直营门店深度调整，合伙人模式持续推进 ——海伦司23年报点评 海伦司（9869.HK）/餐饮 证券研究报告/公司点评 2024年04月16日 [Table_Industry] [评Ta级ble：_T增itle持] （下调） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：3.12港元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 1,559 1,209 1,034 1,439 1,935 分析师：苏畅 增长率yoy% -15% -22% -14% 39% 34% 执业证书编号：S0740523110001 归母净利润（百万元） -1,601 181 220 288 367 Email：suchang@zts.com.cn 增长率yoy% -596% 111% 22% 31% 27% 每股收益（元） -1.27 0.14 0.17 0.23 0.29 每股现金流量 0.11 0.00 0.23 0.28 0.39 分析师：张友华 净资产收益率 -68% 10% 11% 13% 15% 执业证书编号：S0740523110006 P/E -2.2 19.8 ...

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 - 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].

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].

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，並明確表示概不就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。 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） （股份代號：9869） 截至2023年12月31日止年度之 年度業績公告 海倫司國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本 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，連同截至2022年12月31日止年度的經審核比較數據。除本公告 另有界定者外，本公告所用詞彙與本公司日期為2021年8月31日的招股章程（「招 股章程」）所界定者具有相同涵義。 – 1 – | --- | --- | --- | |-----------------------------------|--------------------------|----------------- ...

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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 ...