证券时报e公司讯，1月6日，伊利集团和海底捞集团在伊利上海创新中心正式签署战略合作协议，标志 着双方将建立多层次、全方位的沟通机制，充分发挥双方的资源优势，就品牌推广、市场开发、业务融 合、品牌共建、组织建设、研发创新等领域展开深入合作。 ...

消息方面，伴随着元旦假期将至，餐饮预订持续火热。以海底捞为例，根据相关数据统计，截至12月26 日，全国海底捞火锅已接到12月31日跨年日的订餐超20万桌，这一预订量大约是平日的5倍以上。 中信证券也指出，临近春节，叠加自上而下不断对内需的重视、政策预期升温，消费有望迎来新一轮反 弹修复。 尽管元旦和春节假期提振市场对于餐饮股的预期，但是高盛研报近期指出，11月餐饮业同店销售额持续 疲软，需求波动。关于政策刺激方面，该行看到更多城市/省份推出了餐饮消费券，但是，该行认为影 响因品牌和地区而异，且该行覆盖的公司普遍尚未看到明显的提振效果。 财联社12月31日讯(编辑 胡家荣) 伴随着元旦假期将至，港股餐饮股多数上涨。截至发稿，海底捞 (06862.HK)、海伦司(09869.HK)、九毛九(09922.HK)分别上涨3.48%、3.27%、2.37%。 此前多地启动新一轮消费券发放活动，加大对餐饮、文旅等消费领域的支持力度。国金证券指出，消费 券发放进一步扩大了活动覆盖对象范围。消费券对餐饮业有直接拉动作用，有利于刺激当地餐饮行业的 消费需求。 11月餐饮业同店销售额持续疲软 该行指，海底捞11月平均翻台率同比 ...

Investment Rating - The report maintains an "Outperform" rating for Haidilao (06862 HK) [3] Core Views - Haidilao's main brand is expected to see improvements in both same-store operations and store expansion in 2025, while its barbecue brand is set to accelerate development [3] - The company has demonstrated strong operational adjustment capabilities in a weak market environment, with same-store sales expected to return to growth in 2025 [3][32] - The "Pomegranate Plan" is expected to drive the rapid expansion of new brands, particularly the barbecue brand, with synergies in supply chain and labor ensuring profitability [3][32] Business Review - Haidilao, founded in 1994, is a leading player in the hotpot and Chinese dining sectors, with a revenue CAGR of 28 0% and a net profit CAGR of 42 0% from 2015 to 2023 [7] - In 2021, the company faced operational challenges due to rapid expansion and the pandemic, leading to a net loss of RMB 4 16 billion, including over RMB 3 65 billion in impairment losses [8] - The "Woodpecker Plan" implemented in November 2021 helped the company turn around, with a net profit of RMB 1 638 billion in 2022 [9] - In 2023, Haidilao achieved record-high revenue of RMB 41 45 billion and net profit of RMB 4 499 billion, with 1,343 stores by mid-2024 [7][15] Growth Outlook Same-Store Operations - Haidilao's same-store operations are expected to improve, with a stable turnover rate and a recovery in average spending per customer [3][22] - The average spending per customer rebounded to around RMB 100 in December 2024, showing a continuous recovery trend [3] - The overall turnover rate reached 4 2 times in mid-2024, close to the 4 8 times in 2019, despite the number of stores doubling to nearly 1,400 [3] Store Expansion - Haidilao is expected to achieve a mid-single-digit percentage increase in net store openings in 2025, with the franchise model