Core Viewpoint - Dahua Jixian has initiated coverage on Yum China (09987) with a "Buy" rating and a target price of HKD 494.8, highlighting the company's RGM 3.0 strategy focused on resilience, growth, and competitive advantage [1] Group 1: Strategic Focus - The company's RGM 3.0 strategy aims to develop new models and products for a broad consumer base and various consumption scenarios [1] - The strategy also emphasizes resource integration to create synergies among stores, regions, and brands, helping the company stand out in the fast-food sector [1] Group 2: Financial Projections - Yum China's target for same-store sales index from 2026 to 2028 is set at 100 to 102, indicating an annual same-store sales growth of 0% to 2% [1] - The company anticipates an average annual growth in system sales in the mid to high single digits [1] - With the support of infrastructure integration, flexible cost structures, and streamlined store management, the operating profit margin and restaurant profit margin are expected to reach at least 11.5% and 16.7% by 2028, respectively [1]
大华继显：首予百胜中国(09987)“买入”评级 目标价494.8港元