大摩调整对餐饮股评级及目标价,看好海底捞、九毛九等
大摩发布研究报告称,估计$海底捞(06862.HK)$、$九毛九(09922.HK)$及$呷哺呷哺(00520.HK)$今年净利润平均超过2019年水平45%。对三者2023/24年净利润预测较市场普遍预测高24%/22%,而收入预测则与市场普遍预测相近;并认为今年经营利润率将接近疫前水平。考虑到基本因素及风险回报,看好海底捞、九毛九。
该行认为,虽然上述股份的股价去年底以来反弹,但仍然被低估。现价未反映年内余下时间即将来到的报复性支出及需求正常化,而市场也低估经营杠杆能力,相信农历新年假期后的回调提供了良好的吸纳机会。
此外,今年三月份即将公布的2022年业绩将标志着最后一轮下调盈测,若5-7月出现报复性支出阶段,相关股份股价应有正面反应。而8月公布今年上半年业绩时,可能会令市场有惊喜,在更多基础数据支持下,公司指引可能会变得更具建设性。
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