Investment Rating - The report assigns a "Buy" rating for Tehai International (9658.HK/HDL.US) with a target price of HKD 16.6 for the Hong Kong stock and USD 21.3 for the US stock, reflecting a potential upside of 30.7% and 37.4% respectively [1][3][4]. Core Insights - Tehai International's management has a long-term vision to enhance customer dining experiences, expand restaurant networks, improve operational performance, and explore new business formats, aiming to become a leading global integrated dining group [1]. - The company has seen a significant improvement in table turnover rates, with a year-on-year increase of 0.5 to 3.8 times in 1H24, attributed to enhanced employee KPI assessments and optimized business processes [1]. - The company plans to accelerate store openings starting in 2025, with a focus on Southeast Asia and North America, where there is still considerable room for growth [1]. - The management aims to enhance profitability through supply chain optimization, despite an increase in employee costs due to a focus on service quality [1]. - Tehai International is pursuing a multi-brand strategy to drive long-term growth, which may provide additional revenue streams and operational synergies [1]. Financial Summary - Revenue is projected to grow from USD 686 million in 2023 to USD 797 million in 2024, with a year-on-year growth rate of 16.2% [5][7]. - The net profit is expected to stabilize at USD 24 million in 2024, with a significant increase to USD 67 million in 2025, reflecting a growth rate of 181.3% [5][8]. - The company's gross margin is forecasted to remain stable around 65.9% through 2026, while the operating profit margin is expected to improve from 4.2% in 2023 to 10.6% in 2026 [5][6][7]. - The average table turnover rate in Southeast Asia is currently at 3.7, indicating that the market is not yet saturated [1]. Market Positioning - Tehai International's current market capitalization is approximately HKD 8.233 billion and USD 1.018 billion, with a trading range of HKD 8.0-18.3 and USD 13.9-30.0 over the past year [3][4]. - The company is positioned favorably compared to its peers, with a projected PE ratio of 21.6x for H shares in 2024 and 15.7x in 2025 [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown significant growth in table turnover and is expected to accelerate store openings and multi-brand expansion following a leadership change [1][6] - The company achieved a revenue of 371 million USD in H1 2024, representing a year-on-year increase of 14.5%, but reported a net loss of 4.65 million USD due to increased foreign exchange losses [6][7] - The company plans to open 15, 20, and 25 new stores in 2024, 2025, and 2026 respectively, reflecting an increase in store opening expectations [7] Financial Performance - In H1 2024, the company had a table turnover rate of 3.8 times per day, an increase of 0.5 times year-on-year [6] - The operating profit margin for H1 2024 was 5.6%, a decrease of 0.9 percentage points year-on-year [6] - The company opened 8 new restaurants in H1 2024, with 6 of them achieving profitability [7] Revenue and Profit Forecast - The revenue forecast for the company is 806 million USD for 2024, 918 million USD for 2025, and 1,040 million USD for 2026, with year-on-year growth rates of 17.4%, 14.0%, and 13.2% respectively [8] - The net profit forecast for 2024 is 28.8 million USD, with subsequent years projected at 51.5 million USD for 2025 and 76.2 million USD for 2026 [8] - The expected EPS for 2024, 2025, and 2026 is 0.06, 0.09, and 0.13 USD respectively [6][8] Market Expansion - The company operates 122 restaurants as of June 30, 2024, with a significant presence in Southeast Asia, East Asia, and North America [7] - The company is actively exploring different restaurant formats under its "Pomegranate Plan," aiming to become a global comprehensive dining group [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][9]. Core Views - The company reported a revenue of $371 million for 1H24, representing a year-on-year growth of 14.5%. However, it incurred a net loss of $4.58 million, primarily due to foreign exchange losses of approximately $20 million. Excluding these losses, the estimated net profit margin is around 4% [6][9]. - The restaurant operating profit margin improved to 8.7%, an increase of 0.4 percentage points year-on-year. The overall and same-store turnover rate reached 3.8 times per day, up by 0.5 times per day, attributed to the ongoing economic recovery and efforts to enhance customer satisfaction and expand the customer base [6][9]. - The company is focusing on expanding its restaurant network, with a total of 122 restaurants by the end of 1H24, netting an increase of 7 locations compared to the same period last year. The company opened 8 new stores and closed 1 in Southeast Asia [7][9]. Summary by Sections Financial Performance - Revenue structure shows that restaurant operating income was $356 million, a 14% increase year-on-year, with Southeast Asia contributing 54.9% of total revenue, down by 2.7 percentage points. Other regions like East Asia, North America, and others accounted for 12.1%, 20.7%, and 12.3% respectively, with increases of 0.6, 0.9, and 1.2 percentage points [7][9]. - The company expects revenues for 2024-2026 to be $800 million, $920 million, and $1.04 billion respectively, with year-on-year growth rates of 17%, 15%, and 14% [9][11]. Cost Management - Key cost components include raw materials and consumables, which increased by 14% to $125 million, accounting for 33.6% of revenue. Employee costs rose by 17.3% to $130 million, representing 34.1% of revenue, primarily due to restaurant network expansion and increased staffing [7][9]. - Other expenses such as property rent and related costs surged by 44.4% to $9 million, driven by new restaurant openings and increased variable lease payments [7][9]. Operational Efficiency - The company has enhanced restaurant management capabilities and operational efficiency, largely due to the economic recovery and initiatives to improve customer satisfaction. Over 500 product optimizations and new introductions were made in 1H24, covering various categories [9][11]. - The average customer spending decreased by 3.5% to $24.6, while the total number of customers served increased by 17.9% to 15 million [7][9].

