%% %% 丨证券研究报告丨 港股研究丨公司点评丨特海国际（9658.HK） [Table_Title] 2024 年三季度业绩点评：客流及人均消费双向 增长，利润端提升显著 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 2024 年三季度，公司实现营业收入 1.99 亿美元，同比增长 14.64% ；实现净利润 3765.6 万美 | | | 元，同比扭亏为盈。在餐饮出海浪潮下，特海国际以其独特的服务形式、优越的品牌力、快速 本土化的适应能力成为中餐出海品牌中的弄潮儿。在规模庞大且竞争格局分散的国际餐饮市场 | | | 中，特海国际具备广阔的发展空间。公司单店模型不断优化，新店快速实现盈亏平衡，我们看 好火锅 ...

Investment Rating - The report maintains a "Recommend" rating for Tehai International (9658 HK) [4] Core Views - Tehai International achieved strong Q3 2024 results with revenue of $199 million, up 14 6% YoY, and operating profit of $15 million, up 52 0% YoY [3] - The company's profitability improved significantly, with operating margin reaching 7 5%, up 1 8 percentage points YoY, and net profit attributable to shareholders turning positive at $37 72 million [3] - Tehai International's localization strategy and Red Pomegranate Plan are driving market penetration and synergies with its parent brand Haidilao [3] Business Performance - Restaurant revenue grew 14 5% YoY to $191 million, driven by both higher traffic and average spending per customer [3] - Overall table turnover rate increased to 3 8 times per day, with the highest rate in East Asia at 4 3 times per day [3] - Average customer spending rose 8 9% YoY to $25 8, with the highest in North America at $43 5 [3] - Total customer traffic reached 7 4 million, up 4 2% YoY, supporting growth in delivery and other businesses [3] Store Network and Operations - The company had 121 restaurants as of Q3 2024, with no new openings in the quarter but a net increase of 6 stores year-to-date [3] - Same-store sales grew 5 6%, with East Asia showing the strongest growth at 20 5% [3] - Same-store table turnover rate remained stable at 3 7 times per day [3] Cost Management and Profitability - Gross margin improved to 67%, up 1 4 percentage points YoY, driven by supply chain optimization and process improvements [3] - Employee cost ratio was 33 1%, up 0 2 percentage points, while rental and related expenses decreased to 2 7%, down 0 4 percentage points [3] - Other expenses ratio decreased to 9 4%, down 1 2 percentage points [3] Financial Forecasts - Revenue is expected to grow from $794 million in 2024 to $1 008 billion in 2026, with a CAGR of 12 6% [3][28] - Net profit attributable to shareholders is projected to increase from $38 million in 2024 to $68 million in 2026 [3][28] - The company's P/E ratio is forecasted to decline from 28x in 2024 to 16x in 2026, reflecting expected earnings growth [3][28] Valuation and Metrics - The stock is trading at 12 72 HKD as of November 26, 2024 [4] - Key valuation metrics include a P/B ratio of 2 9x for 2024 and 2 2x for 2026, and an EV/EBITDA of 6 56x for 2024 and 5 03x for 2026 [28]

港股通 证券研究报告 特海国际 (9658 HK) 同店经营延续靓丽，盈利质量改善 华泰研究 季报点评 2024 年 11 月 26 日│中国香港 餐饮 特海国际 3Q24 营收 1.99 亿美元/yoy+14.6%；经营利润 14.9 百万美元/yoy +52.0%，经营利润率 7.5%/yoy+1.8pct；归母净利润 0.38 亿美元/同比转正。 若剔除汇兑损益影响，我们计算得调整后经营利润率约 5.9%/yoy+2.9pct。 公司年内较好平衡开店速度与单店质量，3Q 作为传统旺季，得益于运营质 量强化，同店 ASP 及翻台均有提升，拉动收入与盈利双增。不同地区来看， 东南亚成熟地区维持翻台及客单稳健增长，东亚管理调整效果显著。新 CEO 上任以来，公司持续打磨全球门店管理和供应链水平、产品力不断增强，我 们认为 4Q 旺季有望延续高翻台表现。公司积极落地多品牌计划，培育面馆、 清真火锅等新品类单店模型，中长期成长潜力可观。维持"买入"评级。 旺季翻台/客单价增势不减，东亚地区表现靓丽；毛利率持续提升 3Q24 餐厅/外卖收入达 1.91/0.03 亿美元，yoy+14.5/+8.3%。整体店单店日 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 SUPER HI INTERNATIONAL HOLDING LTD. 特海国际控股有限公司 （於開曼群島註冊成立的有限公司） （香港交易所股份代號：9658；納斯達克股票代碼：HDL） 內幕消息 2024年第三季度未經審核財務業績公告 本公告由特海国际控股有限公司（「本公司」）根據香港聯合交易所有限公司證券上 市規則（「上市規則」）第13.09(2)(a)條以及香港法例第571章《證券及期貨條例》第 XIVA部下的內幕消息條文（定義見上市規則）作出。 本公司欣然公佈本公司及其附屬公司截至2024年9月30日止三個月的未經審核財 務業績（「第三季度業績」）。隨附本公司於2024年11月25日（美國東部時間）就第 三季度業績刊發的業績報告全文，其中部分內容可能構成本公司的內幕消息。 本公司股東及潛在投資者在買賣本公司證券時不應過分依賴第三季度業績並應謹 慎行事。 承董事會命 特海国际控股有限公司 主席 舒 ...