contributing additional growth [3][22] - The company has become more aggressive in store expansion, with plans to open 40-50 new stores in the second half of 2024 [3] New Brand Development - The "Pomegranate Plan" focuses on incubating new brands, with the barbecue brand "Yanqing Barbecue" leading the way [3][23] - Yanqing Barbecue, which opened its first store at the end of 2023, had 12 stores nationwide by November 2024, with plans to expand to 100/200 stores by 2025/2026 [3][23] - The single-store model for Yanqing Barbecue is estimated to generate annual revenue of RMB 10 million, with a net profit margin of 12-14% [3][27] Financial Projections - The report forecasts Haidilao's net profit for 2024-2026 to be RMB 4 62/5 12/5 62 billion, with growth rates of 3%/11%/10%, and a dynamic PE of 19/17/15x [3][32] - Under optimistic assumptions, the net profit for 2025-2026 could reach RMB 5 83/7 16 billion, with growth rates of 3%/26%/23%, and a dynamic PE of 15/12x [32]

许 请善后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 大家好欢迎参加国信社府海底捞金银监控交流电话会议目前所有的参会者均处于静音状态下面开始播放命责声明声明报告完毕后主持人可直接发言本次会议为国信证券白名单会议且面向国信证券 会议嘉宾发言内容仅代表其个人观点会议内容不构成对任何人的投资建议敬请会议参会者充分了解各类投资风险根据自身情况自主作出投资决策并自行承担投资风险本次会议禁止录音录像 任何机构和个人不得以任何形式转发转载复制发布或引用会议全部或部分内容亦不得从未经国姓证券书面授权的任何机构个人或其运营的媒体平台转发转载复制或引用会议的全部或部分内容不当传播会议内容或违反上述要求的国姓证券保留追究相关方法律责任的权利 各位投资者 上午好 我是国信电视剧圈社会服务行业的编辑师张鲁那今天呢 与我一起主持会议的还有我国信的大社会组长秦光 张老师那今天的话 我们也是非常有幸的邀请到了海底捞的艾儿 陈总给我们做一场这个小作业的交流 海底捞这期的关注度也是非常高啊,包括我们小组也是把海底捞选作了国际演员所12月份的月度的金股作为一个重点的推荐。海底捞其实也是我们一对重点。 跟大家去 ...

各位投资人分析师大家好我是特海国际执行董事CEO杨丽娟我来向各位介绍特海国际2024年第三季度的主要情况第三季度我们的平均翻台率为3.8轮同比2023年增长0.1轮共接待客流740万人次 同比增长4.2%实现收入1.99亿美元同比增长14.6%我们的公司经营利润为7.5%同比提高1.8个百分点在业务方面我们开展了以下的工作第一推动了门店从三张表出发的提升业务及管理表 专门店现场试测卡经营表专门店财务表现基础表专员工和顾客我们的店经理有更系统的管理工具来开展日常工作对目标KPI的理解拆分更加清晰管理动作更加准确因此我们在三季度中有更多门店的顾客提升体验提升经营数据进步 业绩结果改善第二对经营场景进行了更全面细致的梳理和规范例如会学会员的这个顾客学学生顾客生日亲子夜宵工作日等不同群体场景提供更细致的活动客信化服务让我们的服务标准进一步的提升第三推行双管店政策 有更多的国家经理优秀店经理同时监管第二家门店把好的管理复制到更多的门店中为了配合双管的政策更好运行我们也开始研究如何在门店之内划分出更小的作战单元例如以担当后腾小组长库管等骨干员工为一个个更小的责任主体有自己更细分的小报表有自己的利益链接机制 更深入的激发每 ...

浦银国际研究 浦银国际 公司研究 海底捞 （686 2.HK） 公司研究 | 消费行业 海底捞（6862.HK）：多品牌战略能见度提升， 明后年有望加速开店；上调至"买入" 上调海底捞至"买入"评级：在我们之前的报告中，我们对海底捞未 来门店扩张、利润率提升以及多品牌战略的前景表示了担忧。然而， 在我们近期的企业日活动中，管理层对于旗下新品牌"焰请"的开店 目标给出了较高的指引，同时详细阐述了焰请与海底捞之间在采购、 人工、租金等方面的协同效应。尽管焰请品牌最终能否取得成功仍具 有较大的不确定性，但海底捞主品牌稳定的业绩表现以及公司对第二 品牌的积极布局有望大幅提升市场信心，利好公司估值的恢复。另外， 焰请品牌如最终取得成功，将有望提升公司门店扩张以及利润率的空 间。基于 19x 2025 P/E（或 10x 2025 EV/EBITDA），上调目标价至 19.5 港 元。我们上调海底捞至"买入"评级。 翻台率确定性强，利润率有望环比改善：海底捞 7-8 月整体翻台率同 比基本持平，9 月同比下降单位数。十一假期整体翻台率超过 5 次/天， 与去年同期持平，略高于 2024 年春节的水平。我们预计 2H24 ...

