《大行》里昂:百胜中国(YUMC.US)同店销售增3% 超预期 上调目标价至57美元

阿斯达克财经
Feb 05

里昂发表研究报告指出,百胜中国(09987.HK) (YUMC.US)  去年第四季度的营收及净利润表现超预期。3%的同店销售额增长带动餐厅利润率提升70个基点。该行原先预期强劲的外送增长会因骑手成本上升而带来更大的利润率压力,但公司能够透过营运杠杆抵消此影响。然而,该行认为同店销售额的上升趋势仍存在风险。随着小店模式的占比趋于稳定以及租金下降带来的成本降低,对预测较低的单店摊薄效应感到更为乐观。...

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