金吾财讯 | 国证国际发研指，百胜中国(YUMC)第四季度总收入同比增长4%至26亿美元，系统销售额同比增长4%，核心经营利润同比增长36%，净利润同比增长18%至1.15亿美元，超过市场预期。全年收入113亿，同比增长3%，净利润9.8亿，同比增长8.8%。
该行指，公司第四季度管理费用1.56亿美元，费用率6%，同比减少0.1pct。主要是效率提升+奖金的减少。未来管理费用率仍有下降的空间。
该行表示，百胜中国在快餐赛道具备相当大的竞争优势和品牌影响力，管理层经营能力卓越，公司抗风险能力强。考虑公司近期的业绩表现，该行略微上调25/26/27年净利润为10.3/11.1/11.5亿美元。对应每EPS收益为19.6/21.1/21.9港元。该行维持公司“买入”评级，上调目标价至475.3港元，较当前股价有24%的上涨空间。
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