Financial Performance - Revenue for the first half of 2024 reached RMB 21,490.9 million, a 13.8% increase compared to the same period in 2023[15] - Core operating profit (non-IFRS measure) for the first half of 2024 was RMB 2,798.9 million, a 13.0% increase compared to the same period in 2023[15] - Profit for the first half of 2024 was RMB 2,033.1 million, a 10.0% decrease compared to the same period in 2023, primarily due to changes in net foreign exchange gain and loss and the termination of the additional VAT deduction preferential policy in mainland China[15] - Revenue for the first half of 2024 reached RMB 21,490.9 million, a 13.8% year-on-year increase[16] - Core operating profit (non-IFRS) for the first half of 2024 was RMB 2,798.9 million, up 13.0% year-on-year[16] - Revenue increased by 13.8% from RMB18,885.9 million in H1 2023 to RMB21,490.9 million in H1 2024[27][28] - Haidilao restaurant operation revenue grew by 13.8% to RMB20,414.0 million, accounting for 95.0% of total revenue[29][31] - Delivery business revenue rose by 23.3% to RMB581.2 million, driven by single-serving high-quality fast food offerings[31] - Sales of condiment products and food ingredients decreased by 19.2% to RMB299.2 million in H1 2024[29] - Other restaurant operation revenue increased by 74.3% to RMB182.4 million in H1 2024[29] - Revenue for the six months ended June 30, 2024, increased to RMB 21,490,903 thousand, up from RMB 18,885,854 thousand in the same period in 2023, representing a growth of approximately 13.8%[158] - Profit for the period decreased to RMB 2,033,103 thousand in 2024 from RMB 2,258,886 thousand in 2023, a decline of approximately 10%[158] - Total comprehensive income for the period was RMB 2,083,229 thousand in 2024, compared to RMB 2,381,598 thousand in 2023, a decrease of approximately 12.5%[158] - Basic earnings per share (EPS) for the period were RMB 0.38 in 2024, down from RMB 0.42 in 2023[160] - Profit for the period was RMB 2,038,125 thousand for the six months ended June 30, 2024[168] - Other comprehensive income for the period was RMB 50,126 thousand for the six months ended June 30, 2024[168] - Dividends recognized as distribution amounted to RMB 4,061,454 thousand for the six months ended June 30, 2024[168] - Retained profits increased to RMB 7,250,439 thousand as of June 30, 2024, from RMB 5,433,184 thousand as of January 1, 2024[168] - Non-controlling interests decreased to RMB (14,264) thousand as of June 30, 2024, from RMB (9,690) thousand as of January 1, 2024[168] - Statutory reserve increased to RMB 1,362,905 thousand as of June 30, 2024, from RMB 1,142,035 thousand as of January 1, 2024[168] - Share premium decreased to RMB 1,045,420 thousand as of June 30, 2024, from RMB 5,106,874 thousand as of January 1, 2024[168] - Operating cash flows before movements in working capital increased to RMB 4,169,242 thousand in 2024, compared to RMB 4,148,245 thousand in 2023[170] - Net cash from operating activities decreased to RMB 3,671,759 thousand in 2024 from RMB 4,934,371 thousand in 2023[170] - Net cash used in investing activities decreased to RMB 769,676 thousand in 2024 from RMB 1,482,728 thousand in 2023[172] - Net cash used in financing activities decreased to RMB 920,439 thousand in 2024 from RMB 2,002,462 thousand in 2023[173] - Cash and cash equivalents at the end of the period increased to RMB 8,424,923 thousand in 2024 from RMB 7,908,774 thousand in 2023[173] - Profit before tax increased to RMB 2,888,060 thousand in 2024 from RMB 2,813,816 thousand in 2023[170] - Finance costs decreased to RMB 140,504 thousand in 2024 from RMB 183,021 thousand in 2023[170] - Interest income increased to RMB 244,761 thousand in 2024 from RMB 133,122 thousand in 2023[170] - Depreciation of property, plant and equipment decreased to RMB 961,723 thousand in 2024 from RMB 