《大行報告》瑞信上調海底撈(06862.HK)目標價至16.5元 評級「中性」
瑞信發表報告表示,上調海底撈(06862.HK)目標價由14.5元至16.5元,此按現金流折現率作估值,相當於預測今明兩年市盈率各29倍及25倍,維持「中性」評級,指現估值已反映市場預期公司翻桌率較慢復甦的預期。
該行指,與2021年同期相比,海底撈2022年1至2月的整體和同店翻桌率約為100%,但2022年3月僅分別為80%和70%。與2019年同期相比,2022年1至2月的隱含恢復率約為70%,2022年3月為50%。
瑞信表示,海底撈3月份的下降主要是由於上海門店的暫停營運,70家門店中約有60家受到影響。該行估計海底撈3月份將出現虧損,在首季平均翻桌率約3倍的情況下,要實現收支平衡將是一個挑戰。另該行將海底撈今年的淨利潤預測下調31%,明年的淨利潤預測小幅上調1%。
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