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 ...

Investment Rating - The investment rating for the company is "Buy" [2]. Core Views - The company has achieved a dividend payout ratio of 90%, corresponding to a dividend yield of approximately 4.7% for 2023, making it an attractive option for stable returns in the consumer services sector amid valuation pressures [6]. - The report maintains profit forecasts for 2024 and 2025 at CNY 5.2 billion and CNY 5.8 billion respectively, with a new forecast for 2026 at CNY 6.4 billion, corresponding to EPS of CNY 0.93, CNY 1.03, and CNY 1.1 [6]. - The target price is set at CNY 18.54, approximately HKD 20.43, maintaining the "Buy" rating [6]. Financial Summary - In 2023, the company achieved revenue of CNY 41.45 billion, a 34% increase, and a net profit of CNY 4.5 billion, a 175% increase, with a net profit margin of 10.9%, up by 5.6 percentage points [6]. - The second half of 2023 saw revenue of CNY 22.6 billion, a 42% increase, and a net profit of CNY 2.24 billion, a 43% increase, with a net profit margin of 10.4% [6]. - The company opened a net of 3 new stores in 2023, with a cautious approach to expansion, reflecting a focus on cost control and efficiency [6]. Operational Insights - The company has seen an increase in table turnover rates across various city tiers, with first, second, and third-tier cities experiencing increases of 12%, 11%, and 13% respectively, while average customer spending has decreased by 4% [6]. - Cost efficiency has improved significantly, with material costs, employee compensation, and rental expenses showing a favorable trend [6].

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].

Group 1: Financial Performance - Haidilao reported a total revenue of 41.453 billion RMB for the year ending December 31, 2023, representing a year-on-year growth of 33.6%, with a net profit of 4.495 billion RMB, up approximately 174.6% [1] - Jiumaojiu's revenue for 2023 was approximately 5.986 billion RMB, a year-on-year increase of 49.4%, with a net profit of 453 million RMB, reflecting an over 800% growth [1] - Xiaobai Xiaobai is expected to generate revenue of around 5.9 billion RMB in 2023, with a net loss projected between 180 million to 200 million RMB, marking a cumulative loss of over 800 million RMB over three years [3] Group 2: Market Trends - The hot pot sector remains competitive, with brands like Haidilao and Jiumaojiu innovating and expanding their product offerings to maintain market share [8][10] - The snack food sector, particularly the marinated food segment, is experiencing growth, with brands like Juewei Duck Neck expected to achieve revenue between 7.2 billion to 7.3 billion RMB, a year-on-year increase of 8.71% to 10.22% [5] - The tea beverage industry is seeing significant competition, with 52,000 new tea companies registered in 2023, while Luckin Coffee reported a revenue of 24.9 billion RMB, a year-on-year increase of 87.3% [7] Group 3: Strategic Initiatives - Companies are focusing on product innovation, with Haidilao launching 29 new national products and Jiumaojiu introducing a new Guizhou sour soup hot pot to capitalize on market trends [10][11] - Expansion strategies are evident, with Juewei Foods reporting a net increase of 1,086 stores in the first half of 2023, and Luckin Coffee opening 8,034 new stores, a 97.8% increase year-on-year [11] - Marketing strategies are crucial, with brands leveraging collaborations and events to enhance visibility, such as Luckin's partnership with Moutai and Haidilao's various promotional activities [15]

Investment Rating - The report maintains a "Buy" rating for Haidilao [5][9]. Core Views - Haidilao's operating efficiency continues to improve, with a significant increase in the dividend payout ratio from 34% in 2022 to 90% in 2023, enhancing investment attractiveness [7]. - The company reported a revenue of 41.45 billion yuan in 2023, a year-on-year increase of 33.6%, and a net profit of 4.5 billion yuan, up 227.3% year-on-year [5][9]. - The introduction of a franchise model is expected to reduce financial pressure and operational risks, with plans to explore this model using existing stores initially [8]. Summary by Sections Financial Performance - In 2023, Haidilao achieved a revenue of 414.5 billion yuan, with a net profit of 45 billion yuan, reflecting a strong recovery in consumer dining frequency and effective marketing strategies [5][6]. - The overall table turnover rate improved to 3.8 times per day in 2023, up from 3.0 times in 2022, indicating enhanced customer engagement [6][7]. - The company plans to maintain its store count in 2024, with a focus on opening new stores under the franchise model [8]. Revenue Structure - Revenue from restaurant operations, takeout, and other sales segments were 392.67 billion, 10.41 billion, and 3.46 billion yuan respectively, with notable growth in the seasoning products segment [6]. - The average customer spending decreased to 99.1 yuan in 2023 from 104.9 yuan in 2022, but has stabilized in early 2024 [6]. Profitability and Cost Management - The net profit margin for 2023 was 10.9%, an increase of 6.4 percentage points year-on-year, despite a slight decline in the second half of the year due to rising employee costs [7][9]. - The company has managed to reduce the proportion of raw material costs to 40.9% and employee costs to 31.5% of total expenses in 2023 [7]. Future Outlook - The net profit forecasts for 2024 and 2025 have been raised to 5.26 billion and 5.79 billion yuan respectively, reflecting a positive outlook on operational efficiency and market recovery [9][10]. - The introduction of the franchise model is anticipated to contribute positively to the company's performance in the coming years [8].

