---
title: "《大行》花旗升海底捞目标价至 19.7 元 评级「买入」"
description: "花旗将海底捞目标价上调至 19.7 元，维持「买入」评级。预计 2025 年销售增长 2%，受益于配送业务。尽管配送毛利率低于堂食，花旗调整了 2025 至 2027 年净利润率预估。预计海底捞将维持 90% 以上的派息率，并将派息率预测上调至 90%。由于利息收入下降，净利润预测下调约 4%。预计 2026 至 2027 年股息率将升至 6% 至 7%。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/272211712.md"
published_at: "2026-01-12T02:58:58.000Z"
---

# 《大行》花旗升海底捞目标价至 19.7 元 评级「买入」

> 花旗将海底捞目标价上调至 19.7 元，维持「买入」评级。预计 2025 年销售增长 2%，受益于配送业务。尽管配送毛利率低于堂食，花旗调整了 2025 至 2027 年净利润率预估。预计海底捞将维持 90% 以上的派息率，并将派息率预测上调至 90%。由于利息收入下降，净利润预测下调约 4%。预计 2026 至 2027 年股息率将升至 6% 至 7%。

花旗研报指出，将海底捞 (06862.HK) 2025 年销售预测上调 2%，以反映其配送业务增长，以及 2025 年下半年新业务贡献高於预期。由於配送业务毛利率略低於堂食业务，花旗已适度下调集团 2025 至 2027 年预估净利润率假设。

花旗预测，海底捞在 2025 至 2027 年将维持 90% 以上的派息率，并将 2025 至 2027 年派息率预测分别上调至 90%(先前为 30%)。由於利息收入下降，将净利润预测下调约 4%；预期 2026 至 2027 年海底捞股息率将升至 6% 至 7%。该行将海底捞的目标价从 18.5 元上调至 19.7 元；维持「买入」评级。

### Related Stocks

- [06862.HK - 海底捞](https://longbridge.com/zh-CN/quote/06862.HK.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| GRAPHIC-Climate Crossroads: A Decade After the Paris Agreement | Ten years post-Paris Agreement, climate data reveals accelerating global warming, with 2025 projected as one of the hott | [Link](https://longbridge.com/zh-CN/news/276053175.md) |
| Beijing Haizhi Technology Announces Final Offer Price | Beijing Haizhi Technology Group Co Ltd:FINAL OFFER PRICE HK$27.06 PER H SHARE UNDER GLOBAL OFFERING | [Link](https://longbridge.com/zh-CN/news/275780031.md) |
| CICC Reaffirms Their Buy Rating on NIO Inc. Class A (9866) | CICC analyst maintained a Buy rating on NIO Inc. Class A yesterday and set a price target of HK$50.00.Valentine's Day Sa | [Link](https://longbridge.com/zh-CN/news/275967598.md) |
| Doctors bear the burden as ‘medical freedom’ fuels worst US measles outbreak in 30 years | The largest measles outbreak in the U.S. in over 30 years is occurring in South Carolina, with over 930 cases reported.  | [Link](https://longbridge.com/zh-CN/news/275888695.md) |
| CPF to roll out lifecycle portfolios for those willing to take some risk for higher long-term returns | The CPF Board will introduce a new lifecycle investment scheme in early 2028 for members willing to take risks for highe | [Link](https://longbridge.com/zh-CN/news/275723963.md) |

---

> **免责声明**：本文内容仅供参考，不构成任何投资建议。