浦银国际研究 公司研究 | 消费行业 特海国际（9658.HK）：2023 年业绩强 林闻嘉 劲，2024 年展望乐观，增长潜力开始释放 首席消费分析师 浦 银 richard_lin@spdbi.com 国 2H23翻台率大幅提升驱动公司2023年首次实现盈利。同时，公司1Q24 (852) 2808 6433 际 依然维持去年下半年强劲的翻台率趋势，有望帮助公司 2024 年的利 桑若楠，CFA 润率同比进一步改善。门店方面，公司有望在未来 3 年里实现加速扩 消费分析师 张。在当前强劲趋势下，我们认为公司估值尚有继续释放的潜力。我 serena_sang@spdbi.com 们上调目标价至 18.6港元（11x2024 EV/EBITDA），维持“买入”评级。 (852) 2808 6439 公  翻台率提升驱动 2023 年首次扭亏为盈：公司 2023 年收入同比增长 2024年4月9日 司 23%，并录得归母净利润 25.7 百万美元，首次扭亏为盈。虽然 2023 研 年全年仅新开 5 家门店（净开 4 家），但公司 2H23 翻台率环比大幅 评级 究 由 1H23 的 3.3 次/天提升至 3. ...

海 外 研 证券研究报告 究 ＃industryId＃ 餐饮连锁 ＃09658 .HK ＃特dy海Com国pa际ny＃ 港股通（沪、深） dyStockco d e＃ ＃title＃ 店效增长，盈利提升 ＃investSu无gge评stion级＃ ＃ inve stS ugg esti ＃createTime1＃ 2024年 4 月 2 日 onChan ge＃ 投资要点 跟 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 我ma 们ry 的＃观 点：2023年公司聚焦存量门店经营效率提升，优化管理模式，在产品推新、团队 踪 日期 2024.3.28 招募等各方面积极推进本地化战略，期内各区域餐厅盈利能力、店效均不断改善。公司坚 报 收盘价（港元） 14.14 持自下而上开店，以盈利为重要导向，2023年开店较为保守，预计2024年将提速开店。 告 总股本（亿股） 6.19 同时，除了门店经营利润率不断爬升，规模效应增长和管理优化带来总部费用率下降，亦 正面促进报表净利率提升。公司具备优秀的管理能力基因，我们看好公司的海外开店空间 总市值（亿港元） 87.57 和盈利能力持续提升。 净资产（亿美元） 2. ...

社会服务/酒店餐饮 公 司 研 特海国际（09658.HK） 经营业绩亮眼，提质增效多区域本土化成果显著 究 2024年03月29日 ——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 日期 2024/3/28 当前股价(港元) 14.140  2023H2翻台率达3.8，经营业绩亮眼，带动餐厅利润率上行 公 一年最高最低(港元) 20.450/7.950 特海国际发布年度业绩，2023 年公司实现收入 6.86 亿美元/yoy+23%，净利润 司 2525.7万美元，同比扭亏为盈，利润提升主因翻台率增加、经营效率提升以及减 信 总市值(亿港元) 87.57 值减少。2023年翻台率为3.5，其中2023H2翻台率为3.8，较2023H1的3.3大 息 流通市值(亿港元) 87.57 更 幅提升。2023年餐厅层面利润率9.0%，同比提升4.9pct，其中2023H2为9.7%， 总股本(亿股) 6.19 新 环比提升 1.4pc ...

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。 海底撈餐廳業務摘要 1 SUPER HI INTERNATIONAL HOLDING LTD. 特海國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9658） 截至2023年12月31日止年度的全年業績公告 特海國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公司 及其附屬公司（統稱「本集團」）截至2023年12月31日止年度（「報告期」）的經審核 綜合業績，連同2022年同期的經審核比較數字。業績已經董事會審計委員會（「審 計委員會」）審閱，並經本公司獨立核數師Deloitte & Touche LLP審計。 本公告所載若干金額及百分比數字已作四捨五入調整。任何表格、圖表或其他地 方所示總額與所列數額總和的任何差異乃因四捨五入所致。 | --- | --- | --- | |-------------------------------------------- ...

