公开链接：https://seekingalpha.com/article/4687395-yum-china-holdings-inc-yumc-q1-2024- earnings-call-transcript 注：以下材料仅为公开资料整理，不涉及分析师的研究观点和投资建议，记录和翻译可能产生误差， 仅供参考，如有异议，请联系删除 去年第一季度调整后的营业利润是我们分拆以来最高的。这个季度是第二高的。 开店策略方面，我们仍然看好中国。我们认为中国市场在未来几年将为我们提供空白空间。在第一季 度，我们突破了15000家门店的里程碑，净开了378家新店。我们花了25年的时间在中国建立了第一家 5000家门店，花了8年的时间建立了接下来的5000家门店。剩下的5000家店只需要4年。我们的目标是 到2026年再增加5000家门店。 与某些报道相反，中国继续快速发展，每年都有数百个新的购物中心、住宅综合体和商业开发项目开 业。二线及以下城市的城市化和长期消费升级，机会巨大，住房和生活成本更便宜。另外，我们预计 今年大约30%的新店将开在新的城市或战略点，比如交通要地和旅游要地。 灵活门店：第一季度，三分之二的新店 ...

证券研究报告 | 2024年05月05日 百胜中国（09987.HK） 增持 高基数影响同店短期承压略降，门店扩张节奏趋势向好 核心观点 公司研究·财报点评 2024Q1实现经调归母净利润2.87亿美元，略优于市场一致预期。2024Q1， 社会服务·酒店餐饮 公司总收入29.58亿美元/+1.3%，收入表现略低于彭博一致预期（30.21 证券分析师：曾光 证券分析师：钟潇 亿）；经调整经营利润3.74亿美元/-10.1%；经调整归母净利润为2.87 0755-82150809 0755-82132098 zengguang@guosen.com.cn zhongxiao@guosen.com.cn 亿美元/-1.7%，略优于彭博预期（2.66亿美元）。 S0980511040003 S0980513100003 经营数据方面，整体同店收入同比-3%，其中KFC/PZH分别-2%/-5%，高 证券分析师：张鲁 基数下增速下滑；系统销售同增6%，其中KFC/PZH分别同增7%/4%；餐 010-88005377 zhanglu5@guosen.com.cn 厅利润率为17.6%/-2.7pct，其中KFC/PZH ...

百胜中国（9987.HK）2024年一季报点评 1Q 业绩符合预期，高回购分红回馈股东 2024年05月02日 ➢ 事件：4 月 30 日百胜中国发布 2024 年一季报，1Q 收入 29.6 亿美元， 推荐 维持评级 yoy+1%（不计汇率影响，yoy+7%）；净利润2.87亿美元，yoy-1%（不计汇率 当前价格： 285.80港元 影响+5%）；经调整净利润2.87亿美元，yoy-2%（不计汇率影响+4%）。 ➢ 1Q业绩符合预期，系统销售额增长6%。1Q核心经营利润3.96亿美元， yoy+1%，略高于核心经营利润持平指引。系统销售额 1Q 较上年同期增长 6% [Table_Author] （不计汇率影响），主要得益于8%的净新增门店。分品牌来看，肯德基系统销售 额同比增长7%，营收22.3亿美元（yoy+1%，不计汇率影响+7%）；必胜客系 统销售额总额张4%，营收5.95亿美元（同比持平，不计汇率影响yoy+5%）。 ➢ 同店承压，加强促销&必胜客丰富入门产品致客单价下降。2024 年一季度 餐饮经营环境存在挑战，集团整体同店-3%。分品来看，1Q肯德基同店-2%，拆 分量/价分别+4%/-6% ...

