公司研究 | 动态跟踪 海伦司 09869.HK 嗨啤合伙人计划持续推进，期待轻资产转 买入（维持） 型 股价（2024年04月12日） 3.53港元 目标价格 3.65港元 52周最高价/最低价 13.29/2.78港元 ————海伦司2023 年年度业绩公告点评 总股本/流通H股（万股） 126,548/126,548 H股市值（百万港币） 4,467 核心观点 国家/地区 中国 行业 餐饮旅游 ⚫ 事件：公司发布2023年业绩公告，2023年公司实现营收12.09亿元/yoy-22.49%，归母净利 报告发布日期 2024年04月14日 润1.81亿元（同比扭亏为盈）；其中23H2实现营业收入4.99亿元/yoy-27.28%， 归母净利 润0.23亿元（同比扭亏为盈）。 ⚫ 直营门店调整，加盟模式转型。1）收入端看，公司2023年直营收入 11.03亿元/yoy-29%， 1周 1月 3月 12月 加盟相关收入1.05亿元/yoy+830%，23年持续调整优化直营门店、大力发展合伙人门店。 绝对表现% 12.06 0.57 4.75 -69.92 2）开店看，公司23年底直营门店255家，净减少398 ...

[Table_Page] 公告点评|消费者服务Ⅱ 证券研究报告 [【Table_T广itle] 发 批零社服 &海外】海伦司 [公Tab司le_I评nves级t] 增持 当前价格 3.38港元 （09869.HK） 合理价值 3.41港元 前次评级 买入 23 年利润创新高，持续推进轻资产转型 报告日期 2024-04-09 [Table_Summary] 核心观点： [相Tab对le_P市icQ场uote表] 现  公司发布 23 年业绩：23 年全年实现营业收入 12.1 亿元，同比下滑 2% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -14% 22.5%，主因公司持续调整存量门店；实现归母净利润1.8亿元，扭亏 -31% 为盈（22 年亏损 16.0 亿元），创上市以来新高；经调整净利润为 2.8 -47% 亿元，扭亏为盈（22年亏损2.4亿元），与归母净利润间的差异主要为 -64% 存量门店调整带来的损失。23 年公司归母净利率为 14.9%，较 19 年 -80% 海伦司 恒生指数 提升0.9pp，经调整净利率为23.2%，较19年提升9.2pp。  存 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][2] Core Insights - The company reported a revenue of 1.21 billion yuan for 2023, a year-on-year decrease of 22%, while the gross margin improved to 70.2%, an increase of 6.3 percentage points [2][3] - The company plans to distribute a final dividend of 0.3153 yuan per share, totaling approximately 400 million yuan [2] - The company is focusing on a platform transformation and accelerating the expansion of the "Hi Beer Partner" model, which is expected to enter a phase of rapid growth [2][3] Financial Performance Summary - Revenue for 2023 was 1.21 billion yuan, down 22% year-on-year [3][4] - Adjusted net profit for 2023 was 280 million yuan, with an adjusted net profit margin of 23.2% [3][4] - The gross margin for 2023 was 70.2%, up from 64.0% in 2022 [3][4] - The company plans to open 400 new bars in 2024, indicating a strong growth strategy [2][3] Revenue and Profit Forecast - Revenue forecasts for 2024 and 2025 have been adjusted downwards to 1.05 billion yuan and 1.49 billion yuan, respectively, reflecting a decrease of 34% and 20% [5][6] - The adjusted net profit for 2024 is projected to be 210 million yuan, down 55% from previous estimates [5][6] - The company aims for a revenue of 1.95 billion yuan by 2026, indicating a recovery trajectory [5][6] Valuation and Market Comparison - The estimated reasonable market value range for the company is between 4.6 billion and 5.7 billion HKD, translating to a share price range of 3.6 to 4.5 HKD [2][6] - The company is compared with peers in the industry, showing a P/E ratio of 18.6 for 2024, which is competitive within the sector [6][7]

Investment Rating - Helens International Holdings (9869 HK) maintains an **Outperform** rating with a target price of HKD 4.5, based on a 25x 2024 PE valuation [4][10] Core Views - Helens is accelerating its platform transformation, with the HiBeer Partnership model entering a rapid expansion phase, targeting 400 new HiBeer Partnership bars in 2024 [3][10] - The company is shifting towards a lighter asset model, reducing direct-operated bars while expanding through partnerships, which is expected to improve profitability and scalability [3][4] - Helens has defined 2024 as a "product year," focusing on enhancing its product portfolio and differentiation barriers through continuous iteration of new products [3] Financial Performance - 2023 revenue was RMB 1.21 billion, down 22% YoY, with adjusted net profit of RMB 280 million and an adjusted net profit margin of 23.2% [3][10] - Gross margin improved by 6.3 percentage points to 70.2%, driven by higher contribution from self-owned beverages and reduced marketing activities [3] - Daily sales per store increased by 4% YoY to RMB 7.3k, with HiBeer Partnership bars achieving a daily sales per store of RMB 7.1k [3][10] Business Model and Expansion - The HiBeer Partnership model features lower investment thresholds (RMB 1 million per bar), smaller store sizes (200 sqm), and higher efficiency (RMB 34 per sqm daily sales) compared to direct-operated and franchise bars [3] - Helens plans to open 400 HiBeer Partnership bars in 2024, leveraging the model's scalability and profitability [3][10] - The company has shifted from a gross profit-sharing model to a supply chain markup (5%-6% on self-owned products) and monthly management fee structure to incentivize partners [3] Product and Channel Strategy - Self-owned products accounted for 78.3% of revenue, with beverage-like alcohol contributing 58.1% of self-owned product sales, up 9.5 percentage points YoY [3] - Shareable and bottled beverage-like alcohol accounted for approximately 40% and 20% of total revenue, respectively [3] - Franchise and HiBeer Partnership channels contributed 5.9% and 2.8% of revenue, respectively, showing growth potential [3] Financial Forecasts - Revenue for 2024-2026 is projected at RMB 1.05 billion, RMB 1.49 billion, and RMB 1.95 billion, respectively, with adjusted net profit of RMB 207 million, RMB 246 million, and RMB 330 million [4][10] - Adjusted net profit margins are expected to stabilize at around 16.5%-19.7% over the forecast period [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has turned profitable year-on-year, with the "Hi Beer Partner" model expected to accelerate store openings [3]. - The performance in 2023 was slightly below previous expectations, leading to a downward adjustment of net profit forecasts for 2024 and 2025 [3]. - The revenue structure shows a significant increase in franchise income, indicating a shift towards a more asset-light model [3]. Financial Summary - In 2023, the company reported revenue of 1.209 billion RMB, a year-on-year decrease of 22.5%, with a net profit of 181 million RMB, achieving a net profit margin of 14.9% [3]. - Adjusted net profit for 2023 was 280 million RMB, with an adjusted net profit margin of 23.2% [3]. - The company closed 288 stores in 2023 but opened 24 new stores by March 19, 2024, with a total of 383 "Hi Beer Partner" stores signed, of which 188 are operational [3]. Operational Insights - The average daily sales per store for direct-operated and franchise locations were 7.3k RMB and 7.1k RMB respectively, with the overall average sales per square meter at 21 RMB, while "Hi Beer Partner" locations achieved a higher efficiency of 34 RMB per square meter [3]. - The gross margin improved to 70.2%, an increase of 6.2 percentage points, with employee costs reduced by 39.7% [3]. - The company aims to further optimize costs and expenses through improved labor efficiency and adjustments in store structure [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of HKD 3.23 [2]. Core Insights - The company reported a turnaround in net profit for 2023, achieving a net profit of HKD 1.81 billion compared to a loss of HKD 16.01 billion in 2022. Adjusted net profit for 2023 stands at HKD 2.80 billion, recovering from a loss of HKD 2.41 billion in 2022 [1]. - The revenue for 2023 was HKD 12.09 billion, reflecting a year-on-year growth of 22.49%. The revenue decline was attributed to the company's transition to a platform-based, asset-light model and a reduction in the number of existing bars [1]. - The company has reduced its bar count from 767 at the end of 2022 to 479 by the end of 2023, with a significant decrease in direct-operated bars [1]. - The new "Hi Beer Partner" bar model has shown advantages, with daily sales in first and second-tier cities outperforming existing direct-operated and franchised bars [1]. Summary by Sections Financial Performance - The company achieved a net profit of HKD 1.81 billion in 2023, a significant recovery from a loss of HKD 16.01 billion in 2022. The adjusted net profit for 2023 is HKD 2.80 billion, compared to a loss of HKD 2.41 billion in 2022 [1]. - Revenue for 2023 was HKD 12.09 billion, with a year-on-year growth of 22.49% [1]. - The number of bars decreased to 479 from 767, with direct-operated bars dropping to 255 from 653 [1]. Business Model and Strategy - The company is transitioning to a platform-based, asset-light