[Table_Title] 翻台率显著提升，积极探索新业态 [Table_Title2] 特海国际(9658.HK)2024 年中期业绩点评 | --- | --- | --- | --- | |-----------------------------|-------|----------------------------|-----------| | [Table_DataInfo]评级： 增持 | | 股票代码： | 9658 | | 上次评级： 增持 | | 52 周最高价/最低价(港元)： | 16.4/8.41 | | 目标价格(港元)： | | 总市值(亿港元) | 85.19 | | 最新收盘价(港元)： | 13.1 | 自由流通市值(亿港元) | 85.19 | | | | 自由流通股数(百万) | 650.30 | [Table_Summary] 事件概述 特海国际发布 2024 年中期业绩，2024H1，公司实现收入 3.71 亿美元/+14.5%，其中，海底捞餐厅收入 3.56 亿 美元/+14.0%，占比达 96%，分地区来看，东南亚/东亚/北美/其他地区餐厅收入分别为 1.96 ...

Financial Data and Key Metrics Changes - The company reported significant changes in financial metrics during the mid-year performance review, indicating a robust financial position [1] Business Line Data and Key Metrics Changes - Specific business lines showed varied performance, with some segments outperforming expectations while others faced challenges [1] Market Data and Key Metrics Changes - The company highlighted changes in market dynamics, including shifts in consumer demand and competitive pressures that impacted overall performance [1] Company Strategy and Development Direction - The management outlined strategic initiatives aimed at enhancing market share and improving operational efficiency, focusing on innovation and customer engagement [1] Management Comments on Operating Environment and Future Outlook - Management provided insights into the current operating environment, expressing cautious optimism about future growth prospects despite potential economic headwinds [1] Other Important Information - Additional information regarding upcoming product launches and strategic partnerships was shared, indicating a proactive approach to market challenges [1] Q&A Session Summary Question: What are the expectations for revenue growth in the next quarter? - Management indicated that they anticipate steady revenue growth, driven by strong demand in key markets [1] Question: How is the company addressing competitive pressures? - The company is focusing on innovation and customer service enhancements to maintain a competitive edge [1] Question: What are the plans for cost management moving forward? - Management emphasized a commitment to cost control measures while investing in growth initiatives [1]

Revenue Performance - Total revenue for the six months ended June 30, 2024, was $370.9 million, a 14.5% increase from $323.9 million in the same period of 2023[2] - For the six months ended June 30, 2024, the group's revenue was $370.9 million, an increase of 14.5% compared to $323.9 million for the same period in 2023, primarily driven by a $43.8 million increase in revenue from Haidilao restaurant operations[6] - Revenue from Haidilao restaurant operations for the six months ended June 30, 2024, was $356.5 million, a 14.0% increase from $312.7 million in the same period of 2023, attributed to the recovery of the international dining market and efforts to enhance customer traffic and table turnover[7] - Same-store sales for the group totaled $323.2 million for the six months ended June 30, 2024, up from $298.8 million in the same period of 2023, indicating a positive trend in existing restaurant performance[13] - Revenue from takeout business for the six months ended June 30, 2024, was $5.2 million, a 20.9% increase from $4.3 million in the same period of 2023, driven by enhanced brand influence[16] - Revenue from other sources for the six months ended June 30, 2024, was $9.2 million, a 33.3% increase from $6.9 million in the same period of 2023, reflecting growing popularity of hot pot condiments and related products[17] Customer Engagement - Total customer traffic reached 14.5 million for the six months ended June 30, 2024, compared to 12.3 million in the same period of 2023, reflecting a significant increase in customer engagement[11] - The average table turnover rate reached 3.8 times per day, an increase of 0.5 times compared to 3.3 times in the same period of 2023[3] - The average daily sales per same-store for Southeast Asia was $15.5 thousand, slightly up from $15.2 thousand in the same period of 2023[14] Restaurant Expansion - The number of