Investment Rating - Buy (Maintained) [1] Core Views - Performance slightly exceeded expectations, with a significant increase in dividend payout ratio [2] - Continuous optimization of store structure, with a rebound in table turnover rate in H2 2023 [3] - Steady improvement in gross margin, with rising labor costs in H2 2023 [3] - Expansion and same-store sales growth expected in 2024, with new brands opening a second growth curve [3] Financial Performance - 2023 revenue: RMB 41.45 billion (yoy +33.6%), with Haidilao restaurant revenue at RMB 39.27 billion (yoy +35.7%) [2] - 2023 net profit attributable to shareholders: RMB 4.5 billion (yoy +174.6%), with a net profit margin of 10.9% [2] - 2023 dividend payout ratio increased by 50 percentage points to 92.6%, with total dividends of RMB 4.05 billion [2] - 2023 gross margin: 59.1% (yoy +0.7 percentage points) [3] - 2023 table turnover rate: 3.8 times/day, with H2 2023 reaching 4.2 times/day (yoy +0.9 times) [3] Store Operations - Total stores at the end of 2023: 1,374 (net increase of 3 stores) [3] - Average customer spending in 2023: RMB 99.1 (yoy -5.5%) [3] - Same-store sales growth in 2023: 27.7%, with same-store table turnover rate at 3.9 times/day (yoy +30%) [3] - Revenue growth by region: Tier 1 cities +39.6%, Tier 2 cities +37.7%, Tier 3 and below +32.2%, Hong Kong, Macau, and Taiwan +32.7% [3] Future Outlook - 2024 table turnover rate expected to exceed 4 times/day, with higher rates in Tier 1 cities and Hong Kong, Macau, and Taiwan [3] - 2024 plan to add 70-80 new stores (including 20 franchise stores) [3] - New brands such as "Hi Lao," "Miao Shixiong," and "Five Grains Three Meals" to continue expansion [3] - 2024-2026 net profit forecast adjusted to RMB 5.1/5.7/6.2 billion, with a 3-year forward P/E of 17/16/14x [4] Market Data - Closing price: HKD 17.66 [5] - 52-week low/high: HKD 11.94/23.95 [5] - Price-to-book ratio: 7.74x [5] - Market capitalization: HKD 98.44 billion [5] Financial Ratios - 2023 EPS: RMB 0.81, 2024E: RMB 0.92, 2025E: RMB 1.02, 2026E: RMB 1.11 [9] - 2023 ROE: 39.03%, 2024E: 30.79%, 2025E: 25.47%, 2026E: 21.72% [9] - 2023 net profit margin: 10.84%, 2024E: 10.85%, 2025E: 11.05%, 2026E: 11.20% [9]

Core Viewpoint - Atour, known as the "hotpot of the hotel industry," has shown remarkable growth with significant revenue and profit increases, but faces challenges in maintaining its competitive edge and brand positioning in a crowded market [1][2]. Financial Performance - In 2023, Atour achieved revenue of 4.666 billion yuan, a year-on-year increase of 106.2% [1]. - Adjusted net profit reached 903 million yuan, up 248.3% year-on-year [1]. - Adjusted EBITDA was 1.207 billion yuan, reflecting a growth of 184.3% [1]. Expansion and Membership - As of December 31, 2023, Atour expanded its store count to 1,210, joining the ranks of major hotel chains [1]. - The number of registered members reached 63 million, a significant figure for a mid-to-high-end hotel brand [1]. Market Positioning - Atour is perceived as a product of consumer downgrade rather than upgrade, attracting former high-end hotel guests seeking more affordable options [2]. - The hotel’s service model, likened to that of hotpot restaurants, emphasizes customer experience with unique offerings such as extended check-out times and complimentary services [2]. Retail Business - Atour operates a retail segment contributing 972 million yuan in revenue for the fiscal year 2023, with 412 million yuan from the fourth quarter alone [4]. - The retail business includes three brands: Atour Planet, Sahe, and Z2GO&CO., focusing on products related to the hotel experience [4]. Competitive Landscape - Atour faces stiff competition from established brands like Hanting, Hilton, and others, which complicates its growth strategy [6]. - The hotel industry is experiencing a supply glut, leading to intense competition and necessitating innovative strategies to attract customers [4][6]. Pricing and Brand Perception - The average daily rate (ADR) for Atour hotels in Q4 2023 was 438 yuan, recovering to 103.6% of 2019 levels [6]. - There are concerns that aggressive pricing strategies to maintain occupancy may dilute brand quality and attract less desirable clientele [7]. Brand Structure and Recognition - Atour's brand portfolio includes multiple sub-brands, but there is confusion among customers regarding the distinctions between them [8]. - Despite challenges, Atour remains one of the most talked-about hotel brands in the past decade, indicating a strong market presence [8].

