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大行評級|建銀國際:下調海底撈目標價至16.9港元 2024財年下半年業績差過預期
格隆匯 01-16 11:15
建銀國際發表研報指,海底撈2024財年下半年業績差過預期。考慮到客流量放緩,該行將海底撈2024財年下半年銷售預測由原先增15%下調至降3%;期內同店銷售預計將按年下跌低單位數;翻枱率預計將由前年下半年的4.3倍跌至4倍;平均銷售單價(ASP)預計升約5%;毛利率預測上調1.5個百分點至60.5%,意味下半年毛利率按年升1.5個百分點;息税前利潤率預期按年升1.3個百分點至14.7%。建銀國際預計海底撈今年漸復甦,商店效率有望提高,更新的菜單及消費券將推動適度的客流量增長,預計銷售點(POS)擴張仍將是主要的收入驅動力。在預期POS增長6%的帶動下,海底撈2025財年營收將增長7%,ASP可能保持穩定。該行預計,新的多品牌專賣店擴張將部分抵銷積極的銷售槓桿。因此,該行預測海底撈2025財年的息税前利潤率將提高0.6個百分點至14.2%。另外,建銀國際將海底撈2024及2025財年盈利預測,分別下調6%及10%,同時將其目標價由17.9港元下調至16.9港元,維持“跑贏大市”評級。
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