1,125,318 thousand in 2023[170] - Depreciation of right-of-use assets increased slightly to RMB 364,492 thousand in 2024 from RMB 362,147 thousand in 2023[170] - Revenue for the six months ended June 30, 2024, reached RMB 21,490,903 thousand, compared to RMB 18,885,854 thousand in the same period in 2023, representing a 13.8% year-over-year increase[185] - Restaurant operation revenue increased to RMB 20,596,386 thousand in H1 2024, up 14.2% from RMB 18,040,008 thousand in H1 2023[185] - Delivery business revenue grew to RMB 581,228 thousand in H1 2024, a 23.3% increase from RMB 471,351 thousand in H1 2023[185] - Sales of condiment products and food ingredients decreased to RMB 299,208 thousand in H1 2024, down 19.2% from RMB 370,229 thousand in H1 2023[185] - Revenue from Mainland China operations accounted for RMB 20,760,551 thousand in H1 2024, representing 96.6% of total revenue[190] - Interest income from bank deposits increased to RMB 217.96 million in 2024, up from RMB 125.21 million in 2023, representing a 74.1% increase[193] - Government grants decreased to RMB 22.96 million in 2024 from RMB 33.58 million in 2023, a decline of 31.6%[193] - Business development expenses surged to RMB 196.01 million in 2024, more than doubling from RMB 83.84 million in 2023, a 133.8% increase[197] - Net foreign exchange loss amounted to RMB 25.85 million in 2024, compared to a gain of RMB 192.55 million in 2023[200] - Total other expenses rose to RMB 881.09 million in 2024, up 28.9% from RMB 683.64 million in 2023[197] - Compensation claim income increased to RMB 23.31 million in 2024, up 175.8% from RMB 8.45 million in 2023[193] - Net impairment loss reversed for property, plant and equipment was RMB 14.34 million in 2024, compared to a gain of RMB 6.80 million in 2023[200] - Gain from redemption of long-term bonds was RMB 4.41 million in 2024, up 459.0% from RMB 0.79 million in 2023[200] - Total other income decreased to RMB 370.13 million in 2024, down 6.8% from RMB 396.98 million in 2023[193] - Additional tax deduction, which was RMB 158.66 million in 2023, was terminated as of December 31, 2023[194] Restaurant Operations - The overall table turnover rate of Haidilao restaurants was 4.2 times per day in the first half of 2024[15] - Total number of customers served across all restaurants exceeded 209.9 million in the first half of 2024[15] - The company operated a total of 1,343 Haidilao restaurants as of June 30, 2024, with 1,320 in mainland China and 23 in Hong Kong, Macau, and Taiwan[17] - The company opened 11 new restaurants and closed 43 underperforming restaurants in the first half of 2024[17] - The company plans to significantly increase the number of new restaurant openings in the second half of 2024 compared to the first half[17] - The company implemented a multi-restaurant management model, allowing managers to oversee multiple outlets, including Haidilao and other group brands[20] - The company launched a franchise model to attract business partners and expand into lower-tier markets[21] - The company initiated the "Pomegranate Plan" to incubate new catering brands and promote innovation in catering services[23] - The company developed new dining consumption patterns, including camping hot pot, campus hot pot, and corporate hot pot restaurants[24] - The company's single-serving delivery business continued to generate additional revenue and profit[24] - Average table turnover rate for Haidilao restaurants increased to 4.2 times per day in H1 2024[31] - Average spending per guest decreased from RMB102.9 in H1 2023 to RMB97.4 in H1 2024 due to changes in dish consumption structure and increased discounts[31] - The company launched the "Pomegranate Plan" to incubate and develop new catering brands, with 5 innovation projects in operation in H1 2024[25][26] - New brands like "YEAH QING BBQ" and "XIAOHAI HUOGUO" were introduced, targeting different price segments and consumer groups[26] - The company expanded into new dining formats such as camping hot pot, campus hot pot, and corporate hot pot to diversify customer experiences[25] - Average spending per guest decreased in all regions: Tier 1 cities from RMB 110.3 to RMB 104.1, Tier 2 cities from RMB 101.8 to RMB 96.8, and Tier 3 cities and below from RMB 96.1 to RMB 91.4[33] - Overall table turnover rate increased from 3.3 times/day in 2023 to 4.2 times/day in 2024, with Tier 2 cities showing the highest increase from 3.5 to 4.3 times/day[33] - Same store sales increased overall from RMB 17,007,646 thousand in 2023 to RMB 19,605,740 thousand in 2024, with Tier 3 cities and below showing the highest growth from RMB 6,533,187 thousand to RMB 7,836,184 thousand[36] - Average same store sales per day increased from RMB 75.2 thousand in 2023 to RMB 86.1 thousand in 2024, with Hong Kong, Macau, and Taiwan regions maintaining the highest daily sales at RMB 167.5 thousand[36] - Gross revenue from restaurant operations in mainland China increased from RMB 17,298,795 thousand in 2023 to RMB 19,746,580 thousand in 2024, with Tier 3 cities and below contributing the largest share at 39.9%[41] Costs and Expenses - Raw materials and consumables costs increased by 9.1% from RMB 7,685.0 million in 2023 to RMB 8,387.2 million in 2024, but decreased as a percentage of revenue from 40.7% to 39.0%[42] - Staff costs increased by 24.0% from RMB 5,769.3 million in 2023 to RMB 7,155.7 million in 2024, rising as a percentage of revenue from 30.5% to 33.3% due to increased salary and benefit levels[44] - Rentals and related expenses increased by 5.3% from RMB200.4 million in H1 2023 to RMB210.9 million in H1 2024, maintaining a stable percentage of revenue at 1.1% and 1.0% respectively[45][49] - Utilities expenses rose by 19.2% from RMB605.4 million in H1 2023 to RMB721.7 million in H1 2024, with revenue percentage stable at 3.2% and 3.4% respectively[46][50] - Travelling and communication expenses increased by 20.5% from RMB78.7 million in H1 2023 to RMB94.8 million in H1 2024, maintaining a stable revenue percentage of 0.4%[47][51] - Employee costs surged by 24.0% from RMB5,769.3 million in H1 2023 to RMB7,155.7 million in H1 2024, with revenue percentage rising from 30.5% to 33.3%[48] - Depreciation and amortization decreased by 11.1% from RMB1,506.4 million in H1 2023 to RMB1,339.1 million in H1 2024, with revenue percentage dropping from 8.0% to 6.2%[52][56] - Other expenses increased by 28.9% from RMB683.6 million in H1 2023 to RMB881.1 million in H1 2024, with revenue percentage rising from 3.6% to 4.1%[53][57] - Share of results of associates and a joint venture increased from RMB15.6 million in H1 2023 to RMB24.7 million in H1 2024[54][58] - Other gains and losses shifted from a gain of RMB227.2 million in H1 2023 to a loss of RMB66.7 million in H1 2024, primarily due to foreign exchange rate changes[55][59] - Finance costs decreased by 23.2% from RMB183.0 million in H1 2023 to RMB140.5 million in H1 2024[60][61] - Income tax expense increased by 54.1% from RMB554.9 million in H1 2023 to RMB855.0 million in H1 2024[62] - Core operating profit (non-IFRS measure) increased to RMB2,798,866,000 in H1 2024, up from RMB2,476,446,000 in H1 2023[68] - Net foreign exchange loss of RMB25,854,000 in H1 2024, compared to a gain of RMB192,546,000 in H1 2023[68] - Interest income increased to RMB244,761,000 in H1 2024 from RMB133,122,000 in H1 2023[68] - Profit for the period decreased to RMB2,033,103,000 in H1 2024 from RMB2,258,886,000 in H1 2023[68] - Finance costs decreased to RMB140,504,000 in H1 2024 from RMB183,021,000 in H1 2023[68] - Trade payables decreased from RMB1,859.4 million as of December 31, 2023 to RMB1,470.7 million as of June 30, 