海底捞：中餐赛道标杆龙头未来成长边界几何？.pdf

Page 1 Table_StockInfo (06862) 66.37 72.71 59.70 2021 01 04 Table_BaseInfo / ( ) 5300/5300 / ( ) 3184/3184 / 3,473/14,471 12 / ( ) 61.80/28.25 0755-82150809 E-MAIL S0980511040003 0755-82132098 E-MAIL S0980513100003 + + 2019 4.67 2017 13.7% IP 2019 NO.1 2019 266 23.4 768 IP + 5 5 5 9 3-5 2000 + & 3-5 2100-3000 9 + + 20-22 EPS0.18/0.90/1.18 21-22PE 56/43x NO.1 19 5% IP 3-5 66.3772.71 2018 2019 2020E 2021E 2022E ( ) 16,969 26,556 28,883 52,757 67,118 (+/-%) 59.53% 56.5% 8.8% 82.7% 27.2% ( ) 1646.16 2344.71 958.19 4782.46 6271.68 (+/-%) 60.2% 42.4% -59.1% 399.1% 31.1% ( ) 0.31 0.44 0.18 0.90 1.18 EBIT Margin 12.69% 11.6% 4.7% 12.3% 12.5% (ROE) 19% 22.1% 8.5% 32.7% 33.0% (PE) 162.2 113.9 278.6 55.8 42.6 EV/EBITDA 184.6 232.7 115.4 36.3 28.6 (PB) 31.0 25.13 23.64 18.23 14.03 Wind 0.0 0.5 1.0 1.5 2.0 J/20 M/20 M/20 J/20 S/20 N/20