高盛报告指，百胜中国(09987.HK) (YUMC.US) 首季业绩符预期，惊喜来自同店销售增长转为按年持平及餐厅利润率提升，由开店速度放缓和每店销售略逊预期抵销。整体业务策略以及全年开店数、系统销售增长和利润率指引保持不变。
该行指，百胜中国股价绩后出现负面反应，反映季度收入增长放缓，且管理层在同店销售增长和利润率趋势改善下未有上调全年指引，并强调整体需求不确定性及年内余下时间利润率改善幅度可能较小有关。
高盛认为肯德基及必胜客均展现良好品牌动能，灵活店面形式和价值产品组合支持公司扩大可触及市场；稳健利润率表现展示公司在成本控制和执行上的实力。该行基于小型店面稀释每店销售，略微下调对公司2025年至2027年净利润预估1%至4%，目标价由452元降至447元。维持“买入”评级。(fc/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-02 12:25。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
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