Core Viewpoint - The company is focusing on enhancing employee team building to improve employee cohesion, which may pressure short-term operating profit margins but is expected to benefit customer loyalty in the long run [1]. Financial Performance - For Q1 2025, the company reported revenue of $198 million, a year-on-year increase of 5.4%, with restaurant revenue up 4.5%, delivery revenue up 37.9%, and other revenue up 22.7% [1]. - The operating profit margin for Q1 2025 was 4.1%, a decrease of 2.5 percentage points year-on-year [1][3]. - The net profit for Q1 2025 was $12 million, compared to a loss of $4.5 million in Q1 2024, primarily due to a reduction in foreign exchange losses [1]. Store Management and Sales - As of Q1 2025, the company had a total of 123 stores, reflecting a net increase of 1 store year-on-year, with 4 new openings and 3 closures [2]. - Same-store sales for Q1 2025 increased by 0.3% year-on-year, with regional variations: Southeast Asia down 2.8%, East Asia up 14.7%, North America up 0.8%, and others down 1.5% [2]. - The average table turnover rate for same-store locations was 4.0 times per day, an increase of 0.1 times year-on-year [2]. Cost Structure - Raw material costs accounted for 34.0% of revenue in Q1 2025, an increase of 0.5 percentage points year-on-year, driven by targeted pricing strategies [3]. - Employee costs represented 35.3% of revenue in Q1 2025, up 1.4 percentage points year-on-year, due to an increase in employee numbers and investments in employee benefits [3]. Investment Outlook - The company maintains a "buy" rating, forecasting revenues of $897 million, $1.101 billion, and $1.341 billion for 2025-2027, with net profits of $43 million, $58 million, and $77 million respectively [1]. - Given the strong growth potential from overseas expansion, the company is assigned a price-to-sales ratio of 1.8 times the industry average for 2025, with a target price of HKD 19.45 [1].
特海国际(9658.HK)：翻台同比提升 利润率短期承压