浦银国际研究 公司研究 | 消费行业 百胜中国 （YUMC.US/9987.HK）：短期同店销售与 林闻嘉 利润率承压，长期门店扩张驱动收入持续增长 首席消费分析师 浦 richard_lin@spdbi.com 银  依然看好百胜在新常态下的持续扩张：在激烈的行业竞争以及消费力 (852) 2808 6433 国 下降的大趋势下，百胜中国顺势而为，积极聚焦大众市场，助力品牌在 际 低线城市的门店扩张，驱动收入的增长。产品结构的下沉短期可能造 桑若楠，CFA 消费分析师 成经营利润率承压，但结合强大的数字化和供应链能力，长期将为门 serena_sang@spdbi.com 店的扩张和收入的增长打开更大的空间。公司目标于 2026 年达到2万 (852) 2808 6439 家门店，快于我们的预期。公司计划在 2024年通过回购与派息返还 15 公 亿美元给投资者，并于2024-2026 年共返还30多亿美元给投资者。基 2024年4月30日 司 于 10x 2024 年 EV/EBITDA，我们适度下调目标价至美股 49.9 美元与港 研 百胜中国(YUMC.US) 股389.3 港元。维持“买入”评级。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）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，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 Yum China Holdings, Inc. 百 勝 中 國 控 股 有 限 公 司 (於美利堅合眾國特拉華州註冊成立的有限公司) （股份代號：9987） 2024年第一季度財務業績公告 百勝中國控股有限公司（「本公司」）謹此發佈截至2024年3月31日止第一季度的未經審 核業績公告（「2024年第一季度業績公告」）。本2024年第一季度業績公告可於香港聯 交所網站www.hkexnews.hk及本公司網站http://ir.yumchina.com閱覽。 承董事會命 百勝中國控股有限公司 屈翠容 董事及首席執行官 香港，2024年4月30日 於 ...

Financial Performance - Yum China recorded revenue of $11 billion in 2023, with 14,644 restaurants as of December 31, 2023[6] - Total revenue for 2023 reached $10.978 billion, a 14.7% increase from $9.569 billion in 2022[188] - Net profit attributable to Yum China Holdings, Inc. was $827 million in 2023, up 87.1% from $442 million in 2022[188] - Operating profit for 2023 was $1.106 billion, a 75.8% increase from $629 million in 2022[188] - Total assets increased to $12.031 billion in 2023 from $11.826 billion in 2022[188] - Yum China's total equity stood at $7.106 billion in 2023, slightly down from $7.148 billion in 2022[188] - The company declared a cash dividend of $0.52 per ordinary share for 2023, up from $0.48 in 2022[188] - Yum China's goodwill decreased to $1.932 billion in 2023 from $1.988 billion in 2022[188] - Total revenue increased by 15% or 21% (excluding foreign exchange impact of $589 million), driven by net new store contributions of 9%, same-store sales growth of 7% for KFC and 6% for Pizza Hut, and a low base effect from temporary store closures due to COVID-19 in 2022[194] - Operating profit increased by 76% or 86% (excluding foreign exchange impact of $61 million), primarily due to growth in company restaurant revenue and favorable raw material prices, partially offset by increased promotional activities, reduced temporary subsidies, and low single-digit wage increases[194] - Net profit increased by 87% or 97% (excluding foreign exchange impact of $46 million), mainly due to higher operating profit and increased interest income, partially offset by higher income tax expenses due to increased pre-tax profit[194] - System sales growth was 21% in 2023, compared to a decline of 5% in 2022, excluding foreign exchange impact[195] - Same-store sales growth was 7% in 2023, compared to a decline of 7% in 2022, excluding foreign exchange impact[195] - Operating profit reached $1,106 million in 2023, up 76% from $629 million in 2022[195] - Adjusted operating profit was $1,121 million in 2023, up 77% from $633 million in 2022[195] - Net profit was $827 million in 2023, up 87% from $442 million in 2022[195] - Adjusted net profit was $842 million in 2023, up 89% from $446 million in 2022[195] - Diluted earnings per share were $1.97 in 2023, up 89% from $1.04 in 2022[195] - Total revenue increased by 15% to $10,978 million in 2023, compared to $9,569 million in 2022[197] - Net profit attributable to Yum China Holdings, Inc. rose by 87% to $827 million in 2023, up from $442 million in 2022[197] - Restaurant profit grew by 32% to $1,690 million in 2023, with a restaurant profit margin increase of 2.2 percentage points to 16.3%[197] - System sales growth was 14% in 2023, with a 21% increase when excluding foreign currency translation[198] - The number of self-operated restaurants increased by 13% to 12,648 in 2023, while franchise restaurants grew by 12% to 1,996[198] - Adjusted EBITDA for 2023 was $1,611 million, compared to $1,286 million in 2022[197] - Adjusted net profit attributable to Yum China Holdings, Inc. was $842 million in 2023, up from $446 million in 2022[197] - The effective tax rate decreased to 26.9% in 2023 from 30.1% in 2022[197] Store Network and Expansion - Yum China operated 14,644 restaurants as of December 31, 2023, with KFC accounting for 10,296 restaurants and Pizza Hut for 3,312 restaurants[190] - KFC operates 10,296 restaurants across more than 2,000 cities in China as of December 31, 2023[7] - Pizza Hut operates 3,312 restaurants across more than 700 cities in China as of December 31, 2023[8] - Lavazza has 122 coffee shops in China as of December 31, 2023[9] - Huang Ji Huang operates 631 stores domestically and internationally as of December 31, 2023[9] - Little Sheep operates 163 stores in China and international markets as of December 31, 2023[9] - Taco Bell operates 120 stores in China as of December 31, 2023[9] - The company aims to expand its store network to reach 20,000 stores by 2026, focusing on growth as part of its "RGM" strategy[10] - The company is tracking over 1,000 cities in China without KFC or Pizza Hut coverage, indicating