Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The report highlights that the company's restaurant profit margin has improved, with a focus on the performance in the second half of the year [5]. - The company achieved a revenue of $777.8 million in 2024, representing a year-on-year growth of 13.4%, while the net profit attributable to the parent company was $2.2 million, a decrease of 15.0% due to foreign exchange losses [5][8]. - The report anticipates continued operational efficiency improvements and a potential acceleration in store expansion [6][8]. Summary by Sections Financial Performance - In 2024, the company generated revenue of $777.8 million, a 13.4% increase year-on-year, while the net profit was $2.2 million, down 15.0% primarily due to foreign exchange losses [5]. - The revenue structure includes restaurant operating income of $747 million, up 13.0%, driven by increased table turnover and customer traffic [5]. - The company expects revenues for 2025-2027 to be $889 million, $997 million, and $1.11 billion, with respective year-on-year growth rates of 14.3%, 12.1%, and 11.4% [8]. Operational Efficiency - The total number of restaurants reached 122 by the end of 2024, with a net increase of 7 restaurants compared to the previous year [6]. - The average customer unit price was $25.0, reflecting a 0.8% increase year-on-year, while the overall average table turnover rate was 3.8 times per day, an increase of approximately 0.3 times [6]. Profitability Metrics - The restaurant operating profit margin improved to 10.1%, an increase of 1.1 percentage points year-on-year [7]. - The cost of raw materials and consumables rose by 9.8% to $258 million, accounting for 33.1% of revenue, a decrease of 1.1 percentage points year-on-year [7]. - Employee costs increased by 14.7% to $259 million, representing 33.3% of revenue, due to network expansion and rising minimum wages in certain countries [7]. Valuation and Forecast - The report maintains a positive outlook on the company's brand strength and management capabilities, projecting a reasonable value range of HKD 19.1 to 21.3 per share based on a price-to-sales ratio of 1.8-2.0 for 2025 [8]. - The expected net profit for 2025 is projected to be $5.5 million, reflecting a significant year-on-year growth of 156.5% [9].

Market Performance - The large-cap index (大盘 100) increased by 0.21% daily but decreased by 2.88% annually[2] - The small-cap index (小盘 200) decreased by 0.28% daily and increased by 7.30% annually[2] Sector Performance - The best-performing sector was healthcare, with a daily increase of 1.70% and a weekly increase of 0.69%[2] - The worst-performing sector was non-ferrous metals, which decreased by 1.17% daily and increased by 11.87% annually[2] Company Insights - Haidilao (海底捞) projected 2024 revenue of CNY 42.75 billion, a 3.1% increase year-on-year, with a net profit of CNY 4.71 billion, up 4.6%[7] - The company expects a year-end dividend of CNY 2.53 billion, resulting in a dividend yield of approximately 5%[7] Operational Metrics - Haidilao's core operating profit for 2024 is estimated at CNY 6.23 billion, reflecting an 18.7% year-on-year growth[7] - The average table turnover rate increased to 4.1 times per day, up by 0.3 times year-on-year[23] Cost Management - Raw material costs decreased by 4.3% to CNY 16.21 billion, accounting for 37.9% of total revenue[24] - Employee costs rose by 8.2% to CNY 14.11 billion, representing 33.0% of total revenue[24]

[Table_MainInfo] 策略研究 证券研究报告 Email:wxk12750@haitong.com 策略月报 2025 年 3 月 28 日 相关研究 分析师:吴信坤 Tel:021-23154147 证书:S0850521070001 分析师:杨锦 Tel:(021)23185661 Email:yj13712@haitong.com 证书:S0850523030001 分析师:刘颖 Tel:(021)23185665 Email:ly14721@haitong.com 证书:S0850524070004 联系人:陆嘉瑞 Tel:(021)23185659 Email:ljr16250@haitong.com 一页纸精读行业比较数据：3 月 [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 [Table_Title] [Table_AuthorInfo] [Table_ReportInfo] 《行业比较-数据月报－价格链-25 年 2 月》2025.02.27 《行业比较-数据月报－价格链-25 年 1 月》2025.01.24 《行业比较-数据月报－投资链-2 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target valuation range of 10.19 to 11.76 CNY based on a PE ratio of 13-15x for 2025 [7][13]. Core Views - The company is focusing on expanding its scale advantages and targeting growth in global southern markets, particularly in Southeast Asia, the Middle East, and Africa, where it has achieved a revenue increase of 6% and a significant gross margin improvement of 5.8 percentage points [7]. - Despite challenges in the European market, the company has managed to optimize its product structure and reduce costs, resulting in a gross margin increase of 2.4 percentage points [7]. - The company is advancing its electric logistics development through strategic collaborations, aiming to innovate in the electric head-trailer technology [7]. Financial Performance and Forecast - In 2024, the company is projected to achieve a revenue of 20.998 billion CNY, a year-on-year decrease of 16.3%, with a net profit of 1.085 billion CNY, down 55.8% [6][7]. - The gross margin for Q4 2024 is expected to be 18.0%, with a net margin of 4.3% [7]. - Revenue forecasts for 2025, 2026, and 2027 are 22.350 billion CNY, 24.429 billion CNY, and 26.727 billion CNY respectively, with corresponding net profits of 1.469 billion CNY, 1.662 billion CNY, and 1.788 billion CNY [6][7]. Market Comparison - The company has entered 50 countries and regions, establishing a strong sales presence in the southern global markets, which account for 34% of the total export volume of Chinese trailers [7]. - The report compares the company's valuation with peers, indicating a reasonable valuation range based on industry standards [8].