SUPER HI INTERNATIONAL HOLDING SUPER HI LTD. INTERNATIONAL 特海国际控股有限公司 HOLDING LTD. 特 海 国 际 控 股 有 限 公 司 (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 ...

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。 主要業務摘要 1 SUPER HI INTERNATIONAL HOLDING LTD. 特海國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9658） 截至2023年6月30日止六個月 的中期業績公告 特海国际控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公司 及其附屬公司（統稱「本集團」）截至2023年6月30日止六個月（「報告期」）的未經審 核綜合業績，連同2022年同期的比較數字。中期業績已經本公司審計委員會（「審 計委員會」）審閱。 本公告所載若干金額及百分比數字已作四捨五入調整或已四捨五入取至小數點後 一位或兩位數。任何表格、圖表或其他地方所示總額與所列數額總和的任何差異 乃因四捨五入所致。 | --- | --- | --- | |---------------------------------|--------------------------- ...

Company Incorporation and Structure - SUPER HI INTERNATIONAL HOLDING LTD. was incorporated in the Cayman Islands with limited liability on May 6, 2022[5] - Haidilao International Holding Ltd. was incorporated in the Cayman Islands on July 14, 2015, and listed on the Main Board of the Stock Exchange (stock code: 6862)[14] - Haidilao Singapore, a wholly owned subsidiary of Haidilao International, was incorporated in Singapore on February 28, 2013[14] - Newpai Ltd., a wholly owned subsidiary of Haidilao International, was incorporated in the BVI on July 15, 2015[15] Employee Share Ownership Plan (ESOP) - The company's ESOP Platform I is managed by Futu Trustee Limited and holds shares for grantees other than Directors or connected persons[13] - The company's ESOP Platform II is also managed by Futu Trustee Limited and holds shares for Directors or other connected persons[13] - The ESOP Trust I and ESOP Trust II were established for the benefit of grantees under the Share Award Scheme, with Futu Trustee Limited acting as the trustee[13] - The share award scheme was adopted by the company on June 24, 2022[16] Financial Performance - Revenue for 2022 was USD 558.225 million, showing a significant increase compared to USD 312.373 million in 2021[22] - Loss before tax for 2022 was USD 32.230 million, a notable improvement from USD 149.592 million in 2021[22] - Loss for the year in 2022 was USD 41.263 million, compared to USD 150.752 million in 2021[22] - Loss per share (basic and diluted) for 2022 was USD 0.07, improving from USD 0.27 in 2021[22] - Revenue for the year ended December 31, 2022, was $558.2 million, a 78.7% increase compared to $312.4 million in 2021[25][27] - Net loss for 2022 was $41.3 million, significantly reduced from $150.8 million in 2021[25][27] - Annual loss decreased from $150.8 million in 2021 to $41.3 million in 2022, showing improved financial performance[67][71] Restaurant Operations and Expansion - The overall average table turnover rate for Haidilao restaurants in 2022 was 3.3 times per day, up from 2.1 times per day in 2021[26][27] - The same-store turnover rate for Haidilao restaurants in 2022 was 3.4 times per day, compared to 2.2 times per day in 2021[26][27] - The company opened 17 new Haidilao restaurants and resumed operations of 4 previously closed restaurants in 2022, with no further closures[26][27] - As of December 31, 2022, the company operated 111 Haidilao restaurants in international markets outside mainland China, Hong Kong, Macau, and Taiwan[26][27] - Over 21 million customers visited the company's restaurants in 2022, with cumulative registered members exceeding 4 million[30][32] - The company launched 233 new products in 2022, achieving success in product localization[30][32] - The company had over 10,000 employees by the end of 2022, with restaurant staff mainly hired and trained locally in various countries[31][32] - Revenue increased significantly by 78.7% from $312.4 million in 2021 to $558.2 million in 2022, driven by a $249.5 million increase in restaurant operation revenue[34][36] - Restaurant operation revenue grew by 84.3% from $296.1 million in 2021 to $545.6 million in 2022, due to lifted dine-in restrictions and restaurant network expansion[35][37] - The restaurant network expanded to 111 restaurants across 11 countries as of December 31, 2022, with Southeast Asia contributing 61.3% of total restaurants and 59.7% of restaurant revenue[39][40] - Average revenue per restaurant increased to $4,915,000 in 2022 from $3,150,000 in 2021, with North America having the highest average revenue per restaurant at $6,299,000[40][41] - Total guest visits increased to 21.7 million in 2022 from 9.8 million in 2021, with Southeast Asia accounting for 16.1 million visits[43] - Average