤按年分別增長8%及14%,高過市場預期。該行維持予其美股「買入」評級,目標價59美元。 業務方面,肯德基次季系統銷售額按年增5%,同店銷售額升1%,淨新增295家門店,客單價按年升1%。而必勝客次季系統銷售額增3%,同店銷售額增2%,淨增95家門店,客單價按年下降13%,符合品牌的性價比定位。利潤率方面,外送訂單佔比上升導致騎手成本增加,但銷售成本管控良好。管理層預期營運效率提升將帶動租金及其他成本持續下降。 管理層將資本開支指引由原先介乎7億至8億美元,下調至介乎6億至7億美元,因單店資本投資下降及加盟店佔比提升,該行認爲將增強自由現金流生成能力,鞏固股東回報機制。儘管管理層對肯德基的客單價持謹慎態度,因小額訂單佔比上升,但對達成2025全年指引仍表樂觀,包括系統銷售額有中單位數增長,經營利潤率輕微擴張,以及淨新增1,600至1,800家門店。
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