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《大行報告》中金下調海底撈(06862.HK)目標價至20元 評級「跑贏行業」
阿思達克 01-20 10:19
中金發表研究報告指,受內地疫情反覆、近年擴張過快、部分門店選址失誤、組織管理未能適應公司規模等因素影響,海底撈(06862.HK)2021年翻桌率復甦步伐及利潤表現持續受壓,雖然去年12月翻桌率已恢復至2020年同期的90%,較11月的85%持續改善,但相信要完全改善仍然需時。 中金指出,海底撈計劃在2021年底前逐步關停約300家門店,並預期在平均翻桌率低於每日4次前不會再大規模開新店,將注意力聚焦在提升現有店舖質量及公司內部管理上,近期在組織架構上恢復大區管理體系,加強考核門店KPI及綜合經營數據,並下調部分產品的價格,改善產品品質、產品研發推廣及消費者體驗鏈接等。 考慮疫情反覆及關閉部分門店帶來的一次性費用影響,該行下調海底撈2021年盈利預測,預期淨虧損達10.17億元人民幣,維持2022年盈利預測為19.17億元人民幣,引入2023年盈利預測28.36億元人民幣,目標價降13%至20元,評級則維持「跑贏行業」。
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