model, focusing on the "Hi Beer Partner" bar expansion [1]. - The new bar model has a lower breakeven point and higher profitability potential, with daily sales in first-tier cities reaching HKD 0.94 million, which is 25.33% higher than existing models [1]. - The report highlights three growth areas: optimizing the store matrix, expanding the "Hi Beer Partner" model, and targeting the lower-tier market with new store formats [1]. Future Projections - The company is expected to achieve profits of HKD 2.63 billion, HKD 4.10 billion, and HKD 4.93 billion in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 14x, 9x, and 8x [1].

Financial Performance - Revenue for the year ended December 31, 2023, was RMB 1,208,613,000, a decrease of 22.5% compared to RMB 1,559,308,000 in 2022[2] - Profit attributable to owners of the company for the year was RMB 180,500,000, recovering from a loss of RMB 1,601,150,000 in the previous year[2] - Adjusted net profit for the year was RMB 280,191,000, compared to an adjusted loss of RMB 240,784,000 in 2022[2] - The company achieved a profit before tax of RMB 152.0 million for the year ended December 31, 2023, compared to a loss of RMB 1,616.5 million for the year ended December 31, 2022[32] - The adjusted net profit for 2023 was RMB 280.2 million, with an adjusted net profit margin of 23.2%, compared to a net loss of RMB 240.8 million in 2022[12] - The company reported a net profit attributable to shareholders of RMB 180,500,000 for the year ended December 31, 2023, compared to a loss of RMB 1,601,150,000 in 2022[75] - The basic earnings per share for the year ended December 31, 2023, was RMB 0.142, a significant recovery from a loss of RMB 1.459 per share in 2022[75] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 2,164,984,000, down from RMB 2,676,768,000 in 2022, reflecting a decrease of 19.1%[6] - Non-current assets decreased to RMB 740,830,000 from RMB 1,286,524,000, a decline of 42.5%[6] - Total liabilities decreased to RMB 343,577,000 from RMB 853,900,000, indicating improved financial stability[6] - The company's cash and cash equivalents decreased from RMB 1,298.6 million as of December 31, 2022, to RMB 1,277.2 million as of December 31, 2023[43] - Lease liabilities decreased from RMB 741.0 million as of December 31, 2022, to RMB 255.7 million as of December 31, 2023, due to the strategic optimization and adjustment of restaurant operations[44] - Trade payables decreased from RMB 62.7 million as of December 31, 2022, to RMB 30.7 million as of December 31, 2023, reflecting a reduction in procurement due to fewer restaurants[45] Operational Changes - The number of taverns decreased to 503 as of March 19, 2024, from 767 at the end of 2022, indicating a strategic shift towards a partner store network[7] - The company reported a strategic transformation towards a platform-based model, resulting in various asset impairments totaling approximately RMB 215,052,000[4] - The company launched the "Hi Beer Partner" program in 2023, introducing a new collaboration model and single-store model to enhance market share and enter lower-tier markets[17] - The "Hi Beer Partner" program has signed 383 stores, with 188 already in operation, covering 136 cities[12] - The average daily sales per tavern in first-tier cities was RMB 7,500, while second-tier cities saw an increase to RMB 7,100 from RMB 6,600 in 2022[8] Cost Management - The cost of raw materials and consumables for the year ended December 31, 2023, was RMB 359.8 million, a decrease of 36.0% from RMB 561.9 million for the year ended December 31, 2022[19] - Employee benefits and human resources expenses decreased by 70.2% from RMB 1,003.5 million for the year ended December 31, 2022, to RMB 298.8 million for the year ended December 31, 2023[20] - Depreciation of right-of-use assets decreased by 65.1% from RMB 315.9 million for the year ended December 31, 2022, to RMB 110.2 million for the year ended December 31, 2023[21] - Logistics and warehousing expenses for the year ended December 31, 