-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们将百胜中国12个月的目标价从60美元下调至52美元，这意味着2026年的市盈率为18.2倍（与三年平均水平持平）。我们认为，该公司的前景基本面正在改善，且比近年来更具可预测性。我们欢迎百胜中国采取的战略举措，这些举措旨在使其成为一家资本效率更高、股东回报更优的公司，但我们仍然对长期盈利能力的提升感到担忧。我们预计，百胜中国营收增长将受益于门店网络的持续扩张，尤其是在服务欠缺的低线城市，以及产品创新和外卖服务的日益普及。2026年第一季度，外卖分别占必胜客和肯德基销售额的约51%和55%。然而，我们认为，不断上涨的配送成本和积极向低线城市扩张可能会导致其利润率相比现有的一线城市战略更为温和。
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