restaurants increased to 122, up from 115 in the same period last year, with a net addition of 7 restaurants[3] - The company opened eight new restaurants in the first half of 2024, including five in Southeast Asia, two in North America, and one in East Asia[3] - As of June 30, 2024, the restaurant network expanded to 122 locations across 13 countries, with a total revenue of $356.5 million, representing 100% of the group's restaurant revenue[8] Financial Performance - The company recorded a net loss of $4.6 million, compared to a net profit of $3.4 million in the same period last year, a decrease of $8.0 million[5] - The operating profit for the period was $120.9 million, a decrease of 1.4% compared to $121.2 million in the same period last year[5] - The net loss for the six months ended June 30, 2024, was $4.6 million, compared to a net profit of $3.4 million in the same period of 2023, primarily due to an increase in foreign exchange losses[28] - Total comprehensive income for the period was $8,603 thousand, down from $14,960 thousand in the previous year, representing a decrease of 42.1%[42] - The group reported a net loss of $(4,583,000) for the six months ended June 30, 2024, compared to a profit of $3,541,000 in the same period of 2023[61] Cost Management - Raw materials and consumables cost for the six months ended June 30, 2024, was $124.6 million, a 14.0% increase from $109.3 million in the same period of 2023, with a stable revenue percentage of 33.7% and 33.6% respectively[18] - Employee costs for the six months ended June 30, 2024, were $126.3 million, a 17.3% increase from $107.7 million in the same period of 2023, with the percentage of revenue rising from 33.3% to 34.1%[19] - Rental and related expenses for the six months ended June 30, 2024, were $9.1 million, a 44.4% increase from $6.3 million in the same period of 2023, primarily due to new restaurant openings[20] - Other expenses for the six months ended June 30, 2024, were $33.1 million, a 19.1% increase from $27.8 million in the same period of 2023, with the percentage of revenue increasing from 8.6% to 8.9%[24] Asset Management - As of June 30, 2024, the company's inventory was $26.6 million, a decrease of 10.7% from $29.8 million as of December 31, 2023, primarily due to high inventory levels approaching year-end to prepare for peak business season[29] - Inventory turnover days decreased from 42.8 days as of December 31, 2023, to 40.7 days as of June 30, 2024, attributed to optimized inventory management processes[29] - Trade and other receivables remained stable at $31.6 million as of December 31, 2023, and $31.7 million as of June 30, 2024[30] - Cash and cash equivalents were $140.7 million as of June 30, 2024, down 8.0% from $152.9 million as of December 31, 2023, mainly due to net purchases of financial assets[34] Future Outlook - The company is actively exploring new business formats, including fast food and halal hot pot, under the "Pomegranate Plan" to support innovation and growth[4] - The company plans to continue expanding its restaurant network and exploring new business models, including strategic acquisitions and partnerships, to enhance its customer base and operational efficiency[6] - The company continues to face seasonal fluctuations in business performance due to local holidays and weather conditions, which may impact future earnings[48] Governance and Compliance - The group has maintained compliance with the Corporate Governance Code throughout the reporting period[82] - The company has no significant contingent liabilities or major lawsuits that could adversely affect its business or financial condition as of June 30, 2024[39]

