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《大行》大和降海底撈(06862.HK)目標價至14.5元 不可持續高利潤率或拖累下半年利潤增長
阿思達克 08-29 12:00
大和發表研報指出,海底撈(06862.HK)今年上半年業績低於預期,認為在需求疲弱的環境下,將不如其低價競爭對手表現出色;並對海底撈保持謹慎,預計其在需求疲弱環境下與低價競爭對手的結構性表現分化將持續;並預計今年下半年翻桌壓力將影響利潤率,因公司可能推出更多高性價比產品以刺激客流。 大和預測海底撈今年下半年淨利潤按年下降3%,淨利潤率降至11.6%;並下調海底撈今明兩年盈利預測13%至19%,將12個月目標價從16.2港元下調至14.5港元,基於不變的16倍目標市盈率應用於今明兩年每股盈利預測。 該行又認為,儘管海底撈擁有穩健的管理層及強大的執行力,但除非宏觀環境復甦,否則分化趨勢將持續。
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