[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 2024年03月29日 [Table_InvestInfo] 投资评级 优于大市 维持 2H23 收入增 42%，翻台趋势向好 股票数据 [Table_Summary] 0[3Ta月b2le8_日S收to盘ck价In（fo港] 币） 17.66 投资要点： 52周股价波动（港币） 11.94-23.95 公司发布2H23业绩公告。2H23收入225.7亿元，同比增长42.1%；归母净利 总股本/流通A股（亿股） 55.74/55.74 总市值/流通市值（亿港币） 984/984 润 22.4 亿元，同比增长 43.2%，符合此前预告区间；归母净利率为 9.9%，同 相关研究 比增加 0.1pct，环比减少 2.0pct。经营业绩亮眼主因：①疫情管控措施取消， [《Ta1Hb2le3_盈R利ep能o力rt显In著fo提] 升，精细化管理提效》 经济复苏，餐厅客流量增加；②优化组织架构和精细化管理门店显著改善餐厅 运营。公司预期派息40.5亿（派息率90%），对应股息率约4.6%。 2023.09.14 ...

股 票 研 究 [Table_industryInfo] 社会服务业 [ Table_Main[海I Tnaf 底bol]e 捞_Ti（tle] 6 862） [评Tab级le_：Inv est] 增持 当前价格（港元）： 16.86 分红首次达 90%，引入加盟适度扩张 2024.03.28 海 ——海底捞2023 年业绩点评 [ 交Ta易bl数e_M据a rket] 外 刘越男(分析师) 庄子童(研究助理) 52周内股价区间（港元） 12.20-23.70 当前股本（百万股） 5,574 公 021-38677706 021-38032683 当前市值（百万港元） 93,978 司 liuyuenan@gtjas.com zhuangzitong026312@gtjas.com 证书编号 S0880516030003 S0880122050050 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司分红率首次达到 90%，对应 2023 年约 4.7%股息率，餐饮企业在中期可选消费 海底捞 恒生指数 估值承压下，逐步转向更稳定回报品种，提升基础配置的吸引力。 香 20% ...

