Core Viewpoint - CICC maintains profit expectations for Zhou Hei Ya (01458) for 2025 and 2026, with a target price of HKD 3.0, indicating a potential upside of approximately 28.8% from the current stock price [1] Group 1: Company Current Status - In 1H25, the company improved same-store performance and effectively controlled expenses in emerging channels, focusing on efficiency enhancement [2] - The company is expected to continue improving same-store quality and optimizing product offerings in emerging channels in 3Q25 [2] Group 2: Financial Performance - In 1H25, the average same-store revenue for self-operated and franchised stores increased by 12% and 14% year-on-year, respectively [3] - Other income, primarily from packaged food distribution, grew by 27.5% year-on-year to CNY 0.7 billion in 1H25, indicating a stable development phase for the packaged food business [3] - The gross profit margin increased by 3.3 percentage points to 58.6% in 1H25, attributed to low raw material prices and improved store quality [3] - The net profit margin attributable to the parent company reached 8.8% in 1H25, up by 6.2 and 3.3 percentage points compared to 1H24 and 2H24, respectively [3] Group 3: Future Outlook - In 2H25, the company will continue to enhance store quality, optimize products, and refine promotional strategies for emerging channels, expecting sustained growth in scale [4] - The company will focus on store renovations and professional management to improve service quality, with expectations for further improvement in store profitability [4] - The "braised meat +" packaged food strategy will continue to expand, with plans to optimize product offerings and channel matching for supermarkets, membership stores, and convenience stores, anticipating accelerated growth in emerging channels from 2H25 to 2026 [4]
中金：维持周黑鸭(01458)“跑赢行业”评级 目标价3港元