《大行報告》瑞信下調海底撈(06862.HK)目標價至18元 評級「中性」
瑞信發表報告,料海底撈(06862.HK)2021年將出現虧損,並將2022和2023年的盈利預測分別削減37%和20%,意味着2019年至2023年期間的淨利潤年複合增長率爲10%。目標價亦由25.5元下調至18元,評級「中性」。
瑞信指,海底撈繼續受到客流和門店銷售復甦緩慢的影響,去年下半年的翻檯率與2019年下半年/2020年下半年相比,分別恢復至65%/85%左右。公司基本完成在第4季關閉或暫停300家餐廳的計劃,該行相信其中大部分應該是永久性而非臨時性的關閉。
瑞信指,海底撈可能需要至少1至2年的時間重振品牌,以重新進入擴張軌道。由於管理層對擴張持謹慎態度,該行將2022年/2023年的淨開店數削減至分別爲5家/25家,原預測數目爲200家/150家,將翻檯率預測分別提高至3.6次/3.9次,原爲3.5次/3.7次。
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