Core Viewpoint - UBS's research report indicates that the company achieved significant growth in both revenue and net profit for the first half of the year, exceeding profit forecasts [1] Financial Performance - Revenue and net profit increased by 7% and 36% year-on-year, reaching 2.714 billion and 382 million respectively, aligning with the upper limit of net profit expectations [1] - Net profit margin expanded by 3 percentage points due to a 2.7 percentage point increase in gross margin and a 4 percentage point decrease in labor costs [1] - The company declared an interim dividend of 21.19 cents, with a payout ratio of 65% [1] Management Strategy - Management emphasized focusing on product value and restaurant profitability, targeting a dividend payout ratio of 50% to 60% [1] - The company aims to increase the number of stores to 800 by the end of 2025 and 1,000 by the end of 2026, with plans to accelerate store openings starting in July [1] Earnings Forecast - Based on strong first-half performance and effective cost control, UBS raised the earnings per share forecast for 2025 to 2027 by 9% to 13% [1] - The target price was increased from HKD 13 to HKD 14, maintaining a "Buy" rating [1]
大行评级｜瑞银：上调小菜园目标价至14港元 上调2025至27年每股盈利预测