significant growth potential in existing and new cities[13] - The company plans to open 1,000 Lavazza stores in China in the coming years, with 122 Lavazza stores already operational as of December 31, 2023[16] - Yum China plans to open 1,500 to 1,700 new stores in 2024[199] - Capital expenditures for 2024 are projected to be between $700 million and $850 million[199] Digital and Automation - Digital orders accounted for approximately 89% of the company's restaurant revenue in 2023[30] - Digital payments increased from 33% in 2016 to 99% of the company's restaurant revenue in 2023[31] - The combined membership programs of KFC and Pizza Hut had over 470 million members as of December 31, 2023, contributing to approximately 65% of system sales[32] - The company is leveraging digital and automation investments, such as the "i-kitchen" system and delivery robots, to enhance customer experience and operational efficiency[16] - The company plans to invest in end-to-end digitalization, automation, and AI, including generative AI for media creation, digital avatars, customer feedback analysis, and customer service[17] - The company established digital R&D centers in Shanghai, Nanjing, and Xi'an in 2021 to enhance internal digital capabilities[26] - The company invested heavily in building an efficient technological infrastructure to enhance restaurant operations, utilizing AI-driven systems like the "Operational Brain" for decision-making and real-time monitoring through smartwatches and smart glasses[35] Franchise and Ownership Structure - Approximately 86% of Yum China's restaurants are company-owned and operated as of December 31, 2023[5] - Approximately 14% of the company's restaurants were operated by franchisees as of December 31, 2023, with plans to increase franchise stores to 15%-20% of new openings annually from 2024 to 2026[13] - Approximately 14% of the company's restaurants were franchised as of December 31, 2023, with franchisees contributing revenue through upfront fees, ongoing royalties, and other transactions[19] - The company holds exclusive franchise rights for KFC and Pizza Hut in mainland China (excluding Hong Kong, Macau, and Taiwan) for 50 years starting from October 31, 2016, with an option to renew for an additional 50 years[60] - The company pays a franchise fee of 3% of the net system sales of the franchised brands to YUM[60] - The company owns registered trademarks for Little Sheep and Huang Ji Huang brands without paying franchise fees[61] Supply Chain and Logistics - The company operates 33 logistics centers, covering over 2,000 towns, with plans to expand to 45-50 centers in the next 3-5 years to cover over 5,000 towns[23] - The company collaborates with over 800 independent suppliers, primarily in China, and employs over 1,300 staff in its integrated supply chain management system[23] - The company utilizes a centralized procurement model to maintain quality control and achieve better pricing through bulk purchasing[23] - The company's food safety and quality control department conducts regular surprise inspections and microbial tests to ensure compliance with standards[25] - The company requires third-party delivery companies to sign and strictly enforce food safety and quality operation commitments[25] - The company's innovation center in Shanghai, spanning 27,000 square feet, supports menu innovation and new recipe development[27] Environmental and Sustainability Goals - The company aims to reduce Scope 1 and 2 greenhouse gas emissions by 63% by 2035 compared to 2020 levels[79] - The company targets a 66.3% reduction in Scope 3 greenhouse gas emissions per ton of purchased goods by 2035 compared to 2020 levels[79] - By 2025, the company aims to reduce energy-related indirect greenhouse gas emissions per store by 20% compared to 2020 levels[79] - The company commits to sourcing 100% RSPO-certified palm oil and 100% FSC-certified paper packaging by 2025[80] - The company aims to reduce food waste by 10% per restaurant by 2030 compared to the 2020 baseline, utilizing AI/IoT technologies to improve sales forecasting and inventory management[81] - The company commits to making 100% of customer-facing plastic packaging recyclable and reducing non-degradable plastic packaging by 30% by 2025 compared to 2019 levels[82][84] - The company has partnered with the China Nutrition Society to promote healthy eating habits and has established the largest specialized research foundation in the field of health and nutrition in China[84] Risks and Challenges - The company faces significant risks related to operating in China, including legal, regulatory, and political uncertainties, which could adversely affect its business and stock value[36][37][38] - The company's reliance on dividends from its Chinese subsidiaries for offshore cash needs may be impacted by changes in Chinese laws or tax regulations[37] - Potential restrictions on foreign currency exchange and capital outflows in China could limit the company's ability to use cash balances effectively, including paying dividends[36] - The company's securities may face delisting from the New York Stock Exchange if the U.S. PCAOB is unable to inspect its Chinese auditor[36] - Changes in U.S.