《大行》大和:百勝中國(09987.HK)強勁執行力推動營運利潤超預期 評級「買入」
大和研究報告指出,百勝中國(09987.HK)於2025年第二季報告同店銷售增長(SSSG)1%,其中肯德基(KFC)為增長1%,必勝客(Pizza Hut)增2%,考慮到消費環境疲軟及第二季缺乏外送訂單提振,認為這是一個穩健的表現。
大和認為,百勝中國主要亮點在於成本優化,其營運利潤按年增14%,高於市場共識的8%。每股盈餘(EPS)增長5%,而調整後每股盈利(不含美團(03690.HK)投資及外匯影響)保持15%按年增率。總體而言,大和認為這是一組穩健的業績,預期第三季的持續改善(外送量提升、門店開設加速、正向營運槓桿)將進一步支撐股價,對該股評級為「買入」。
大和表示,按品牌來看,肯德基在宏觀疲弱及外送平台競爭稀釋的背景下,持續展現韌性,需注意的是肯德基僅在7月加入京東外送,認為與京東外送的合作預計將在第三季帶來額外流量。
此外,大和觀察到門店開設速度持續低於管理層初始目標,第二季開設336家門店,上半年共583家(相較於全年指引1,600至1,800家)。但管理層重申了全年開店指引。大和表示,若執行力提升,系統銷售增長可加速,受到更快的新門店貢獻支撐。因此,下半年門店開設將是主要焦點。
大和預計,百勝中國每股盈利按年增5%,若不計外匯及市值調整影響,則年增15%。2025至2026年目標資本回報定為30億美元,佔市值8%。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.