富瑞：百胜中国(09987)收购内地必胜客品牌所有权在战略上具有正面意义

智通财经06-18

智通财经APP获悉，富瑞发布研报称，百胜中国(09987)宣布将以12亿美元收购中国内地必胜客品牌的商标所有权。该行认为此项交易在战略上具有正面意义，且估值合理，并预计随着时间推移，公司能够谨慎地引入杠杆以优化资产负债表，从而提升股东权益回报率。交易完成后，内地必胜客将无需再向Yum! Brands支付特许经营费。该行重申百胜中国“买入”评级，港股目标价维持505.5港元不变。该行指出，在可比基础...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2644773110?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-06-18 09:15","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2644773110","market":"fut","top_or_hot":-1,"title":"富瑞：百胜中国(09987)收购内地必胜客品牌所有权在战略上具有正面意义","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，富瑞发布研报称，百胜中国(09987)宣布将以12亿美元收购中国内地必胜客品牌的商标所有权。该行认为此项交易在战略上具有正面意义，且估值合理，并预计随着时间推移，公司能够谨慎地引入杠杆以优化资产负债表，从而提升股东权益回报率。交易完成后，内地必胜客将无需再向Yum! Brands支付特许经营费。该行重申百胜中国“买入”评级，港股目标价维持505.5港元不变。该行指出，在可比基础...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1455923.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>富瑞：百胜中国(09987)收购内地必胜客品牌所有权在战略上具有正面意义</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n富瑞：百胜中国(09987)收购内地必胜客品牌所有权在战略上具有正面意义\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-06-18 09:15 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1455923.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，富瑞发布研报称，百胜中国(09987)宣布将以12亿美元收购中国内地必胜客品牌的商标所有权。该行认为此项交易在战略上具有正面意义，且估值合理，并预计随着时间推移，公司能够谨慎地引入杠杆以优化资产负债表，从而提升股东权益回报率。交易完成后，内地必胜客将无需再向Yum! Brands支付特许经营费。该行重申百胜中国“买入”评级，港股目标价维持505.5港元不变。该行指出，在可比基础...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1455923.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0417516902.SGD","symbol_name":"Allianz China Equity Cl AT Acc SGD","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1455923.html","article_id":"2644773110","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2644773110","pubTimestamp":1781745341,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，富瑞发布研报称，百胜中国宣布将以12亿美元收购中国内地必胜客品牌的商标所有权。该行重申百胜中国“买入”评级，港股目标价维持505.5港元不变。该行指出，在可比基础上，百胜中国2026年全年的财务指引保持不变。此外，得益于内地必胜客利润率的提升，百胜中国整体的餐厅利润率及营业利润率也将随之扩大。富瑞表示，百胜中国计划通过现金和债务融资相结合的方式为此次收购提供资金。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","BK4531":"中概回港概念","09987":"百胜中国","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU2177674079.SGD":"Fidelity Asia Pacific Opportunities A-ACC-SGD (hedged)","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","BK4526":"热门中概股","BK4585":"ETF&股票定投概念","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","YUMC":"百胜中国","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU0823426480.USD":"法巴中国股票经典Dis","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU0823426308.USD":"法巴中国股票基金","BK4504":"桥水持仓","BK4209":"餐馆","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD  ACC","LU0228659784.USD":"施罗德金砖四国基金","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0359201612.USD":"贝莱德中国基金A2","BK4588":"碎股","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0594300419.USD":"富达中国消费基金A","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU2008162690.USD":"FIDELITY FUNDS - ASIA PACIFIC OPPORTUNITIES \"A\" (USD) ACC","BK1233":"餐馆","LU2279701549.SGD":"JPMorgan Funds - Emerging Markets Sustainable Equity A (acc) SGD","LU0456842615.SGD":"JPMorgan Funds - Emerging Markets Equity A (acc) SGD","BK1588":"回港中概股"},"translate_title":"Furui: Yum China (09987) Acquisition of Mainland Pizza Hut Brand Ownership is Strategically Positive","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"YUMC":1.5,"09987":1.5},"content_text":"智通财经APP获悉，富瑞发布研报称，百胜中国(09987)宣布将以12亿美元收购中国内地必胜客品牌的商标所有权。该行认为此项交易在战略上具有正面意义，且估值合理，并预计随着时间推移，公司能够谨慎地引入杠杆以优化资产负债表，从而提升股东权益回报率。交易完成后，内地必胜客将无需再向Yum! Brands支付特许经营费。该行重申百胜中国“买入”评级，港股目标价维持505.5港元不变。该行指出，在可比基础上，百胜中国2026年全年的财务指引保持不变。该交易预期于2026年第三季度完成，并预计在交易完成后，可立即对2026年的摊薄后每股盈利产生增厚作用，而在2027年及2028年对摊薄后每股盈利的增厚幅度预期将达到中个位数。此外，得益于内地必胜客利润率的提升，百胜中国整体的餐厅利润率及营业利润率也将随之扩大。富瑞表示，百胜中国计划通过现金和债务融资相结合的方式为此次收购提供资金。公司仍致力于其先前公布的资本回报计划，包括在2026年回馈股东15亿美元，以及将每年约100%的自由现金流(扣除少数股东股息)回馈股东。该行估计2027年及2028年的回报金额约为9亿至10亿美元。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"corporation,merge","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2644773110","isCrawlerRequest":true}