-China political, economic, and trade relations could significantly impact the company's operations and financial performance[36] - The company's operations in China are subject to environmental regulations, which could increase costs and harm its reputation[36] - The company's reliance on third-party platforms for mobile payments, internet infrastructure, and delivery services poses operational risks[95] - The company's growth strategy with Lavazza may not succeed, and the expected benefits from acquisitions may not materialize[95] - The company's use of GenAI technology and investments in innovation may not yield the expected returns[95] - The company's ability to expand and operate effectively in China is constrained by government regulations on currency exchange and capital controls[96] - The company's financial statements could be deemed non-compliant with U.S. securities laws due to issues with its Chinese auditor[96] - The company's stock performance may be impacted by differences between Hong Kong and U.S. capital markets, as well as anti-takeover provisions[97] - Food safety and foodborne illness issues may adversely affect the company's reputation and business, potentially leading to operational suspensions and reduced revenue[98] - The revised "Food Safety Law Implementation Regulations" in China, effective December 1, 2019, impose significant administrative and criminal penalties for violations, which could impact the company's operations and reputation[98] - Any major failure in the company's quality assurance system could significantly harm its business, reputation, and financial performance[99][100] - The company faces inherent risks of food contamination and liability claims, which could lead to negative publicity, reduced customer traffic, and penalties[100] - Past incidents, such as supplier-related issues in 2012 and 2014, severely impacted the company's sales and brand perception[100] - Health issues from virus or disease outbreaks, such as COVID-19, could disrupt operations, increase costs, and affect supply chains[101] - Government-mandated closures or restrictions during health crises could severely impact the company's operations in China[101] - Increased operational complexity and costs due to safety measures during outbreaks may affect the company's profitability[101] - Long-term economic impacts from pandemics in affected countries could further disrupt the company's operations[101] - COVID-19 pandemic severely impacted the company's financial performance and operations since Q1 2020, causing significant fluctuations[102] - The company must achieve sales growth targets for KFC, Pizza Hut, and Taco Bell brands under the master franchise agreement with YUM, with the first measurement period from 2017-2021 and the second from 2018-2022[102] - Pizza Hut failed to meet the sales growth target for the measurement period ending December 31, 2022, due to the severe impact of COVID-19, but YUM granted an exemption[103] - YUM has the right to terminate the master franchise agreement if the company fails to meet sales growth targets twice consecutively for any brand[103] - The company's business, operating results, and financial condition would be materially adversely affected if the master franchise agreement is terminated or restricted[104] - The company's success depends heavily on YUM's ability to build brand strength, conduct marketing campaigns, and innovate products[104] - The company relies on multiple domestic and international suppliers for restaurant operations, and shortages or disruptions in supply could increase costs or reduce revenue[105] - The company's centralized procurement model helps maintain quality control and achieve better pricing through bulk purchasing, but may lead to overstocking and delayed payments from franchisees, impacting business performance[106] - Raw material price fluctuations, such as the significant increase in poultry prices in China due to African swine fever in 2019, could adversely affect the company's profit margins[107] - The company aims to expand its store network in China to reach a milestone of 20,000 stores, but faces risks such as economic conditions, obtaining suitable locations, and potential sales cannibalization from new restaurants[107] - As of the end of 2023, the company leases over 12,500 properties in China for its restaurants, with approximately 6% of existing leases set to expire by the end of 2024[108] - Lease agreements typically have initial terms of 10 to 20 years, with rent payments based on fixed rates, a percentage of annual sales revenue, or a combination of both, which could increase operating costs[108] - The company faces risks related to lease renewals, including potential significant modifications to lease terms and conditions, which could lead to restaurant closures or relocations[109] - The competitive retail property market in China may result in competitors securing more favorable lease