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 ...

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 41,453.3 million, representing a year-on-year increase of 33.6%[3] - Net profit for the year was RMB 4,495.4 million, significantly up from RMB 1,637.3 million in the previous year[3] - The company's total revenue increased by 33.6% from RMB 31,038.6 million in 2022 to RMB 41,453.3 million in 2023[8] - Same-store sales for 2023 reached RMB 29,325.979 million, a 27.6% increase from RMB 22,968.136 million in 2022[13] - The company's profit attributable to owners for the year ended December 31, 2023, was RMB 4,499,080, a significant increase from RMB 1,374,477 in 2022, representing a growth of approximately 227%[41] - The total comprehensive income attributable to owners for the year was RMB 4,562,834, compared to RMB 1,184,856 in the previous year, indicating an increase of about 285%[41] - Basic and diluted earnings per share for the year were RMB 0.83, up from RMB 0.25 in 2022, reflecting a growth of 232%[41] Restaurant Operations - The number of Haidilao restaurants increased to 1,374, with 9 new openings and 26 re-openings, while 32 restaurants were closed during the year[3][4] - Revenue from restaurant operations accounted for 94.7% of total revenue, rising from RMB 28,942.6 million in 2022 to RMB 39,266.6 million in 2023, a growth of 35.7%[9] - The overall table turnover rate for Haidilao restaurants was 3.8 times per day, up from 3.0 times per day in 2022[3] - The average table turnover rate for 2023 was 3.8 times per day, up from 3.0 times in 2022[11] - The number of same-store restaurants increased to 950, with 130 in first-tier cities, 346 in second-tier cities, and 455 in third-tier and below cities[13] - Average daily sales per same-store restaurant rose to RMB 84.9, up from RMB 70.7 in 2022, reflecting a 20.5% increase[13] Customer Engagement - Haidilao served over 397 million customers in 2023, an increase of 43.7% compared to the previous year[3] - Social media engagement activities led to over 60 million likes and 5 billion views on Douyin, enhancing brand visibility[5] Cost and Expenses - Employee costs increased by 27.3% to RMB 13,039.8 million, but as a percentage of revenue, it decreased from 33.0% in 2022 to 31.5% in 2023[17] - Material and consumables costs rose by 31.3% to RMB 16,946.2 million, but as a percentage of revenue, it decreased from 41.6% to 40.9%[16] - The total income tax expense for the year ended December 31, 2023, was RMB 1,337,673,000, up from RMB 480,335,000 in 2022, reflecting a substantial rise in tax obligations due to increased earnings[58] - The company reported a total financial cost of RMB 351,430,000 for the year ended December 31, 2023, a decrease from RMB 473,879,000 in 2022, indicating improved cost management[6] Innovation and Development - The company has established an innovation office to enhance product offerings and diversify dining experiences[3] - The company launched 29 new national products and upgraded 13 existing dishes in 2023, alongside over 300 local dishes[7] - The company introduced innovative dining formats, including a camping hot pot restaurant and a campus hot pot pilot in Xi'an[7] Liquidity and Financial Position - Cash and cash equivalents increased from RMB 6,300.8 million as of December 31, 2022, to RMB 6,475.5 million as of December 31, 2023, primarily due to increased net cash from operating activities[28] - The company maintained liquidity through cash flow monitoring and bank loans to support ongoing business expansion[27] - The company had bank borrowings of RMB 618.9 million as of December 31, 2023, with new borrowings of RMB 1,054.5 million and repayments of RMB 3,005.3 million during 2023[33] Dividend and Shareholder Returns - The company plans to propose a final cash dividend of HKD 0.824 per share, totaling approximately RMB 4,050.4 million[3] - The company declared a final dividend of RMB 0.748 per share for the year ended December 31, 2023, amounting to approximately RMB 4,050,420,000, pending shareholder approval[61] Asset Management - Non-current assets decreased to RMB 9,769,959 as of December 31, 2023, from RMB 10,932,565 in 2022, a decline of approximately 10.6%[42] - Current assets increased to RMB 14,907,039 in 2023, compared to RMB 10,506,590 in 2022, representing a growth of about 41.4%[42] - The company's net assets increased to RMB 11,516,940 in 2023, up from RMB 7,456,092 in 2022, indicating a growth of approximately 54.5%[43] Franchise and Expansion - The company has initiated a franchise model to further expand its restaurant network and has established a franchise division to develop related business cooperation processes[86] - The company plans to enhance dining experiences, explore diversified business strategies, and strategically seek acquisitions of quality assets to enrich its restaurant business[39]