HAIDILAO(HK:06862) 智通财经网·2025-12-17 07:12Group 1 - The core viewpoint of the report is that Haidilao is seeking new growth drivers through store optimization, creating differentiated themed stores, and advancing the "Pomegranate Plan" to incubate multiple brands [1][2] - As of the first half of 2025, the total number of Haidilao restaurants is 1,489, comprising 1,322 self-operated, 41 franchised, and 126 other new brands [2] - The company is focusing on upgrading its stores and creating differentiated Haidilao outlets, including night snack scenes, family interaction, and pet-friendly themes to meet diverse consumer needs [2] Group 2 - The "Pomegranate Plan" has been steadily advancing since its launch last year, with several sub-brands established, including "Flame Grilled BBQ," "Flame Official," "Little Hi Fried," and "Raise High Little Hot Pot," covering various dining scenarios [3] - The flagship project, "Flame Grilled BBQ," operates over 70 stores with a composite model of "BBQ + Hair Wash + Night Bar," attracting different customer segments [3] - The company aims to cultivate a second growth curve through the incubation of different new brands while also forming synergistic effects [3] Group 3 - The company adopts a strategy of parallel store optimization and expansion, with the main brand Haidilao continuously upgrading its outlets and sub-brands exploring new niche market opportunities [4] - The expected net profits attributable to the parent company for 2025-2027 are projected to be 4.434 billion, 4.857 billion, and 5.342 billion respectively [4] - The target price is set at 18.06 HKD per share, corresponding to a PE ratio of approximately 20 times for 2025, indicating a potential upside of 23.7% from the current price [4]