海底捞(06862.HK)深度报告：以服务立身 凭供应链致远

Company Overview - Haidilao has evolved from a service benchmark to a multi-brand matrix, with its core being Sichuan hotpot, establishing itself as a global leader in Chinese dining over thirty years [1] - The company has undergone three phases: expansion, deep adjustment, and new brand exploration, reinforcing its market position while driving performance growth [1] - The governance structure is stable with concentrated ownership by the founding team, and an effective strategic execution [1] Industry Insights - The hotpot industry is the largest segment of Chinese cuisine, projected to exceed 600 billion yuan in market size by 2024, capturing 14.5% of the Chinese dining market [1] - The industry is currently in a phase of stock integration, characterized by a rich variety of hotpot styles and a broad consumer base, making it resilient and adaptable to various dining scenarios [1] - High standardization and operational efficiency in the hotpot sector allow for unified supply chain management and rapid store replication, leading to higher revenue per meal and profit margins [1] Competitive Landscape - The number of hotpot restaurants in China exceeds 550,000, with Haidilao holding a market share of only 6.9%, indicating intense competition even among leading brands [2] - Competitors like Banou and Song Hotpot are carving out niche markets with unique offerings, further intensifying industry competition [2] Competitive Advantages - Haidilao's core competitive advantage lies in its exceptional service, management capabilities, and strong supply chain, creating a robust brand moat [3] - The company is recognized as a service benchmark, with unique service features such as nail care and shoe shining during wait times, enhancing customer experience [3] - A strong operational model allows for standardized management across store locations, improving both customer experience and profitability [3] Growth Strategy - Haidilao's growth strategy is driven by a dual approach of leveraging its main brand while rapidly developing new brands, creating a "main brand foundation + new brand breakthrough" growth model [3] - The main brand continues to have potential for expansion in lower-tier markets, while the new brand matrix accelerates market penetration [3] - The company is expected to achieve net profits of 4.335 billion, 4.782 billion, and 5.278 billion yuan from 2025 to 2027, indicating strong future performance [3]