颐海国际股息托底，全球扩张

西部证券01-20

2016年上市至今，颐海国际经历了从规模扩展-估值泡沫-回落调整-价值企稳的过程。早期公司享受成长性的估值溢价，但随后海底捞出现关店，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，我们认为底料、复调行业依然还有成长空间，并非存量市场。根据弗若斯特沙利文数据，我国复合...

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