2023, were RMB 35,905, a decrease of 18% from RMB 43,829 in 2022[68] Revenue Sources - The revenue from the company's own products was RMB 858.7 million in 2023, accounting for 71.1% of total revenue, down from 76.5% in 2022[15] - The total revenue from franchise services was RMB 71.1 million in 2023, contributing 5.9% to total revenue[15] - Revenue from self-operated taverns for the year ended December 31, 2023, was RMB 1,103,300, a decrease of 29% from RMB 1,547,988 in 2022[62] - The net income from franchise services for the year ended December 31, 2023, was RMB 71,107, significantly up from RMB 11,320 in 2022[62] Strategic Initiatives - The company aims to enhance the tavern environment through new materials and technologies, and to continuously iterate its product offerings through supply chain integration and product development[13] - The company has a plan to enhance its brand awareness with 5% of the net proceeds allocated for this purpose, totaling HKD 149 million[92] - The company plans to distribute a final dividend of RMB 0.3153 per share for the year ending December 31, 2023, which is a new initiative compared to no dividend in 2022[97] Governance and Leadership - The company is led by Mr. Xu Bingzhong, who serves as both the Chairman and CEO, highlighting leadership continuity[100] - The board composition includes a mix of executive and independent non-executive directors, suggesting a balanced governance structure[100] - The audit committee reviewed the audited consolidated financial statements for the year ending December 31, 2023, confirming compliance with applicable accounting standards[93] Market Conditions - The company continues to face adverse conditions in the Chinese market, including restaurant closures and decreased consumer spending, impacting overall performance[81] - The company faced foreign exchange risks primarily due to funds raised in Hong Kong dollars and certain bank deposits in US dollars[50]

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Ifelen's Helens International Holdings Company Limited 海 倫 司 國 際 控 股 有 限 公 司 (於開曼群島註冊成立的有限公司) O 股份代號 : 9869 中期報告 2023 目錄 釋義2 中期簡明綜合財務報表附註 34 公司資料6 財務摘要8 業務摘要9 管理層討論與分析 12 企業管治及其他資料 21 中期簡明綜合全面收益表 30 中期簡明綜合財務狀況表 31 中期簡明綜合權益變動表 32 中期簡明綜合現金流量表 33 釋義 | --- | --- | --- | |-----------------------------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 「組織章程細則」或 「細則」 | 指 | 本公司於 2021 年 ...

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 709,992 thousand, a decrease of 19% compared to RMB 873,612 thousand for the same period in 2022[2]. - Profit before tax for the same period was RMB 132,549 thousand, compared to a loss of RMB 324,649 thousand in the previous year[2]. - Net profit attributable to owners for the six months ended June 30, 2023, was RMB 157,487 thousand, recovering from a loss of RMB 304,144 thousand in 2022[2]. - Adjusted net profit for the period was RMB 177,203 thousand, compared to a loss of RMB 99,936 thousand in the previous year[2]. - Total revenue decreased by 18.7% to RMB 710.0 million in the first half of 2023, down from RMB 873.6 million in the same period of 2022[14]. - Adjusted net profit for the first half of 2023 was RMB 177.2 million, with an adjusted net profit margin of 25.0%, compared to a net loss of RMB 99.9 million in the first half of 2022[14]. - The profit before tax improved from a loss of RMB 324.6 million for the six months ended June 30, 2022, to a profit of RMB 132.5 million for the six months ended June 30, 2023, with corresponding profit margins of (37.2)% and 18.7% respectively[32]. - The company reported a comprehensive income of RMB 175,561 thousand for the period, compared to a comprehensive loss of RMB 241,312 thousand in the same period last year[54]. Assets and Liabilities - Total assets as of June 30, 2023, were RMB 2,488,644 thousand, down from RMB 2,676,768 thousand as of December 31, 2022[4]. - Non-current assets as of June 30, 2023, were RMB 939,207 thousand, significantly down from RMB 1,286,524 thousand as of December 31, 2022[4]. - Total liabilities