金吾财讯 | 招银国际研报指，大家乐集团(00341)在香港的同店销售于25财年下半年跌幅进一步扩大，这一负面趋势延续至4到6月。即使五一黄金周受惠于内地旅客带动，跌幅仅略有收窄，但整体复苏率（对比2019年）仍持续下滑。内地市场表现亦相近。该机构已将26财年香港及内地同店销售增长预测由原来的2%下调至0%。该机构指，26财年展望偏弱。公司积极提升客流，包括：1）丰富用餐时段产品（如早餐增设面包、下午茶推二/三𩠌饭），2）推出高性价比产品（如30元的叉烧、59元的烧鸭），3）推动会员计划（会员人数超200万）。然而，销售增长仍受限于香港居民外游、北上消费，以及二/三𩠌饭竞争加剧（全港相关门店已超600家）。该机构将2026/27财年净利润预测下调30%/23%，反映扩张放缓、同店销售负增长、经营杠杆效应减弱、内地业务逊预期及减值损失增加。考虑到香港餐饮行业前景严峻及公司分红政策转趋保守，现价对应17倍26财年市盈率及6%股息率，估值已偏高，故下调大家乐至持有评级。目标价降至6.52港元。
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