金吾财讯 | 华泰证券发研报指，呷哺呷哺(00520)1H24录得收入24.03亿/yoy-15.92%；归母净利润-2.73亿，同比转亏，其中闭店相关减值亏损2.03亿。消费环境平淡，行业竞争加剧，致使公司经营承压。1H24呷哺呷哺/凑凑同店收入同比-19%/-43%。该行续指，面对挑战，公司积极深化经营和组织管理改革，收缩老旧门店规模的同时，通过优化运营模式、降低菜品价格、加强品牌视觉形象和扩展外卖业务等措施以应对需求变化。截至1H24，公司拥有餐厅1,072家，其中境外21家。公司历经外部环境波动和内部调整变革，若25年经营环境企稳，公司有望重回平稳发展轨道。立足长期，公司挖掘会员资产为后续复购提供了有力支撑，供应链建设等长期内功有所夯实，期待多品牌协同修整后的再成长。该行表示，参考1H24激烈竞争和平淡的品牌需求，该行预计公司调整尚需时日，预计24-26年公司归母净利润为-4.51亿元/-2.29亿元/249万元。公司历经外部环境波动和内部调整变革，利润端持续承压，实际改革成果仍有待验证，存在较高不确定性，给予折价。参考可比同业彭博一致预期的10倍25年EV/EBITDA均值，给予公司5X25年EV/EBITDA，调整目标价至1.32元港币(前值4.52元港币，对应可比公司23年Wind和彭博一致预期PE均值为28倍)。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.