spending per guest decreased to $25.2 in 2022 from $30.3 in 2021, with North America having the highest average spending at $52.0[43] - Table turnover rate improved to 3.3 times/day in 2022 from 2.1 times/day in 2021, with Southeast Asia leading at 3.4 times/day[43] - Average daily revenue per restaurant increased to $15,400 in 2022 from $10,000 in 2021, with Others (Australia and the UK) having the highest average daily revenue at $20,500[43] - The company plans to continue expanding its restaurant network, entering new markets, and enhancing internal management to improve operational quality[33] - The company aims to develop additional brands and businesses through incubation, exploration, and strategic acquisitions to enrich its business and customer base[33] - Same-store sales for Haidilao restaurants in Southeast Asia increased to $175.5 million in 2022 from $118.8 million in 2021, representing a 47.7% growth[47] - Average same-store sales per day in North America rose to $18.8 thousand in 2022, up from $12.2 thousand in 2021, a 54.1% increase[47] - Overall same-store table turnover rate improved to 3.4 times per day in 2022 compared to 2.2 times per day in 2021, a 54.5% increase[47] - Delivery business revenue decreased by 44.1% from $11.8 million in 2021 to $6.6 million in 2022 due to eased COVID-19 restrictions[49] - Revenue from sales of hot pot condiment products and food ingredients increased by 33.3% from $4.5 million in 2021 to $6.0 million in 2022[49] - Total same-store sales across all regions grew by 54.0% from $228.4 million in 2021 to $351.8 million in 2022[47] - Average same-store sales per day in East Asia increased by 65.3% from $7.2 thousand in 2021 to $11.9 thousand in 2022[47] - Same-store sales in the "Others" category (Australia and UK) rose by 70.9% from $20.7 million in 2021 to $35.3 million in 2022[47] - The number of same stores in Southeast Asia remained stable at 29, while East Asia had 12 same stores and North America had 13 same stores in 2022[47] - Overall average same-store sales per day increased by 50.5% from $11.1 thousand in 2021 to $16.7 thousand in 2022[47] Costs and Expenses - Raw materials and consumables used increased by 72.8% to $196.6 million in 2022, driven by an $80.2 million rise in food ingredient costs due to business recovery and restaurant network expansion[50] - Staff costs increased by 31.8% to $188.9 million in 2022, reflecting higher employee numbers and piece rate wages as the company recovered from the pandemic[50] - Rentals and related expenses surged by 97.0% to $13.0 million in 2022, aligning with the expansion of the restaurant network[51] - Utilities expenses rose by 79.1% to $19.7 million in 2022, consistent with the growth in the restaurant network[52] - Depreciation and amortization increased by 4.4% to $73.0 million in 2022, mainly due to higher depreciation of property, plant, and equipment and right-of-use assets[53] - Travelling and communication expenses grew by 77.8% to $4.8 million in 2022, driven by increased international business travel as travel restrictions eased[54] - Listing expenses amounted to $6.3 million in 2022 related to the company's introduction on the Stock Exchange[59] - Other expenses increased by 33.1% to $55.5 million in 2022, reflecting higher administrative, bank, and outsourcing service fees[60] - Other losses decreased to $26.8 million in 2022 from $73.3 million in 2021, primarily due to reduced impairment losses as COVID-19 impacts eased[61] - Listing expenses for 2022 amounted to $6.3 million due to the company's introduction to the Hong Kong Stock Exchange[62] - Other expenses increased by 33.1% to $55.5 million in 2022, driven by administrative costs, banking fees, and business expansion-related expenses[62] - Other losses decreased to $26.8 million in 2022 from $73.3 million in 2021, primarily due to reduced impairment losses on property, plant, and equipment[63] - Finance costs decreased by 34.9% to $12.5 million in 2022, mainly due to the settlement of loans from related parties and reduced lease liabilities[65][69] - Income tax expenses increased significantly from $1.2 million in 2021 to $9.0 million in 2022, reflecting higher taxable profits[66][70] Financial Position and Cash Flow - Inventories increased from $16.7 million in 2021 to $26.0 million in 2022, reflecting stock for new restaurants and operational recovery[68][71] - Trade receivables increased from $6.3 million in 2021 to $9.5 million in 2022, aligning with revenue growth, with a turnover of 5.1 days[72] - Trade payables increased from $26.5 million in 2021 to $32.3 million in 2022, driven by higher raw material purchases, with turnover days decreasing from 77.2 to 53.9 days[72] - Cash and cash equivalents increased from $89.5 million as of December 31, 2021 to $93.9 million as of December 31, 2022, mainly due to the increase in the number of restaurants and business recovery[76][79] - Capital expenditure for the year ended December 31, 2022 amounted to $63.7 million, in line with the growth in the number of restaurants[80][84] - The Group had guaranteed and unsecured bank borrowings of $0.6 million as of December 31, 2022[75][79] - The Group charged bank deposits of $3.7 million to banks to secure rental payments as of December 31, 2022[81][85] - The Group had a total of 10,217 employees as of December 31, 2022, with staff costs of $188.9 million during the Reporting Period[93][95] - The current ratio improved from 0.3 in 2021 to 1.3 in 2022, while the gearing ratio decreased from 1.2 in 2021 to 0.4 in 2022[86] - The Group plans to finance future capital expenditures through cash generated from operations, cash and cash equivalents, and bank borrowings[80][84] - The Group will continue to identify strategic investment opportunities and seek to acquire high-quality target businesses and assets that create synergies[82][85] - The Group does not use derivative contracts to hedge against currency risks but monitors foreign exchange exposure closely[88][91] Corporate Governance and Leadership - The company's ESOP Platform I is managed by Futu Trustee Limited and holds shares for grantees other than Directors or connected persons[13] - The company's ESOP Platform II is also managed by Futu Trustee Limited and holds shares for Directors or other connected persons[13] - The ESOP Trust I and ESOP Trust II were established for the benefit of grantees under the Share Award Scheme, with Futu Trustee Limited acting as the trustee[13] - The share award scheme was adopted by the company on June 24, 2022[16] - The company's remuneration policy is determined by regional salary levels, employee rank, performance, and market conditions[94][95] - Mr. ZHOU joined Haidilao International Holding Ltd. as the chief strategy officer in April 2018 and was re-designated as a non-executive director on December 30, 2022, responsible for providing strategic advice and overseeing management and strategic development[97] - Mr. ZHOU served as an executive director and joint company secretary of Haidilao International Holding Ltd. from April 2020 to December 2022, assisting the CEO in developing growth strategy[97] - Mr. ZHOU currently holds director positions in 34 subsidiaries of the Haidilao Group, focusing on internationalization and globalization strategies[99] - Mr. LI Yu was appointed as the chief executive officer of Haidilao International on March 30, 2023, responsible for implementing development strategies and improving restaurant operations[100] - Mr. LI Yu has over 15 years of experience at Haidilao International, previously managing operations in Japan, Korea, Thailand, and Taiwan, and serving as the chief operating officer for mainland China from March 2022 to October 2022[100] - Mr. WANG Jinping was appointed as the chief operating officer of the Group on March 1, 2022, overseeing operations in Hong Kong, Macau, Taiwan, and overseas markets[101] - Mr. WANG Jinping has over 15 years of experience in the catering service sector, with expertise in administrative management, corporate management, and marketing[101] - Ms. LIU Li was appointed as the product director of the Group on March 25, 2022, responsible for overseeing product development and strategic development[101] - Ms. LIU Li has over 10 years of experience in the catering service sector and led a snack and dessert development project for Haidilao International in mainland China[101] - Mr. TAN Kang Uei, Anthony, was appointed as an independent non-executive Director on December 12, 2022, bringing extensive experience in strategy, budgeting, and government relations[102][103] - Mr. TAN Kang Uei has over 15 years of experience in the Singapore public sector, including roles in the Ministry of Finance and Ministry of Home Affairs[104] - The Group's overseas business expansion is supported by senior management with significant