terms or priority access to prime locations, potentially impacting the company's growth strategy[110] - Labor shortages or increased labor costs may slow the company's development and adversely affect its business and operating performance[111] - The company experienced restaurant staff shortages in December 2022 due to widespread COVID-19 outbreaks after the relaxation of pandemic control measures[111] - The company's IT systems store personal, financial, and proprietary data of over 430,000 employees and franchisees, posing inherent risks of data breaches, cyberattacks, and unauthorized access[116] - Non-compliance with evolving cybersecurity and data privacy laws, such as China's Cybersecurity Law, Data Security Law, and Personal Information Protection Law, could result in significant costs, liabilities, fines, and reputational damage[116] - The company has established a dedicated team to implement internal data security policies and ensure compliance with Chinese cybersecurity regulations, with no formal notifications or investigations received as of the report date[116] - Compliance with data privacy and cybersecurity laws may require additional expenses to update IT systems and notify data owners of breaches, potentially leading to lawsuits, regulatory actions, and financial losses[118] - The company's operations heavily rely on IT systems for financial, supply chain, sales, and customer engagement functions, with system failures potentially causing customer loss, data theft, and operational disruptions[118] - Dependence on third-party IT providers and platforms increases the risk of system vulnerabilities, service interruptions, and security breaches, which could negatively impact the company's reputation and financial performance[118] - The company faces risks from cybersecurity breaches and attacks, which could lead to operational disruptions, financial losses, and reputational damage[114] - The company's success heavily depends on maintaining and enhancing the value and customer loyalty of its brands, including KFC, Pizza Hut, and Taco Bell[112] - The company's reputation could be harmed by governance failures or misconduct by senior officers, employees, or representatives[113] - Unauthorized access or misuse of customer or employee personal information could result in high costs, litigation, and reputational damage[115] - The company may face challenges in transferring increased labor costs to customers through higher product prices, potentially impacting its business and operating performance[111] - The company's operations are vulnerable to disruptions from natural disasters, hardware/software failures, and logistics partner issues, which could lead to revenue loss and reputational damage[183] - The company faces risks related to maintaining effective financial reporting controls and procedures, which could impact investor confidence and stock price[183] - The company's stock price may experience significant volatility due to factors such as operational performance, customer complaints, geopolitical instability, and regulatory changes[185] - Potential future sales of the company's shares in the public market could lead to a significant decline in stock price[185] - Shareholder dilution may occur due to equity incentives granted to employees and potential issuance of preferred shares with superior rights[186] - The company may become involved in litigation, which could result in significant monetary losses, increased expenses, and diversion of management attention[181] - Changes in accounting standards and management's subjective assumptions, estimates, and judgments could significantly impact the company's financial performance and condition[181] - The company's insurance policies may not provide adequate coverage for all claims related to its business operations[182] - The company's operations are vulnerable to fraud and other misconduct by employees, customers, or third parties, which could lead to financial losses and reputational damage[137] - The company's ability to attract, train, and retain talented employees, including key management, is crucial for its growth and success, with potential risks from high turnover or competition for talent[137] - The company's reliance on cash transactions in its daily operations increases the risk of fraud, theft, and other misconduct, which could negatively impact its business and operating performance[137] - The company's intellectual property rights, including trademarks and proprietary formulas, are critical to its brand value and competitive position,

百胜中国（9987.HK）首次覆盖报告 龙头再扬帆，迈向两万家新征程 2024年04月03日 ➢ 百胜中国是国内餐饮龙头企业，截至2023年末门店数达14644家，覆盖 推荐 首次评级 超过2000个城镇。公司在中国市场拥有肯德基、必胜客和塔可钟三个品牌的独 家运营和授权经营权，并完全拥有小肥羊和黄记煌连锁餐厅品牌，同时，公司也 当前价格： 307.80港元 在中国探索和发展Lavazza咖啡店。目前，公司以“直营+加盟”模式经营，截 至2023年末直营门店占比达86.4%。分品牌来看，肯德基及必胜客是公司两大 支柱，2023年末肯德基门店占比达70.3%，必胜客门店占比达22.6%。 [Table_Author] ➢ 营收&盈利稳定增长，UE模型健康。公司营收伴随门店扩张稳步增长，2023 年全年实现营收109.78亿美元；盈利能力稳健，2016-2023年Non-GAAP净 利率稳定在 7%-8%之间，并实现了整体 15%-16%左右的餐厅经营利润率（除 了2020-2022年期间特殊年份）。UE模型健康，2016年以来肯德基门店经营利 润率稳定维持在 17%以上（除了 2020-2022 年期间），投资 ...

