頤海國際 (1579.HK): 海底撈門店擴張助力底料銷售 August 8, 2018 436

投資概要

頤海國際是中國領先且高速發展的複合調味料生產商。5月公司的關聯大客戶海底撈向 香港聯交所提交聆訊材料,顯示海底撈餐廳將保持高速擴張。頤海是海底撈唯一的底 料供應商,我們預計頤海的銷售將受益於海底撈的快速發展,因此調高2018年每股收 益預測至0.358元。假設市盈率40倍,匯率0.87人民幣/港元,目標價16.47港元。(現價 截至8月6日)

公司概況

海底撈店鋪擴張將促進底料銷售。2017年公司來自關聯方海底撈的收入達到9.15億 元,同比增長51%。根據海底撈今年5月遞交的招股書,海底撈餐廳截止至2017年底, 在中國經營著273家餐廳,日均銷售額達到14萬元,連續三年同店銷售增長率達到14% 以上。招股書顯示,海底撈將在2018年新增店鋪180家到220家。作為海底撈獨家底料 供應商,我們預計頤海國際的銷售將直接受益於海底撈店鋪的擴張。

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About the author

Profile photo of Eurus Zhou

Eurus Zhou
Phillip Securities (HK)

Graduated from Hong Kong Polytechnic University, Master of Finance (Investment Management). Possess bachelor degree majoring in Financial Management from Southwestern University of Finance and Economics. Focus on industry prospect and corporate fundamentals to explore investment value and cover pharmaceutical and consumer industry.

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