(1)年度策略观点核心逻辑放下显微镜,头部品牌业绩已企稳。11月初百胜中国发布25Q3业绩,肯德基同店、门店利润率、经营利润均略超一致预期。我们预计,头部餐饮品牌同店均已逐步企稳,门店模型已回归坚韧。我们认为,对于二级市场投资而言,相比回本周期,合理且可持续的门店模型是更为重要的观测指标。当前维度下,头部餐饮品牌门店模型已回归坚韧。打开望远镜,估值洼地布局正当时。餐饮板块当前估值普遍位于8-20x...
Source Link(1)年度策略观点核心逻辑放下显微镜,头部品牌业绩已企稳。11月初百胜中国发布25Q3业绩,肯德基同店、门店利润率、经营利润均略超一致预期。我们预计,头部餐饮品牌同店均已逐步企稳,门店模型已回归坚韧。我们认为,对于二级市场投资而言,相比回本周期,合理且可持续的门店模型是更为重要的观测指标。当前维度下,头部餐饮品牌门店模型已回归坚韧。打开望远镜,估值洼地布局正当时。餐饮板块当前估值普遍位于8-20x...
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