【券商聚焦】华泰证券维持百胜中国(09987)买入评级指其延续同店增势和经营韧性

金吾财讯

Nov 06

金吾财讯 | 华泰证券研报指，百胜中国(09987)公布三季度业绩：3Q25收入32亿美元/yoy+4%，不计及外币换算yoy+4%；3Q25经营利润4.00亿美元/yoy+8%，略高于彭博一致预期（3.98亿美元）。对应经营利润率12.5%/yoy+0.4pct（不计及外币换算yoy+0.4pct）；3Q25归母净利润2.82亿美元/yoy-5%，主要受Q3美团股价回调影响，剔除美团投资亏损后归母净利同比+7%。Q3股东回馈合计4.14亿美元（前9个月合计回馈9.50亿美元），宣布每股派息0.24美元；预计全年回馈合计约15亿美元。季内肯德基、必胜客Q3同店延续稳健增长，新店型及新品类落地进展顺利，成本费率端控制得当，同比基数抬升下经营利润增长表现靓丽，西式快餐龙头兼具扩张势能与盈利韧性。考虑Q3投资亏损及Q4同比高基数影响，该机构下调公司25-27年归母净利润至9.08/9.86/10.49亿美元（较前值分别-2.6%/-3.7%/-4.2%），对应EPS为2.52/2.97/3.16美元。参考可比公司26E iFind及Bloomberg一致预期PE 17X，考虑公司客单价相对稳定、受外卖退坡补贴影响或更小，且兼顾经营效率提升与成本费用端优化，略提升溢价率，给予公司26年18X PE，调整目标价至53.10美元/413.59港币（前值56.66美元/444.80港币，对应25年PE 22倍）。维持买入评级。

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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【券商聚焦】华泰证券维持百胜中国(09987)买入评级 指其延续同店增势和经营韧性\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086022552\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2025-11-06 14:56</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/601688\">华泰证券</a>研报指，<a href=\"https://laohu8.com/S/YUMC\">百胜中国</a>(09987)公布三季度业绩：3Q25收入32亿美元/yoy+4%，不计及外币换算yoy+4%；3Q25经营利润4.00亿美元/yoy+8%，略高于彭博一致预期（3.98亿美元）。对应经营利润率12.5%/yoy+0.4pct（不计及外币换算yoy+0.4pct）；3Q25归母净利润2.82亿美元/yoy-5%，主要受Q3<a href=\"https://laohu8.com/S/MPNGY\">美团</a>股价回调影响，剔除<a href=\"https://laohu8.com/S/03690\">美团</a>投资亏损后归母净利同比+7%。Q3股东回馈合计4.14亿美元（前9个月合计回馈9.50亿美元），宣布每股派息0.24美元；预计全年回馈合计约15亿美元。季内肯德基、必胜客Q3同店延续稳健增长，新店型及新品类落地进展顺利，成本费率端控制得当，同比基数抬升下经营利润增长表现靓丽，西式快餐龙头兼具扩张势能与盈利韧性。考虑Q3投资亏损及Q4同比高基数影响，该机构下调公司25-27年归母净利润至9.08/9.86/10.49亿美元（较前值分别-2.6%/-3.7%/-4.2%），对应EPS为2.52/2.97/3.16美元。参考可比公司26E iFind及Bloomberg一致预期PE 17X，考虑公司客单价相对稳定、受外卖退坡补贴影响或更小，且兼顾经营效率提升与成本费用端优化，略提升溢价率，给予公司26年18X PE，调整目标价至53.10美元/413.59港币（前值56.66美元/444.80港币，对应25年PE 22倍）。 维持买入评级。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"YUMC","symbol_name":"百胜中国","start_time":0,"source_url":"1969154","article_id":"2581605812","we_media_id":"1086022552","thumbnails":["https://static.szfiu.com/news/20250109/MWIyNWQwZjQ4NTQyNjI4OTI5NDE=.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2581605812","pubTimestamp":1762412182,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"金吾财讯","introduction":"「金吾财讯」以精准用户需求为切入点，打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经，将港美股内容传播到全球华人圈。","home_visible":1,"id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"summary":"金吾财讯 | 华泰证券研报指，百胜中国 公布三季度业绩：3Q25收入32亿美元/yoy+4%，不计及外币换算yoy+4%；3Q25经营利润4.00亿美元/yoy+8%，略高于彭博一致预期。Q3股东回馈合计4.14亿美元，宣布每股派息0.24美元；预计全年回馈合计约15亿美元。季内肯德基、必胜客Q3同店延续稳健增长，新店型及新品类落地进展顺利，成本费率端控制得当，同比基数抬升下经营利润增长表现靓丽，西式快餐龙头兼具扩张势能与盈利韧性。","collect":0,"end_time":0,"defaultTopTitle":"","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"YUMC":"百胜中国","09987":"百胜中国","06886":"华泰证券"},"translate_title":"[Brokerage Focus] Huatai Securities maintains Yum China (09987) buy rating, referring to its continued same-store growth and operating resilience","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"06886":1.5,"09987":1.5,"YUMC":1.5},"content_text":"金吾财讯 | 华泰证券研报指，百胜中国(09987)公布三季度业绩：3Q25收入32亿美元/yoy+4%，不计及外币换算yoy+4%；3Q25经营利润4.00亿美元/yoy+8%，略高于彭博一致预期（3.98亿美元）。对应经营利润率12.5%/yoy+0.4pct（不计及外币换算yoy+0.4pct）；3Q25归母净利润2.82亿美元/yoy-5%，主要受Q3美团股价回调影响，剔除美团投资亏损后归母净利同比+7%。Q3股东回馈合计4.14亿美元（前9个月合计回馈9.50亿美元），宣布每股派息0.24美元；预计全年回馈合计约15亿美元。季内肯德基、必胜客Q3同店延续稳健增长，新店型及新品类落地进展顺利，成本费率端控制得当，同比基数抬升下经营利润增长表现靓丽，西式快餐龙头兼具扩张势能与盈利韧性。考虑Q3投资亏损及Q4同比高基数影响，该机构下调公司25-27年归母净利润至9.08/9.86/10.49亿美元（较前值分别-2.6%/-3.7%/-4.2%），对应EPS为2.52/2.97/3.16美元。参考可比公司26E iFind及Bloomberg一致预期PE 17X，考虑公司客单价相对稳定、受外卖退坡补贴影响或更小，且兼顾经营效率提升与成本费用端优化，略提升溢价率，给予公司26年18X PE，调整目标价至53.10美元/413.59港币（前值56.66美元/444.80港币，对应25年PE 22倍）。 维持买入评级。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}