Core Viewpoint - Morgan Stanley reaffirms "Overweight" rating for Yum China with a target price of $57, indicating confidence in the company's mid-term performance and strategic focus on balancing system sales growth with profit margins [1] Group 1: Financial Performance - The company is expected to see system sales growth of 6% and 8% in Q3 and Q4 respectively, with an annual growth forecast of 5% [1] - Same-store sales growth is projected to recover to 90% and 86% of 2019 levels in Q3 and Q4 respectively, with both quarters expected to achieve a 2% increase [1] - Operating profit margin is anticipated to expand by 30 basis points in the second half of the year, with operating profit expected to grow by 9% [1] Group 2: Strategic Focus - Management plans to accelerate store expansion in the second half of the year to counter competition from delivery platform subsidies, which is expected to slightly boost profit margins [1] - The earnings per share forecast for 2025 to 2027 has been raised by 1% [1]
大行评级｜大摩：重申百胜中国“增持”评级 上调2025至27年每股盈测