野村发表报告，预期海底捞(06862.HK) 中期收入按年跌4.4%至205亿元人民币，以板块划分，估算餐厅营运(海底捞主品牌)按年跌6%，受同店翻台率估算按年跌6%影响，纵使每单消费低单位数改善，以及净关店8间(撇除25间店转型至特许经营)。外卖业务及YEAH QING烧烤增长或部分纾缓下跌情况。
该行亦下调海底捞利润率预测，经营溢利率及经调整净溢利率料按年收缩0.3及0.4个百分点，料食物成本比率较去年下半年升2.4个百分点，因向顾客提供更佳性价比产品，经营开支比率料按年升0.4个百分点，受经营去杠杆影响，折旧及摊销减少提供部分纾缓。预测中期经调整净利润按年跌8%至18亿元人民币。
该行下调对公司今年至2027年净利润预测7%至10%，以反映经营成本高于预期，目标价由20.2港元降至16.2港元，维持“买入”评级。(fc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-17 16:25。)
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