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智通财经APP获悉，光大证券发布研究报告称，维持百胜中国(09987)“买入”评级，调整2024-2025年归母净利润预测分别至9.15/10.20亿美元，引入2026年归母净利润预测为11.35亿美元，折合EPS分别为2.25/2.51/2.79美元。肯德基和必胜客在渠道下沉方面仍具备一定增长空间，小店模型助力更好下沉;咖啡业务蓬勃发展，有望给公司带来新的成长动力。 事件:公司发布2023年年报,23年公司实现营收109.8亿美元，同比增长15%(或增长21%，按固定汇率计算);实现经营利润11亿美元，同比增长76%，核心经营利润同比增长79%。其中23Q4公司实现营收24.9亿美元，同比增长19%(或增长21%，按固定汇率计算);实现经营利润1.1亿美元，同比增长170%，核心经营利润同比增长324%。 报告主要观点如下： Q4客流增长较快，带动同店实现较好增长。 门店经营方面，23Q4系统销售额同比+21%(KFC/必胜客分别同比+20%/+24%);同店销售额同比+4%(KFC/必胜客分别同比+3%/+6%)，尽管客单价同比下滑较多(KFC/必胜客客单价分别同比-11%/-8%)，但客流增长较快(KF ...

Yum China Holdings, Inc. (YUMC) reported impressive fourth-quarter 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis.YUMC achieved record-breaking revenues and profits and returned substantial value to shareholders through cash dividends and share repurchases. During the year, the company returned $833 million to shareholders, up 25% year over year.The company leverages its distinct strengths, which include brands d ...

On February 6, Yum China Holdings (YUMC) delighted investors with fourth-quarter adjusted earnings that exceeded expectations. The company reported earnings of 25 cents per share, surpassing the analyst consensus estimate of 16 cents. Additionally, Yum China’s quarterly sales of $2.49 billion exceeded the projected $2.41 billion, demonstrating robust financial performance. Dividend increase and share repurchase programCopy link to sectionEncouraged by their exceptional performance, Yum China announced a div ...

Yum China Holdings (YUMC) reported $2.49 billion in revenue for the quarter ended December 2023, representing a year-over-year increase of 19.4%. EPS of $0.25 for the same period compares to $0.13 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $2.37 billion, representing a surprise of +5.23%. The company delivered an EPS surprise of +92.31%, with the consensus EPS estimate being $0.13.While investors closely watch year-over-year changes in headline numbers -- revenue and earning ...

Financial Performance - In Q4 2023, Yum China reported a 21% increase in system sales, driven by a 12% contribution from net new stores and a 4% same-store sales growth[2]. - The total revenue for 2023 reached $10.98 billion, marking a 19% increase in Q4 and a 21% increase when excluding foreign currency impacts[3]. - Operating profit for the year grew by 76% to $1.1 billion, with core operating profit increasing by 79%[3]. - Net profit for 2023 was $827 million, up 87% from $442 million in 2022[6]. - Total revenue for the year ended December 31, 2023, was $10,978 million, representing a 15% increase from $9,569 million in 2022[19]. - Company restaurant revenue for the fourth quarter of 2023 was $2,343 million, up 19% from $1,975 million in the same quarter of 2022[19]. - Operating profit for the year was $1,106 million, a 76% increase compared to $629 million in 2022[19]. - The effective tax rate for the year was 26.9%, down from 30.1% in the previous year, a decrease of 3.2 percentage points[19]. - Basic earnings per share for the fourth quarter were $0.23, compared to $0.13 in the same quarter of the previous year[19]. - Net profit for the quarter was $97 million, compared to $53 million in the same quarter of 2022, reflecting an increase of 83%[31]. Store Expansion - The company added 1,697 new stores in 2023, bringing the total store count to 14,644, covering over 2,000 towns[2]. - KFC opened a record 1,202 new stores in 2023, bringing the total to 10,296 stores[9]. - The company plans to add approximately 1,500 to 1,700 new stores in 2024[13]. - The total number of stores is expected to reach 20,000 by 2026[13]. Profit Margins - The restaurant profit margin expanded to 16.3%, with a 270 basis point increase when excluding non-comparable items[3]. - KFC's restaurant profit margin for 2023 was 17.7%, an increase of 240 basis points from the previous year[9]. - Pizza Hut's restaurant profit margin for 2023 was 11.8%, an increase of 330 basis points from the previous year[12]. - The restaurant profit margin for KFC was 12.0%, while Pizza Hut's was 7.3% for the quarter ended December 31, 2023[36]. Digital and Membership Growth - Digital order revenue exceeded $9.2 billion, accounting for approximately 89% of restaurant revenue[3]. - The total number of KFC and Pizza Hut members reached over 470 million, a 14% increase year-over-year, with member sales contributing 65% to system sales[3]. Shareholder Returns - Yum China plans to increase its cash dividend by 23% to $0.16 per share, payable on March 26, 2024[5]. - The company announced a stock repurchase program of $1.25 billion for 2024, including $750 million in the U.S. and $500 million in Hong Kong[5]. - The company aims to return at least $3 billion to shareholders through quarterly cash dividends and stock buybacks[13]. Future Outlook - The company aims to serve half of China's population by 2026, currently serving one-third[7]. - System sales and operating profit are anticipated to achieve high single-digit to double-digit annual compound growth, with earnings per share expected to grow at a double-digit annual compound rate from 2023[13]. - The company plans to continue expanding its market presence and investing in new product development[19]. - New product development initiatives are underway to improve customer engagement and drive sales growth[44]. - The company is exploring potential acquisitions to strengthen its market position and diversify its portfolio[44]. Employee and Operational Insights - The company reported a significant increase in employee benefits expenses, which rose to $2,725 million, up 14% from $2,389 million in 2022[19]. - The management emphasized the importance of cost control measures to improve profitability in the future[44]. Recognition and Sustainability - Yum China ranked first in the global restaurant and leisure facilities industry in the 2023 S&P Global Corporate Sustainability Assessment[13]. - The company has been recognized as a "Top Employer in China" for six consecutive years, leading the restaurant industry[13]. - Yum China was listed as the fifth most admired company in the global food service industry by Fortune magazine in 2024[13].

