西部证券研究报告指出，颐海国际(01579.HK) 早期曾享受成长性的估值溢价，但随后海底捞(06862.HK) 出现关店，颐海关联方收入波动，同时行业成长性不及预期，估值开始从高点回落。在此期间，颐海国际资本开支进入下行周期，提升分红比例，市场对公司定价逻辑从高成长标的到低估值、高股息公司。长期来看，西部证券认为底料、复调行业依然还有成长空间，并非存量市场。2025年关联方销售受海底捞下滑影响，...
Source Link西部证券研究报告指出，颐海国际(01579.HK) 早期曾享受成长性的估值溢价，但随后海底捞(06862.HK) 出现关店，颐海关联方收入波动，同时行业成长性不及预期，估值开始从高点回落。在此期间，颐海国际资本开支进入下行周期，提升分红比例，市场对公司定价逻辑从高成长标的到低估值、高股息公司。长期来看，西部证券认为底料、复调行业依然还有成长空间，并非存量市场。2025年关联方销售受海底捞下滑影响，...
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