金吾财讯 | 国盛证券发研指，百胜中国(09987)发布2024Q4及全年财务业绩公告，2024年公司实现收入113.03亿美元/同比+3%，归母净利润9.11亿美元/同比+10%，核心经营利润11.9亿美元/同比+12%。其中，2024Q4单季度实现收入25.95亿美元/同比+4%，归母净利润1.15亿美元/同比+18%，核心经营利润1.50亿美元/同比+35%。该行表示，公司作为国内餐饮行业龙头，立足于优质产品，持续创新商业模式，优化菜单、流程，吸引更多客群；多年来积累品牌实力，持续加大对于数字化、供应链、门店店型等方面的投入和创新，积累会员，降本增效。长期来看，公司业绩具有韧性，预计公司2025-2027年营业收入分别为118.20/126.55/136.39亿美元，归母净利润分别为9.37/10.15/11.14亿美元，当前股价对应PE分别为19.2x/17.7x/16.2x，维持“买入”评级。
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