大行评级丨花旗：对海底捞开启30天正面催化观察 目标价18.5港元

Core Viewpoint - The report from Citigroup indicates that the Central Economic Work Conference emphasizes plans to eliminate unreasonable restrictions in the consumption sector, aiming to unleash the potential of service consumption. The government is expected to relax certain anti-luxury consumption measures by 2026, which will benefit leisure dining companies like Haidilao more than fast-food enterprises [1] Group 1: Company Insights - Citigroup anticipates a positive trend in Haidilao's table turnover rate in the first quarter of next year, with operating profit margin pressures expected to ease gradually in the second half of this year and further recover next year [1] - The company has completed store renovations this year and plans to terminate some loss-making pilot projects in the first quarter of next year, contributing to its recovery [1] - Haidilao remains Citigroup's top pick in the Chinese dining sector, with a more favorable outlook on leisure dining companies compared to fast-food chains [1] Group 2: Market Outlook - Citigroup has initiated a 30-day positive catalyst observation for Haidilao, setting a target price of HKD 18.5 and a "Buy" rating [1]