麦格理发表研究报告指，百胜中国(09987.HK) 农历新年期间的同店销售增长略为正面，但相信整体消费环境仍然不稳定。随着竞争对手放缓扩张或提高价格，管理层指出竞争开始变回理性，带动利润率扩大。
对于2025年，报告引述百胜中国管理层指，目标是开设1,600至1,800间新店，而KFC及Pizza Hut净开店的特许经营组合在未来几年将逐步增至40至50%和20至30%。集团今年首季的股息增加50%。
麦格理预计百胜中国的同店销售增长放缓，加上特许经销店组合较多，分别下调集团2025及2026年的净利润预测1.9%和0.2%，又将目标价上调2%，由420元升至428元，评级为“跑赢大市”。(sl/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-06 16:25。)
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