智通财经APP获悉，海底捞(06862)午前涨近3%，截至发稿，涨2.85%，报14.79港元，成交额9715.01万港元。
里昂发布研报称，投资者对海底捞削减派息比率、翻台率复苏的过高预期仍持谨慎态度。不过该行认为，鉴于海底捞当前挑战，2025年3.9次的翻台率已相当稳健。预计门店数量将增长2%，与2025年整体火锅门店数量收缩7%形成对比。该行表示，海底捞竞争缓和应有助于门店扩张；估计2026至2028年门店数量的年均复合增长率为2%至3%。又认为海底捞重新聚焦于发展子品牌在战略上是正确的。
海通国际指出，根据管理层披露，2026年1-2月海底捞火锅门店合计翻台率同比提升，3月亦延续增长趋势，整体一季度恢复态势稳健。从行业层面看，餐饮大盘呈现稳定上升态势，消费端边际改善。该行认为，海底捞作为火锅赛道龙头，其品牌力与运营能力在行业复苏期具备较强的修复弹性。
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