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大和:削海底撈目標價至16.5港元,維持“優於大市”評級
格隆匯 03-25 13:33

大和發研報指,海底撈(6862.HK)面對的短期不確定屬暫時性,相信隨着管理層從擴張驅動模式轉變為更加平衡的擴張和以盈利能力為重點戰略,將會出現好轉。該行下調集團2022至23年每股盈利預測43至55%,以反映分店關閉、餐桌週轉率放緩和銷售去槓桿化影響,又下調目標價47.62%,由31.5港元降至16.5港元,仍維持“優於大市”評級。

大和指,海底撈2021年收入按年增長43.7%至411億元人民幣;同店銷售增長1.6%;毛利率和營業利潤率分別按年下降0.8個百分點和3.9個百分點至56.3%和0.7%,在營業額下降和員工成本上升的情況下,銷售去槓桿產生了重大影響。管理層指,剔除與其關店有關的一次性減值,其淨虧損主要歸因於海外業務,而其中國內地業務則錄得盈利。

大和引述海底撈管理層指,集團強勁的經營現金流將能夠在恢復階段支持餐廳營運,將繼續專注於推動其現有餐廳組合的運營效率提升,為未來的擴張奠定基礎,並根據不同城市的市場細分採取更專注的方法。

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