《大行報告》美銀證券下調海底撈(06862.HK)目標價至23.4元 評級「中性」
美銀證券報告指,海底撈(06862.HK)去年業績與盈喜預告一致,去年轉賺13.7億人民幣。該行基於現金流量折現法將目標價由24.6元降至23.4元,目前其股價相當於預測今年市盈率為37倍,高於餐飲業同行的平均31倍。在正常的利潤率假設下,現價仍相當於市盈率24倍,考慮到增長前景,該行認為估值合理。重申「中性」評級。
該行指出,去年利潤率改善大部分來自於員工成本。員工人數與門店客流量密切相關,認為當銷售回升時,員工成本的營運槓桿有限。此外,管理層在門店擴張方面仍然很保守,沒有為門店開業提供明確指引,以致公司相對於其他同業的可預見度較低。
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