international experience, particularly in Singapore, Malaysia, Australia, and New Zealand[101] - The Group's leadership team includes individuals with advanced degrees, such as Mr. WANG Jinping's MBA from the National University of Singapore and Ms. LIU Li's bachelor's degree in business administration from West Coast University[101] - Mr. TAN Koon Wee has extensive experience in both public and private sectors, including roles at the Ministry of Health, Singapore, and Singapore Press Holdings Limited, where he served as Deputy CEO from July 2016 to December 2021[105] - Mr. TEO Ser Luck was appointed as an independent non-executive Director on December 12, 2022, and has a background in Singapore's government, including roles as Minister of State for Trade and Industry and Mayor of the North East District[106][107] - Mr. TEO currently holds directorships in five listed companies, including United Engineers Limited and MindChamps Preschool Limited, and has been a lead independent director in several of these roles[108] - Mr. TEO has confirmed that he will have sufficient time to fulfill his duties as an independent non-executive Director despite his multiple directorships, and the company will schedule meetings in advance to accommodate his commitments[109] - Mr. LI Yu was appointed as the CEO of the Group on March 30, 2023[112] - Mr. WANG Jinping was appointed as the COO of the Group on March 1, 2022[112] - Ms. LIU Li was appointed as the Product Director of the Group on March 25, 2022[112] - Mr. ZHOU Shaohua, aged 36, was appointed as the Vice President and Regional Manager of the Group on March 25, 2022, with over 12 years of experience in the catering service sector[112] - Ms. LI Lu, aged 34, was appointed as the Financial Director of the Group on March 25, 2022, with approximately 10 years of experience in financial management and control[113][114] - Ms. QU Cong was appointed as one of the Joint Company Secretaries on December 30, 2022, with extensive experience in international capital markets and corporate governance[117][118] - Mr. LIEN Jown Jing Vincent, aged 61, was appointed as an Independent Non-Executive Director on December 12, 2022, with over 20 years of experience in the banking industry[110][111] - Ms. SO Shuk Yi Betty was appointed as one of the joint company secretaries on December 30, 2022, bringing extensive experience in corporate secretarial field[121] - Ms. SO currently serves as the company secretary/joint company secretary for 16 listed companies on the Stock Exchange, including Haidilao International and China Bohai Bank[122] - The company has separated the roles of chairman and chief executive officer, with Mr. ZHOU Zhaocheng remaining as chairman and Mr. LI Yu appointed as the new CEO effective March 30, 2023[127] - The Board is responsible for making all major decisions, including approval of major policies, overall strategies, internal control systems, and significant financial matters[130] - The company has established Board committees with delegated responsibilities, and all Directors have full access to relevant information and professional advice[130] - The company's corporate governance practices are based on the principles and code provisions set out in the Corporate Governance Code[126] - The company has 10,217 employees as of December 31, 2022, with 4,998 male employees (48.9%) and 5,219 female employees (51.1%)[131] - The Board consists of 7 Directors, including 1 female Director, achieving gender diversity[131] - The company has maintained a stable overall headcount[131] - The Board met the Listing Rules requirements for having at least three independent non-executive Directors, representing at least one-third of the Board[132] - Each independent non-executive Director provided written annual confirmation of their independence in accordance with the Listing Rules[132] - Executive Directors have service contracts with the company, subject to

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。 1 SUPER HI INTERNATIONAL HOLDING LTD. 特海國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9658） 截至2022年12月31日止年度的全年業績公告 特海國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公司 及其附屬公司（統稱「本集團」）截至2022年12月31日止年度（「報告期」）的經審核 綜合業績，連同2021年同期的經審核比較數字。業績已經本公司審計委員會（「審 計委員會」）審閱。 本公告所載若干金額及百分比數字已作四捨五入調整或以四捨五入取至小數點後 一位或兩位數。任何表格、圖表或其他地方所示總額與所列數額總和的任何差異 乃因四捨五入所致。 | --- | --- | --- | |--------------------------------------------------------------------- ...