招商证券：维持百胜中国(09987)“增持”评级 目标价降至452港元
招商证券发布报告称，维持百胜中国(09987)“增持”评级，由于预期利润率下调等，将2023至25财年的每股盈测下调6%/9.2%/7.9%，目标价由552.3港元降至452港元。
报告中称，公司第三季收入同比增9%至29.14亿美元，剔除汇兑影响的收入同比增15%。自营餐厅收入为27.59亿美元，同比增8%。经营利润同比增2%至3.23亿美元，净利润增18%至2.44亿美元。该行预计公司从2023至25财年的内生每股盈利复合件增长率为26%。
该行提到，集团整体系统流水同比增15%，而同店销售增长为4%。肯德基及必胜客的均价同比分别跌5%及9%，主要是因为促销活动增加、外卖占销售的比例较堂食低，及疫后早餐订单反弹，而堂食订单和早餐订单通常都是较小的订单。虽然集团今年第三季单价同比下降，但仍高于2019财年水平。另外，今年第三季餐厅利润率为17%，同比减少1.8个百分点，较该行预测低0.4个百分点。不过，该行料集团第四季的餐厅利润率将取得同比增长。
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