Revenue and Sales Performance - Revenue for Q2 2024 was $183.3 million, a 12.5% increase from $163.0 million in Q2 2023[3] - Total revenue for the three months ended June 30, 2024, was $183.283 million, compared to $162.993 million for the same period in 2023, representing a year-over-year increase of 12.9%[15] - Same-store sales growth rate was 6.6%[4] - Same-store sales for the total of 105 locations reached $162.977 million, up from $152.816 million in the previous year, indicating an increase of 6.9%[10] - Average daily sales per same-store location increased to $17.1 thousand from $16.0 thousand, reflecting a growth of 6.9%[10] - Total customer traffic exceeded 7.2 million, representing a 14.3% growth compared to 6.3 million in the same period last year[3] Restaurant Operations - The number of Haidilao restaurants increased from 119 to 122, with a net addition of 3 restaurants during the quarter[3] - The average table turnover rate increased to 3.8 times per day, up from 3.3 times per day in the same quarter last year[4] - The average table turnover rate for same-store locations improved to 3.8 times per day, compared to 3.3 times per day in the previous year, showing a 15.2% increase[10] Financial Performance - Operating income was $8.5 million, down 14.1% from $9.9 million in Q2 2023, with an operating margin of 4.6%[5] - The pre-tax profit for the three months ended June 30, 2024, was $2.120 million, compared to a loss of $0.297 million in the same period last year[15] - The net loss for the period was $0.104 million, a significant improvement from a loss of $2.167 million in the previous year[15] - Total comprehensive income for the period was $7.039 million, compared to $8.310 million in the same period last year, reflecting a decrease of 15.3%[15] Costs and Expenses - Employee costs rose to $62.7 million, a 14.8% increase from $54.6 million in the previous year, accounting for 34.2% of revenue[5] - Takeout revenue decreased by 11.5% to $2.3 million, down from $2.6 million in Q2 2023[5] - Other business revenue grew by 37.1% to $4.8 million, driven by the popularity of hot pot condiments and Haidilao brand products[5] - The average customer spending was $24.4, down from $25.0 in the previous year[8] Assets and Liabilities - As of June 30, 2024, non-current assets totaled $344,293 thousand, a decrease from $357,921 thousand as of December 31, 2023, representing a decline of approximately 3.5%[16] - Current assets increased to $279,824 thousand from $218,962 thousand, marking a significant increase of about 27.8%[16] - The total liabilities decreased from $176,191 thousand as of December 31, 2023, to $167,059 thousand as of June 30, 2024, reflecting a reduction of about 5.3%[17] - Cash and cash equivalents at the end of June 30, 2024, were $140,659 thousand, an increase from $118,936 thousand at the end of the previous year, representing an increase of approximately 18.3%[18] - The company's total equity increased to $336,837 thousand as of June 30, 2024, from $272,121 thousand as of December 31, 2023, showing a growth of about 23.8%[17] - The company reported a net cash increase of $50,606 thousand for the six months ended June 30, 2024, compared to $25,395 thousand for the same period in 2023, indicating a growth of approximately 99.5%[18] - The inventory decreased to $26,632 thousand as of June 30, 2024, from $29,762 thousand as of December 31, 2023, representing a decline of about 10.7%[16] - The company’s deferred tax assets decreased from $1,995 thousand to $1,625 thousand, a decline of approximately 18.6%[16] - The company’s total liabilities to equity ratio improved from 0.65 as of December 31, 2023, to 0.49 as of June 30, 2024, indicating a stronger financial position[17] Leadership Changes - The company appointed Ms. Yang Lijuan as the new CEO effective July 1, 2024, indicating a strategic leadership change[11] Market Position - The company operates 122 self-operated restaurants across 13 countries, making it the largest Chinese dining brand in the international market[12]

证券研究报告 特海国际 (9658 HK) 翻台同比提升显著，关注展店节奏 | --- | --- | |--------------------------------|----------| | 年春研究 | 公告点评 | | 2024 年 8 月 04 日 \| 中国香港 | 餐饮 | 1H24 经营表现较优,利润端受非经常性因素拖累 特海8月2日发布盈利预警,预计 1H24 营收不低于 3.7 亿美元/yoy +14.2%; 归母净利润预计亏损 400-500 万美元,主要是受汇兑损失、上市费用、开 办费前置、政府补助减少影响。若别除上述因素,预计实现中低个位数净利 率，同比微升。公司业绩表现基本符合我们前赔预期（1H24 前瞻收入: 3.73~3.82 亿美元，归母净利润：转亏)。公司 24 年以来翻台率显著提升、 门店扩张提速、运营效能持续改善,我们预计 2H24 汇兑损失等非经常性因 素影响或有所削减,中长期看,海外中餐需求广阔,公司先发优势突出,多 品类业态积极孵化中,成长潜能充裕。我们预计公司 24-26 年扣非 EPS 为 0.05/0.06/0.08 关元，基于 30X25 PE（可比 ...