特海国际（9658.HK）首次覆盖报告 [盈利预测与财务指标 Table_Forcast] 海外中餐前景广，火锅龙头新征程 2024 年 11 月 14 日 ➢ 特海国际是由海底捞海外业务分拆而上市的公司，主要负责海底捞大中华（中国大 陆、中国港澳台地区）以外地区的经营。2012 年海底捞于新加坡开设首店，随后接连进 驻北美、欧洲、大洋洲等市场，并于 2022 年将国际业务分拆为特海国际于港交所上市， 2024 年 5 月实现纳斯达克的双重主要上市。截至 2024 年 6 月 30 日，特海国际已在全 球经营 122 家门店，覆盖 13 个国家，东南亚/东亚/北美/其他地区门店占比分别为 60.7%/14.8%/16.4%/8.2%。 ➢ 经营数据及盈利能力呈上升趋势。24H1 公司实现营收 3.71 亿美元（yoy+14.5%）， 客流量 1450 万人（yoy+17.89%）。分区域来看，24H1 东南亚/东亚/北美/其他地区营 收占比分别为 54.9%/12.1%/20.7%/12.3%，东南亚为公司最大市场且年度拓店数量最 多，北美地区拓店节奏仅次东南亚为第二大市场，东亚地区自 23H2 以来翻台率显 ...

Investment Rating - The report initiates coverage on Tehai International (9658 HK) with a "Recommend" rating [6] Core Views - Tehai International, spun off from Haidilao's overseas operations, is a leading player in the international Chinese hotpot market with significant growth potential [3] - The company has demonstrated strong operational performance with revenue growth of 14 5% YoY in 24H1 and improving profitability metrics [4] - With 122 stores across 13 countries as of 2024H1, Tehai has established a solid foundation for international expansion, particularly in Southeast Asia and North America [3][4] - The global Chinese food market is projected to grow at a CAGR of 7 8% from 2022 to 2027, presenting significant opportunities for Tehai's expansion [4] Business Overview - Tehai International operates 122 stores globally as of 2024H1, with Southeast Asia accounting for 60 7% of total stores [3] - The company achieved revenue of $371 million in 24H1, with Southeast Asia contributing 54 9% of total revenue [4] - Key operational metrics show consistent improvement, with table turnover rate increasing from 3 3 times/day in 2022 to 3 8 times/day in 24H1 [4] - Store-level operating profit margin improved significantly from 4 1% in 2022 to 8 7% in 24H1 [4] Industry Analysis - The global Chinese food market reached $306 1 billion in 2022, with a projected CAGR of 7 8% through 2027 [4] - The international hotpot market was valued at $34 3 billion in 2022, accounting for 11 2% of the global Chinese food market [4] - The US represents the largest market for Chinese food internationally, accounting for 17 97% of the global market [46] - The hotpot market is expected to grow to $50 5 billion by 2027, with a CAGR of 8 0% [58] Competitive Advantages - Tehai benefits from Haidilao's strong brand recognition, ranking 14th in the 2024 Global Restaurant Brands Top 25 [5][61] - The company has established a robust management system with a three-tier structure and performance evaluation mechanisms [5] - Tehai maintains strong supply chain capabilities, leveraging Haidilao's existing infrastructure and partnerships [5] - Localization efforts have been successful, with non-Chinese customers accounting for approximately 50% of total customers in 2023 [5] Financial Projections - Revenue is projected to grow from $800 million in 2024 to $1 072 billion in 2026, representing a CAGR of 15 7% [6] - Net profit is expected to increase from $21 million in 2024 to $73 million in 2026 [6] - The company's PE ratio is forecasted to decline from 52x in 2024 to 15x in 2026 as profitability improves [6] Growth Drivers - Southeast Asia remains the core growth market, contributing 54 9% of revenue in 24H1 [4] - North America shows strong potential, with revenue contribution increasing to 20 7% in 24H1 [4] - The company's UE model shows consistent improvement, with daily revenue per store increasing from $15,400 in 2022 to $17,200 in 24H1 [4] - Same-store sales growth remains healthy at 8 2% in 24H1, with East Asia showing the strongest growth at 22 7% [41]