智通财经APP讯，百胜中国(09987)发布截至2023年12月31日止年度业绩，总收入增长15%至109.8亿美元。经营利润增长76%至11亿美元。经调整经营利润增长77%至11亿美元。核心经营利润增长79%。净利润8.27亿美元，同比增长87%。每股摊薄盈利增长89%至1.97美元，拟派现金股息每股0.16美元。 2023年，公司把握住了中国疫情开放所带来的机遇，并推动收入、经营利润及净利润的大幅增长。 于2023年，公司总收入增加15%或21%(不计及外币换算的影响5.89亿美元)，主要由于净新增门店贡献9%、肯德基及必胜客的同店销售额分别增加7%及6%，及2022年新冠肺炎疫情门店暂时停业影响带来的低基数效应。经营利润增加76%或86%(不计及外币换算的影响6100万美元)，主要由于公司餐厅收入增长及有利的原材料价格，部分被促销活动增加、临时补贴减少及低个位数的工资上涨所抵销。 于2023年，净利润增加87%或97%(不计及外币换算的影响4600万美元)，主要由于经营利润增加及利息收入增加，部分被因税前利润增加带来的所得税开支增加所抵销。 系统销售额较去年同期增长21%，不计及外币换算的影响。该增长主 ...

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，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 Yum China Holdings, Inc. 百 勝 中 國 控 股 有 限 公 司 （於美利堅合眾國特拉華州註冊成立的有限公司） （股份代號：9987） 截 至2023年12月31日 止 年 度 之 年 度 業 績 公 告 百勝中國控股有限公司（「本公司」或「百勝」）（紐交所代號：YUMC及港交所代號：9987）謹此發佈本公司截至2023 年12月31日止年度（「報告期間」）的經審核合併業績，連同2022年及2021年同期可對比經審核數字，該等資料乃根 據美國公認會計準則編製，並由本公司董事會下屬審計委員會審閱。 承董事會命 百勝中國控股有限公司 屈翠容 董事及首席執行官 香港，2024年2月29日 於本公告日期，董事會包括董事會主席及獨立董事胡祖六博士、董事屈翠容女士以及獨立董事Peter A. BASSI先生、 Edouard ETTEDGUI先生、David HOFFMANN先生、廬蓉女士、邵 ...

海 外 研 证券研究报告 究 ＃industryId＃ 海外社服行业 ＃09987 .HK ＃百dy胜Com中pa 国ny＃ 港股通（沪、深） dyStockco ＃inve 买stSu 入ggest ion＃ i维nv＃ d e＃ ( e持stS ） 2 3Q 4 业 绩好于预＃期title，＃ 长期目标不动摇 uggesti onC han ＃createTime1＃ ge＃ 2024年 2月 23 日 公 投资要点 司 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 维m 持ar “y 买＃入 ”评级：长期来看，公司的业绩增长具备韧性。公司的长期规划包括：2023年~2026年系统 日期 2024.2.22 销售实现高单位数~双位数增长、加入回购等因素EPS实现10%+增长。截至2026年开店达到2万家， 跟 对应总门店数2023~2026年CAGR为11%。3年间通过派息回购向股东返还30亿美元现金回报。公 收盘价（港元） 328.40 踪 司较强的品牌力、店铺组合的持续优化、成本结构的不断调整为长期目标的达成提供动力。短期来看， 总股本（亿股） 4.04 2023Q1的店效、业绩基数较高，我们预 ...