Revenue and Sales Performance - Revenue for Q1 2024 was $187.6 million, a 16.6% increase from $160.9 million in Q1 2023[3] - Total revenue for the three months ended March 31, 2024, was $187.65 million, an increase from $160.94 million in the same period of 2023, representing a growth of approximately 16.6%[15] - Same-store sales growth rate was 10.0%, up from 8.8% for the entire year of 2023[3] - Same-store sales for the three months ended March 31, 2024, totaled $166.72 million, compared to $151.53 million in the same period of 2023, reflecting an increase of about 10%[10] - Average daily revenue per restaurant for the overall business was $17.5 thousand, up from $15.9 thousand in the same period last year, indicating a growth of approximately 10.1%[10] - Takeout business revenue increased by 61.1% to $2.9 million, up from $1.8 million in Q1 2023[5] Customer Traffic and Engagement - Total customer traffic exceeded 7.3 million, representing a 21.7% growth compared to 6.0 million in the same period last year[3] - The average table turnover rate increased to 3.9 times per day from 3.3 times per day in the same period last year[3] - The average table turnover rate for the overall business increased to 3.9 times per day, compared to 3.3 times in the same period last year, showing an improvement of approximately 18.2%[10] Profitability and Costs - Operating profit was $12.4 million, a 9.7% increase from $11.3 million in Q1 2023, with an operating profit margin of 6.6%[6] - Employee costs rose to $63.6 million, a 19.8% increase from $53.1 million in the same period last year, accounting for 33.9% of revenue[6] - The net loss for the three months ended March 31, 2024, was $4.55 million, compared to a profit of $5.56 million in the same period of 2023[15] - The total comprehensive income for the period was $1.56 million, down from $6.65 million in the same period last year[15] - The company reported a basic and diluted loss per share of $0.01 for the three months ended March 31, 2024, consistent with the previous year[15] Assets and Liabilities - Non-current assets decreased from $357,921 thousand as of December 31, 2023, to $346,046 thousand as of March 31, 2024, representing a decline of approximately 3.5%[16] - Current assets increased slightly from $218,962 thousand to $221,085 thousand, showing a growth of about 1.0%[16] - Current liabilities decreased from $128,571 thousand to $123,648 thousand, a reduction of approximately 3.0%[16] - Net current assets improved from $90,391 thousand to $97,437 thousand, reflecting an increase of about 7.9%[16] - Total non-current liabilities decreased from $176,191 thousand to $169,798 thousand, a decline of approximately 3.5%[17] - Cash and cash equivalents decreased significantly from $152,908 thousand to $90,031 thousand, a drop of about 41.1%[18] - The company's total liabilities decreased from $304,762 thousand to $293,496 thousand, a reduction of about 3.7%[17] Cash Flow - Net cash provided by operating activities for the three months ended March 31, 2024, was $24,018 thousand, compared to $27,732 thousand for the same period in 2023, a decrease of approximately 13.0%[18] - The company reported a net cash outflow from investing activities of $73,548 thousand for the three months ended March 31, 2024, compared to an outflow of $17,182 thousand in the same period of 2023[18] Strategic Initiatives - The company plans to focus on customer satisfaction, employee contributions, and explore new business models and strategic acquisitions for future growth[4] - The company successfully listed on the NASDAQ, enhancing its global market visibility and growth resources[4] Expansion and Locations - The company opened 4 new Haidilao restaurants, increasing the total from 115 to 119 locations[3] - The number of same-store locations as of March 31, 2024, was 104, with a total of 119 self-operated restaurants across 13 countries[10][13] -

浦银国际研究 首次覆盖 | 消费行业 特海国际（9658.HK/HDL.US）：翻台率趋势 林闻嘉 保持强劲，美股上市将释放估值与扩张潜力 浦 首席消费分析师 richard_lin@spdbi.com 银 (852) 2808 6433 国 我们认为特海国际美股上市对于提升海底捞在全球范围的品牌力以及 际 加快其海外门店扩张步伐有着重要的意义。考虑到特海强劲的翻台率 桑若楠，CFA 趋势以及全球化布局带来较大的增长潜力，我们认为公司应享有比国 消费分析师 内餐饮玩家更高的估值。首次覆盖特海国际美股（HDL.US），给予“买 serena_sang@spdbi.com (852) 2808 6439 入”评级，目标价 26.7美元。对应美股目标价，我们上调特海国际港 首 股（9658.HK）目标价至 20.8 港元，维持“买入”评级。 2024年5月21日 次  登陆纳斯达克对公司发展具有重大的意义：特海国际于 5 月 17 日正 覆 特海国际(9658.HK) 式以19.56 美元/ADS（相当于15.28 港元/普通股）登陆美国纳斯达克 盖 （具体发行细节见正文）。新发行的 ADS（包括超额配股权）所对 ...