%% %% 港股研究丨公司深度丨特海国际（9658.HK） [Table_Title] 特海国际：中餐出海擎旗者，双重上市再启程 丨证券研究报告丨 | --- | --- | |------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 在餐饮出海浪潮下，特海国际以其独特的服务形式、优越的品牌力、快速本土化的适应能力成 | | | 为中餐出海品牌中的弄潮儿。在规模庞大且竞争格局分散的国际餐饮市场中，特海国际具备广 | | | 阔的发展空间。公司单店模型不断优化，新店快速实现盈亏平衡，我们看好火锅行业在国际市 | | | 场的发展空间以及公司未来的发展前景，预计公司 | | | | | | 11.29 亿美元，实现归母净利润 2461.83 | | | 评级。 | | 分析师及联系人 [Table_Author] SFC：BUX176 赵刚 杨会强 马健轩 SAC：S0490517 ...

SUPER HI INTERNATIONAL HOLDING LTD. 特海国际控股有限公司 2024 INTERIM REPORT 中期報告 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） Stock Code 股份代號 : 9658 CONTENTS 目錄 45 | --- | --- | |--------------------------------------------------------------------------------------------------------------|------------------------------------------------------| | Definitions | 釋義 | | Corporate Information | 公司資料 | | Key Financial Highlights | 主要財務摘要 | | 2024 Interim Performance Review | 2024 年中期業績回顧 | ...

浦银国际 特海国际 （9658.HK/HDL.US） 浦银国际研究 公司研究 | 消费行业 特海国际（9658.HK/HDL.US）：管理层长期 愿景反映公司巨大的增长潜力 管理层表示，特海长期稳定的发展战略及目标包括积极提升顾客就餐 体验、持续扩大餐厅网络、持续提升餐厅经营表现、积极发展和探索 新的业态，最终成为领先的全球化综合餐饮集团。在我们看来，公司 的战略目标兼顾了翻台率的提高、门店网络的扩张以及门店盈利能力 的提升，体现了管理层对未来收入与利润扩张的乐观展望。对应 8.0x 2025 EV/EBITDA 的估值，我们给予特海国际港股（9658.HK）新的目标 价 16.6 港元，美股（HDL.US）新的目标价 21.3 美元，并都维持"买 入"评级。 翻台率趋势持续向好，2H24 有望环比提升：公司 1H24 翻台率同比 大幅提升 0.5 至 3.8x，主要归功于公司加强了员工 KPI 考核，优化了 业务流程，从而有效撬动各级管理层的积极性来提升顾客满意度。 随着服务的提升，门店本地顾客占比不断提升，打开了翻台率持续 提升的巨大空间。大部分区域的客单价（以本地货币计算）都有不 同程度的提升，但受到汇 ...

社会服务/酒店餐饮 公 司 研 究 特海国际（09658.HK） 2024 年 09 月 01 日 翻台显著增长，换帅后期待开店和多品牌拓展加速 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |---------------------------|---------------------------| | | | | 初敏（分析师） | 李睿娴（联系人） | | chumin@kysec.cn | liruixian@kysec.cn | | 证书编号： S0790522080008 | 证书编号： S0790122120005 | 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 | --- | --- | |-------------------------|--------------| | 日期 | 2024/8/30 | | 当前股价 ( 港元 ) | 12.660 | | 一年最高最低 ( 港元 ) | 18.260/7.950 | | 总市值 ( 亿港元 ) | 82.33 | | 流通市值 ( 亿港元 ) | 82.33 | | 总股本 ( 亿股 ) | ...