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company achieved a revenue of 2.574 billion yuan in 2024, representing a year-on-year growth of 12.81%, with a net profit attributable to the parent company of 325 million yuan, up 20.15% year-on-year [7] - The company plans to distribute a dividend of 3.0 yuan per 10 shares (including tax), totaling 106 million yuan, which accounts for 55% of the 2024 net profit, resulting in a dividend yield of 4.8% [7] - The cotton socks business is expected to continue stable growth, with a revenue of 1.84 billion yuan in 2024, a year-on-year increase of 16.0% [7] - The seamless business has recovered, with a revenue of 661 million yuan in 2024, a year-on-year growth of 5.6% [7] - The company aims to strengthen team building and implement incentive mechanisms to enhance employee engagement and performance [7] - The estimated revenue for 2025-2027 is projected to be 2.854 billion, 3.321 billion, and 3.838 billion yuan respectively, with net profits of 382 million, 443 million, and 515 million yuan [7] Financial Data and Forecast - The company's revenue for 2023 was 2.281 billion yuan, with a projected growth of 12.8% in 2024 [6] - The net profit for 2023 was 270 million yuan, with a forecasted increase of 20.2% in 2024 [6] - The gross margin for 2024 is expected to be 28.8%, an increase of 2.82 percentage points year-on-year [7] - The diluted EPS for 2024 is projected to be 0.92 yuan [6] - The return on equity is expected to rise to 13.0% in 2024 [6]

【角 和 :: HAITONC 宏观研究 证券研究报告 2025年3月27日 相关研究 《广义支出有待加快 -- 2024年4月财 政数据点评》2024.05.21 《外需仍偏稳,内需待提振 -- 2024年4 月经济数据点评》2024.05.17 《通胀略有缓解,降息预期稳定 -- 美国 2024年4月物价数据点评》2024.05.16 证书:S0850520120001 分析师:李林芷 Tel:(021)23185646 Email:llz13859@haitong.com 证书: S0850524050002 增速回落,结构分化 -1-2月工业企业利润数据点评 投资要点: · 利润增速回落,结构有调整。1-2月工业企业利润增速较去年 12月回落,虽 然有去年同期高基数的影响,但核心问题还在于量和利润率的下滑。行业分 化依然明显,不过结构较前期有所变化。上中游部分行业受需求平淡、利润 率回落影响,利润增速有所下滑,下游行业中的酒饮料茶、汽车等行业则受 益于消费复苏、政策补贴、利润率改善等因素,带动下游行业利润占比回升。 后续需要结构性政策加码发力,叠加全球补库共振,或开启主动补库周期。 但如果需求未有明显 ...

[Table_MainInfo] 宏观研究 证券研究报告 月经济数据点评》2024.05.17 《通胀略有缓解，降息预期稳定——美国 2024 年 4 月物价数据点评》2024.05.16 相关研究 [Table_ReportInfo] 《广义支出有待加快——2024 年 4 月财 政数据点评》2024.05.21 《外需仍偏稳，内需待提振——2024 年 4 宏观快报点评 2025 年 3 月 27 日 增速回落，结构分化 ——1-2 月工业企业利润数据点评 [Table_Summary] 投资要点： 利润增速回落，结构有调整。1-2 月工业企业利润增速较去年 12 月回落，虽 然有去年同期高基数的影响，但核心问题还在于量和利润率的下滑。行业分 化依然明显，不过结构较前期有所变化。上中游部分行业受需求平淡、利润 率回落影响，利润增速有所下滑，下游行业中的酒饮料茶、汽车等行业则受 益于消费复苏、政策补贴、利润率改善等因素，带动下游行业利润占比回升。 后续需要结构性政策加码发力，叠加全球补库共振，或开启主动补库周期。 但如果需求未有明显提振，需警惕产能过剩与通缩压力。 风险提示：外需超预期回落，稳增长政策效果不 ...

