瑞银发布研报称,海底捞(06862)去年收入及净利润分别增长3%和5%,达到428亿元及47.08亿元人民币。这意味着去年下半年的收入及净利润为213亿元和26.7亿元人民币,该行将估值基础延展一年,目标价相应由19.35港元升至20.66港元,评级“买入”。
该行称,公司下半年净利润超出预期5%,这得益于:金融资产和自营转加盟门店带来的一次性收益;去年下半年毛利率达63.2%,同比提高4.2个百分点,高于该行预期2.2个百分点,受原材料价格下降和供应链优化推动。去年下半年净利润率达到12.5%,为2018年以来最高。2024年的股息派发比率为95%,与2024年上半年一致。
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