decreased to RMB 490,215 thousand from RMB 853,900 thousand, reflecting a significant reduction in lease liabilities[56]. - The total property, plant, and equipment decreased from RMB 693.3 million as of December 31, 2022, to RMB 515.6 million as of June 30, 2023, mainly due to the closure of several taverns[37]. - The right-of-use assets decreased from RMB 457.0 million as of December 31, 2022, to RMB 268.1 million as of June 30, 2023, due to strategic optimization and adjustments in taverns[39]. - Lease liabilities decreased from RMB 741.0 million as of December 31, 2022, to RMB 398.1 million as of June 30, 2023, due to strategic optimization and closure of several taverns[43]. Tavern Operations - The number of taverns decreased to 562 as of August 25, 2023, from 846 a year earlier, with a notable reduction in first and second-tier cities[5]. - Average daily revenue per tavern increased to RMB 8.2 thousand for the six months ended June 30, 2023, up 13.9% from RMB 7.2 thousand in the same period of 2022[9]. - New taverns opened in the first half of 2023 achieved an average daily revenue of RMB 8.2 thousand, a 30.2% increase from RMB 6.3 thousand for new taverns opened in 2022[9]. - Same-store sales for Helen's Tavern increased by 9.1% year-on-year, reaching RMB 379,379.56 thousand in the first half of 2023[12]. - The number of taverns decreased from 846 to 653, with 25 new openings and 139 closures in the first half of 2023[14]. Cost Management - The cost of raw materials and consumables decreased by 33.8% to RMB 196.6 million in the first half of 2023, down from RMB 297.1 million in the same period of 2022[20]. - Employee benefits and human resources expenses fell by 55.4% to RMB 169.5 million in the first half of 2023, down from RMB 380.0 million in the same period of 2022[21]. - Advertising and promotion expenses decreased by 74.7% from RMB 16.6 million for the six months ended June 30, 2022, to RMB 4.2 million for the six months ended June 30, 2023, mainly due to refined management of online promotions[27]. - Other expenses decreased by 26.9% from RMB 72.5 million for the six months ended June 30, 2022, to RMB 53.0 million for the six months ended June 30, 2023, primarily due to the reduction in the number of taverns[28]. Cash Flow and Financing - Cash and cash equivalents increased from RMB 1,298.6 million as of December 31, 2022, to RMB 1,449.9 million as of June 30, 2023, mainly due to net cash inflow from operating activities[42]. - Operating cash flow for the six months ended June 30, 2023, was RMB 217,576 thousand, compared to RMB 70,646 thousand for the same period in 2022, representing a significant increase of 208%[59]. - Net cash from operating activities increased to RMB 215,846 thousand from RMB 56,817 thousand year-on-year, indicating a growth of 280%[59]. - The net cash used in investing activities improved to RMB 10,175 thousand from a net cash outflow of RMB 219,005 thousand in the previous year[59]. - Financing activities resulted in a net cash outflow of RMB 113,758 thousand, an improvement from RMB 185,565 thousand in the same period of 2022[59]. Strategic Initiatives - The "Hi Beer Partner" initiative was launched in June 2023, aiming to enhance store experience and operational efficiency[9]. - The company plans to focus on market expansion and new product development to drive future growth[54]. - The company plans to continue using income generated from tavern operations for working capital, while potentially seeking additional funding through equity or debt financing in the future[46]. Shareholder Information - The proposed interim dividend is RMB 0.1162 per share, compared to no dividend in the same period of 2022[78]. - The record date for shareholders entitled to receive the proposed interim dividend is September 15, 2023, with share transfer documents due by September 20, 2023[108]. - The board proposed an interim dividend of RMB 0.1162 per share, totaling approximately RMB 147 million based on the current issued share capital of 1,266,901,524 shares[105].