[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 广联达（002410）公司年报点评 2025 年 03 月 27 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 26日收盘价（元）] | 14.11 | | --- | --- | | 52 周股价波动（元） | 8.35-16.25 | | 总股本/流通 A 股（百万股） | 1652/1588 | | 总市值/流通市值（百万元） | 23309/22411 | 相关研究 [Table_ReportInfo] 《业务优化效果显现，24Q2 扣非归母净利润 同比+50%》2024.08.27 《数字建筑全生命周期解决方案领军者》 2024.04.15 市场表现 [Table_QuoteInfo] -25.49% -10.49% 4.51% 19.51% 34.51% 49.51% 2024/3 2024/6 2024/9 2024/12 广联达 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | | --- | --- | --- | --- ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Insights - The company reported a revenue of 42.75 billion yuan for 2024, representing a year-on-year growth of 3.1%, and a net profit attributable to shareholders of 4.71 billion yuan, up 4.6% year-on-year. The core operating profit for 2024 was 6.23 billion yuan, reflecting an 18.7% increase year-on-year, with a core operating profit margin of 14.6%, an increase of 1.9 percentage points [4][7]. - The company anticipates a year-end dividend of 2.53 billion yuan, with an overall dividend payout ratio of approximately 95%, corresponding to a dividend yield of about 5% [4][7]. Revenue Breakdown - The restaurant operating revenue was 40.40 billion yuan, a 2.9% increase year-on-year, with revenue contributions from first, second, third-tier cities, and Hong Kong/Macau/Taiwan at 17.7%, 38.7%, 40.0%, and 3.6% respectively. Other restaurant revenue grew by 39.6% to 480 million yuan, driven by the "Pomegranate Plan" and various innovative dining brands [5]. - The takeaway business generated 1.25 billion yuan, up 20.4% year-on-year, attributed to the launch of a single-person meal service in the second half of 2023. Sales from condiments and ingredients decreased by 27.1% to 580 million yuan [5]. Brand Development and Performance - As of the end of 2024, the company operated a total of 1,368 restaurants, including 1,355 self-operated and 13 franchised, with 62 new openings and 70 closures or relocations. The introduction of a franchise model has seen over 70% of applications coming from third-tier cities and below [6]. - The average customer spending was 97.5 yuan, a decrease of approximately 1.6% year-on-year, while the average table turnover rate was 4.1 times per day, an increase of 0.3 times per day [6]. Cost and Profitability Analysis - The cost of raw materials and consumables decreased by 4.3% to 16.21 billion yuan, accounting for 37.9% of revenue, while employee costs rose by 8.2% to 14.11 billion yuan, making up 33.0% of revenue [7]. - The company expects continued improvements in single-store efficiency and accelerated expansion through its franchise strategy and brand incubation, projecting net profits of 5.15 billion yuan, 5.59 billion yuan, and 6.07 billion yuan for 2025-2027, with respective year-on-year growth rates of 9.3%, 8.6%, and 8.5% [7][10]. Valuation and Price Target - The reasonable value range for the stock is estimated between 19.4 and 23.0 Hong Kong dollars per share, based on a 20-23 times PE ratio and a 10-12 times EV/EBITDA ratio for 2025 [7][10].

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业专题报告 2025 年 03 月 27 日 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《DeepSeek V3 完成小版本升级，推理/ 开发/中文/搜索等多领域能力均有增强》 2025.03.27 《计算机行业跟踪周报 372 期：华为将持 续投入 AI，腾讯计划加大 Capex》 2025.03.23 《消费贷新政落地，收单行业有望受益消 费复苏》2025.03.22 分析师:杨林 Tel:(021)23183969 Email:yl11036@haitong.com 证书:S0850517080008 分析师:杨蒙 Tel:(021)23185700 Email:ym13254@haitong.com 证书:S0850523090001 联系人:朱瑶 Tel:(021)23187261 Email:zy15988@haitong.com 联系人:张盛海 Tel:(021)23183956 Email:zsh16249@haitong ...