2024, with turnover days increasing from 34.3 days to 35.9 days[79][84] - Bank borrowings as of June 30, 2024, amounted to RMB294.4 million, with new loans of RMB50.0 million obtained and RMB379.7 million repaid during the six months ended June 30, 2024[80][85] - Trade receivables decreased from RMB412.0 million as of December 31, 2023 to RMB278.6 million as of June 30, 2024, with turnover days decreasing from 3.2 days to 2.9 days[83] - The Group's debt-to-equity ratio as of June 30, 2024, was 24.6%[88][93] - The Group had a total of 143,034 employees as of June 30, 2024, with total staff costs of RMB7,155.7 million for the six months ended June 30, 2024[90][95] - The Group has no specific plans for material investments or acquisition of capital assets as of June 30, 2024, but will continue to explore strategic investment opportunities[98][99] - The Group's pledged/restricted bank deposits amounted to RMB8.2 million as of June 30, 2024, with no fixed assets charged[87][93] - The Group has not hedged its foreign currency exchange risks but will monitor and manage exposure as necessary[89][94] - The Group had no material acquisitions or disposals during the reporting period[91][96] - The Group's future development initiatives include refining restaurant management, exploring diversified business strategies, and pursuing strategic acquisitions[99][100] Shareholder Information - Mr. Li Peng holds 397,500 ordinary shares, representing 0.01% of the total issued share capital[105] - Ms. Song Qing holds 795,000 ordinary shares, representing 0.01% of the total issued share capital[105] - Ms. Gao Jie holds 1,987,500 ordinary shares, representing 0.04% of the total issued share capital[105] - Mr. Zhou Zhaocheng holds 2,087,500 ordinary shares, representing 0.04% of the total issued share capital[105] - NP United Holding Ltd. is owned 51.778% by ZY NP Ltd. and 16.074% each by SP NP Ltd., SYH NP Ltd., and LHY NP Ltd.[107] - The total number of issued shares as of June 30, 2024, is 5,574,000,000[107] - Fuhai is held 40% by Shanghai Xinpai and 60% by Yihai (Shanghai) Food Co., Ltd., making it an associated corporation of the company[110] - Yihai is held approximately 31.39% by ZYSP YIHAI Ltd. and SP YIHAI Ltd.[110] - Mr. Zhang Yong is deemed to be interested in the shares of Fuhai (

证券研究报告 | 半年报点评 gszqdatemark 2024 09 21 年 月 日 增持（维持） 股票信息 行业 酒店餐饮 前次评级 增持 09 月 20 日收盘价（港元） 13.40 总市值（百万港元） 74,691.60 总股本（百万股） 5,574.00 其中自由流通股（%） 100.00 30 日日均成交量（百万股） 16.26 股价走势 海底捞（06862.HK） 收入和核心经营利润创新高，下半年开店有望加速 事件：8 月 27 日，公司发布中期业绩，2024H1 实现收入 214.9 亿元/同 比+13.8%，归母净利润 20.4 亿元/同比-9.7%，核心经营利润 28.0 亿元 /同比+13.0%，收入与核心经营利润创同期历史新高。分业务来看，海底 捞餐厅经营/外卖业务/调味品及食材产品/其他餐厅经营/其他业务 2024H 分别实现收入 204.1/5.8/3.0/1.8/0.1 亿元， 同比+13.8%/+23.3%/- 21.1%/+74.3%/+230.1%。其中，海底捞餐厅经营业务分区域来看， 2024H1 扣除会员积分计划前一线城市/二线城市/三线及以下城市/港澳台 地 区 的 ...

[Table_MainInfo] 公司研究/旅游服务业/酒店、餐馆 证券研究报告 海底捞（6862）公司半年报点评 Liting Wang liting.wang@htisec.com Hongke Li hongke.li@htisec.com Rebecca Hu rebecca.jl.hu@htisec.com [Table_InvestInfo] 1H24 收入增 14%，核心经营利润维持韧性 [Table_Summary] 投资要点： 海底捞发布 2024 年半年报。1H24 收入 214.9 亿元，同比增长 13.8%；归母净利 润 20.4 亿元，同比下降 9.7%。具体看，净利润 20.3 亿元，同比下降 10.0%，主 要受净汇兑损益变动和中国大陆增值税加计抵减优惠政策取消的影响；核心经 营利润 28.0 亿元，同比增长 13.0%。公司预期派息 19.4 亿（派息率 95%），对应 股息率约 3.1%。 收入拆分看：1H24，营业总收入 214.9 亿元，同比增长 13.8%。收入结构上： ①海底捞餐厅经营收入 204.1 亿元，同比增长 13.8%。其中一线/二线/三线及以 下城市/港澳 ...

4 Sep 2024 CMB 国际全球市场 | 股票研究 | 公司更新 海底捞(6862 香港) 等待新的举措发光 ， 收益率 海底捞2024年半年度业绩大致符合预期，但利润率较为温和，考虑到显著的同 店销售增长率。展望2024财年下半年，我们仍能看到宏观经济环境压力、同店 销售增长率的高基数以及员工成本通胀等多方面压力。我们认为，潜在的额外 上行空间可能来自于新门店扩张速度的加速、提升效率的进一步计划和新品牌 的开发。鉴于其较低的估值和吸引人的股息政策，我们维持对该公司的"买入" 评级。 对于2H24E持谨慎乐观态度，额外的增长潜力可能来自于新开设的门店或 新任CEO推行的提升利润率和多品牌策略。 我们不得不给海底捞（Haidilao） 以赞誉，因为其同店销售恢复率在餐饮行业中的表现显著优于平均水平，这得 益于其在客户服务、会员管理、新品推出、社交媒体营销与广告等方面的卓越 表现。然而，进入2024年第二季度后，我们面临若干挑战，例如较高的基准值 问题（2024年7月的桌位周转率实际上与上年同期持平，而平均售价应保持稳 定，因此我们预测2024年第二季度的同店销售增长率在0%到5%之间，这限制 了经营杠杆的 ...