Investment Rating - The report maintains a "Recommended" rating for Haidilao (06862.HK) with a target price of HKD 21.22, compared to the current price of HKD 17.66 [1][2]. Core Insights - Haidilao reported a revenue of HKD 41.453 billion for 2023, representing a year-on-year increase of 33.6%. The net profit attributable to shareholders was HKD 4.499 billion, up 175% year-on-year, primarily due to revenue recovery and cost savings from refined operations [2]. - The company plans to slow down its store openings, with only 9 new stores opened in 2023, while 26 previously closed stores resumed operations and 32 underperforming stores were shut down. As of the end of 2023, Haidilao operated 1,374 restaurants [2]. - Haidilao is enhancing innovation by establishing an innovation office and diversifying its brand portfolio to include fast food, barbecue, and traditional Chinese cuisine. The company is also focusing on improving customer dining experiences through various promotional activities [2]. - The same-store turnover rate improved significantly, with an average of 3.9 times for stores open for over 300 days, compared to 3.0 times in the previous year. The turnover rate in first-tier cities increased from 3.2 to 4.1 times [2]. - Despite a decline in average customer spending due to increased promotional activities, operational efficiency improved, leading to a reduction in costs. The cost of goods sold (COGS) as a percentage of revenue decreased by 0.7 percentage points to 40.9% [2]. - The report projects an increase in earnings per share (EPS) for 2024-2026, with estimates of HKD 0.98, HKD 1.08, and HKD 1.12 respectively, leading to a price-to-earnings (PE) ratio of 20x for 2024 [2][3]. Financial Summary - Total revenue for 2023 was HKD 41,622 million, with a year-on-year growth rate of 33.7%. The net profit attributable to shareholders was HKD 4,499 million, reflecting a growth rate of 174.7% [3]. - The projected revenue for 2024 is HKD 48,675 million, with a growth rate of 16.9%, and for 2025, it is expected to reach HKD 54,564 million, with a growth rate of 12.1% [3]. - The company’s total market capitalization is approximately HKD 984.37 billion, with a debt-to-asset ratio of 53.33% and a net asset value per share of HKD 2.07 [6].

火锅、卤味、茶饮财报出炉，有人欢喜有人愁 每年的3月，各大上市公司纷纷发布财报数据。 3月26日，海底捞财报出炉，公告显示，截至2023年12月31日，海底捞整体收入414.53亿元人民币，同比增长33.6%，年内溢利（年度盈余）为44.95亿元人民币，同比增长约174.6%。 海底捞又赚钱了。不过，海底捞赚钱咱不眼红，人家一直折腾，哪热往哪去，哪赚钱往哪凑，一会儿去演唱会，一会儿又跳科目三。 忍人不能忍，能人所不能，格局拉大，豁得出去，一般企业还真达不到这程度。 ◎一起摇摆 同为上市企业的九毛九，前不久发布财报，2023年，九毛九收入约为59.86亿元，同比增长49.4%；净利润4.53亿元，同比增长超800%，与2021年相比，增幅达33.2%。 其中，“老网红”太二酸菜鱼的收入占比达74.8%，较2022年的77.6%有所下降；“新网红”怂火锅的收入占比则从6.5%上升至13.5%，贡献仅次于太二。 巧的是，海底捞和九毛九，也都在2024年松了口，宣布开放加盟。 虽然火锅赛道热辣滚烫，但很多品牌的日子并不好过，像呷哺呷哺，自老将贺光启重挂帅印、执掌呷哺以来，已经连续亏损三年。 3月初，呷哺发布202 ...

2024年3月28日 公司研究 经营效率持续提升，分红比例大幅增加 ——海底捞（6862.HK）2023 年年报点评 要点 买入（维持） 事件：海底捞发布2023年年报。23年实现营业收入414.5亿元，同比+33.6%；归 当前价：17.02港元 母净利润45亿元，同比+227.3%。其中，23H2实现营业收入225.7亿元，同比 +42.1%；归母净利润22.4亿元，同比+72.2%。 作者 翻台率显著改善，23年客单价下滑后，现已逐步企稳。 分析师：陈彦彤 执业证书编号：S0930518070002 随着线下消费场景的恢复，消费者外出就餐频次增加，以及公司积极采取各项措施 021-52523689 （营销方面：23年5月部分门店开始进行演唱会引流活动，在演唱会结束后安排大 chenyt@ebscn.com 巴接送顾客；23年11月海底捞员工以“科目三”舞蹈的形式与客户互动，视频快 速在社交媒体上传播，为门店增加了客流；产品方面：公司持续推动菜品创新升级， 分析师：汪航宇 执业证书编号：S0930523070002 23年推出了29款全国性新品，升级了13款全国性菜品，不断增强产品吸引力）， 021-52 ...

