Core Viewpoint - The report from Credit Lyonnais indicates that Yum China’s Q2 performance met expectations, with significant improvements in profit margins [1] Financial Performance - Restaurant profit margin increased by 60 basis points, while operating profit margin rose by 100 basis points [1] - KFC and Pizza Hut's takeout sales grew by 25% and 15% year-on-year, respectively [1] - Same-store sales increased by 1% for KFC and 2% for Pizza Hut, attributed to Yum China's strategic restraint in promotional activities [1] Profitability Outlook - Credit Lyonnais views Yum China as the most disciplined company in profit protection within its coverage, suggesting that there is still room for profit margin improvement regardless of subsidy continuation [1] - The target price for Yum China is maintained at $56 with an "outperform" rating [1]
大行评级｜里昂：维持百胜中国“跑赢大市”评级 利润率仍有上升空间