Core Insights - Yum China reported a strong performance in 2023, with total revenues reaching $11 billion and adjusted operating profit of $1.1 billion, marking significant growth compared to the previous year [1][3][5]. Fourth Quarter Highlights - Total system sales increased by 21% year-over-year, driven by a 12% contribution from net new units and a 4% growth in same-store sales [2][6]. - The company opened 542 net new stores in Q4, bringing the total store count to 14,644, with KFC at 10,296 stores and Pizza Hut at 3,312 stores [2][3]. - Total revenues for Q4 rose by 19% to $2.49 billion, while operating profit surged by 170% to $110 million [2][6]. - Core operating profit grew by 324%, and diluted EPS increased by 77% to $0.23 [2][6]. Full Year Highlights - For the full year, total system sales grew by 21%, with a 9% contribution from net new units and a 7% increase in same-store sales [3][6]. - Total revenues increased by 15% to $10.98 billion, and operating profit grew by 76% to $1.1 billion [3][6]. - Digital sales exceeded $9.2 billion, accounting for approximately 89% of total company sales, with total membership for KFC and Pizza Hut exceeding 470 million [3][5]. Shareholder Returns - Yum China returned approximately $833 million to shareholders in 2023 through share repurchases and cash dividends, marking the highest full-year return in the company's history [5][6]. - The board declared a 23% increase in cash dividends to $0.16 per share, payable on March 26, 2024 [5][6]. Strategic Outlook - The company plans to open approximately 1,500 to 1,700 net new stores in 2024 and aims to reach a total store count of 20,000 by 2026 [10][11]. - Yum China targets a high-single-to-double-digit CAGR for system sales and operating profit from 2024 to 2026, using 2023 as the base year [10][11]. Operational Performance - KFC's system sales grew by 20% for both the quarter and the year, with a record 1,202 net new stores opened in 2023 [8][9]. - Pizza Hut's system sales increased by 24% for the quarter and 20% for the year, with a record 409 net new stores opened [9][10]. Recognition and Sustainability - Yum China was ranked number one globally in the Restaurant & Leisure Facilities Industry in the S&P Global 2023 Corporate Sustainability Assessment [11]. - The company has been recognized as a Top Employer in China for six consecutive years and was included in the Fortune World's Most Admired Companies list for 2024 [11].

Yum China Holdings, Inc. (YUMC) is scheduled to report fourth-quarter 2023 results on Feb 6, after market close. In the last reported quarter, the company’s earnings and revenues missed the Zacks Consensus Estimate by 10.6% and 3.6%, respectively.How are Estimates Placed?The Zacks Consensus Estimate for fourth-quarter earnings per share is pegged at 13 cents, flat year over year. In the past 30 days, earnings estimates have witnessed an upward revision of 8.3%. For revenues, the consensus mark is pegged at ...

SHANGHAI, Jan. 25, 2024 /PRNewswire/ -- Yum China Holdings, Inc. (NYSE: YUMC and HKEX: 9987, "Yum China" or the "Company") today announced, in compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "HKEX") which require advance notice of board meetings at which a dividend is expected to be declared, that its board of directors (the "Board") will consider the declaration and payment of a quarterly dividend (the "Dividend"). If the Board decides to procee ...

Core Insights - Yum China Holdings, Inc. has been recognized as a Top Employer China for the sixth consecutive year, ranking fourth overall among more than 150 companies and first in the restaurant industry, reflecting its commitment to employee welfare and development [1][2] Group 1: Employee Commitment and Recognition - The recognition as a Top Employer highlights Yum China's performance in People Strategy, Digital HR, Working Environment, and Career Development, showcasing its "People First" philosophy [1] - CEO Joey Wat emphasized the importance of the "Fair, Care, and Pride" principle in fostering a vibrant and inclusive culture that supports employee growth [1] - The company has over 400,000 employees, with female representation exceeding 50% of the total workforce by the end of 2023, demonstrating its commitment to diversity and inclusion [1] Group 2: Talent Development and Training - Yum China offers a suite of learning and development programs, including structured career advancement opportunities and specialized training for various roles [2] - The "Yum China Bytes & Bites Program" was launched in 2023 to provide working opportunities for approximately 80 students from leading Chinese universities, integrating technology with practical experience [2] - The "Angel Restaurants" initiative supports employees with special needs, with KFC China operating 46 such restaurants employing over 200 individuals by June 2023 [2] Group 3: Technological Innovation - The company is a pioneer in digital transformation, utilizing AI for demand forecasting, inventory management, crew scheduling, and production, which enhances operational efficiency and promotes sustainable growth [3] Group 4: Company Overview - Yum China is the largest restaurant company in China, operating over 14,000 restaurants across 1,900 cities under six brands, including KFC and Pizza Hut [5] - The company has a strong digitalized supply chain and logistics network, enabling it to serve customers effectively and efficiently [5] - As a Fortune 500 company, Yum China aims to be the world's most innovative pioneer in the restaurant industry [5]