Investment Rating - The report maintains a "Buy" rating for Haidilao, with a target price of 16.86 HKD [3]. Core Insights - Haidilao's revenue for 2023 reached 41.453 billion CNY, a year-on-year increase of 33.55%, with a notable rise in restaurant operating income [2]. - The company reported a significant improvement in net profit, reaching 4.499 billion CNY, up 174.59% year-on-year, and a net profit margin of 10.85%, an increase of 5.57 percentage points [2]. - The introduction of a franchise model in March 2024 aims to explore new growth avenues while maintaining operational quality [2]. Summary by Sections Financial Performance - In 2023, Haidilao's total revenue was 41.453 billion CNY, with restaurant operating income at 39.613 billion CNY, reflecting a 36.19% increase [2]. - The company achieved a pre-tax profit of 5.833 billion CNY, a 175.45% increase, and a net profit of 4.499 billion CNY, marking a 174.59% growth [2]. - The average table turnover rate improved to 3.8 times per day, up from 3.0 times in the previous year, while the average customer spending decreased to 99.1 CNY from 104.9 CNY [2]. Business Segments - Restaurant operating income for 2023 was 39.267 billion CNY, up 35.67%, while takeaway revenue decreased by 18.64% to 1.041 billion CNY [2]. - The company also saw a significant increase in other restaurant operating income, which rose by 139.79% to 346 million CNY [2]. Future Outlook - The report highlights the potential for growth through the franchise model, which will be managed by Haidilao to ensure quality control [2]. - The company is expected to achieve net profits of 5.141 billion CNY, 5.841 billion CNY, and 6.461 billion CNY for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 17X, 15X, and 13X [3].

证券研究报告 | 2024年03月28日 海底捞（06862.HK）—2023 年业绩点评 买入 下半年翻台率继续回暖，2023 年分红比例提升至 90% 核心观点 公司研究·财报点评 2023年实现归母净利润44.99亿元，符合预期。2023年，公司实现收入 社会服务·酒店餐饮 414.53亿元/+33.6%；实现归母净利润44.99亿元/+227.3%，与正面盈 证券分析师：曾光 证券分析师：钟潇 利预告基本一致，归母净利润率10.9%/+7pct。2023H2，公司实现收入 0755-82150809 0755-82132098 zengguang@guosen.com.cn zhongxiao@guosen.com.cn 225.67亿元/+42.1%；实现归母净利润22.41亿元/+72.2%。 S0980511040003 S0980513100003 2023下半年翻台显著回暖，同店翻台率达3.9次。2023年，公司整体翻台 证券分析师：张鲁 010-88005377 率为3.8次/+0.8次，2023H1整体翻台率3.4次，下半年翻台率继续回 zhanglu5@guosen.com.cn 升。 ...

财联社3月27日讯（编辑 胡家荣）受益于昨日公布的年报，海底捞(06862.HK)在今日早盘一度上涨超3%，不过受大盘拖累，目前股价已转跌。截至发稿，跌1.06%，报16.84港元。 注：海底捞的表现 根据海底捞在昨日发布的2023年财务报表，全年公司营收414.5亿元人民币，同比增长33%，之前分析师的预估为411亿元。净利润45亿元人民币，同比增长174%。 注：海底捞的去年的表现 海底捞指出，因整体消费环境复苏，消费者外出就餐次数逐渐增加，海底捞餐厅翻台率显著提升。2023年海底捞餐厅整体翻台率为3.8次/天，同比增长26.7%。 翻台率仍有望上升 根据浙商证券的研报，海底捞的翻台率正在不断上升。在2023年全年，公司实现了3.8次/天的翻台率，这个数据明显高于2023年上半年的3.3次/天，2022年全年为3次/天。 该券商还指出，2024年春节假期期间(从初一到初六)，海底捞累计接待了超过950万名顾客，同比增长30%，翻台率继续保持强劲势头。基于2023年上半年较低的基数，预计在2024年上半年海底捞的翻台率同比将有望显著提高，而下半年则有可能保持当前水平或继续小幅上升。 新加盟模式有利于发展 ...