Industry Investment Rating - The report does not explicitly provide an overall industry investment rating [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36] Core Viewpoints - The report highlights Super Hi's steady overseas expansion and enhanced local customer penetration as key growth drivers [2] - Management expects mid-single-digit to high-single-digit operating profit margin (OPM) in 2024, supported by higher table turns and enhanced management, despite higher wage costs [1][5] - Outbound tourism from China during holidays is identified as a tailwind for the company's performance [1][5] Store Expansion - As of May 2024, Super Hi has 121 stores, with 6 new store openings in the first five months of 2024 [1][5] - Management targets over 10 store openings in 2024, with a goal of 30% new stores under plan annually compared to the previous year's total store count [3][5] - In the mid-to-long term, customer base expansion and operational capability are seen as critical factors for store growth [5] Store Economics - Management views a 10%-15% restaurant margin as reasonable for overseas markets, with the gap compared to China stores attributed to higher rental costs and table turn ceilings [4][5] - Gross profit margin (GPM) is 66%, with labor costs at around 30% in 2023, and rental expenses (including ROU depreciation) at 7%-8% overseas, compared to 3%-4% in China [7][8] - Average capital expenditure (capex) for overseas stores is 25 overseas, compared to approximately RMB 100 in China, with higher ASPs in the US (60) and Southeast Asia similar to tier-2 cities in China [5][7]
高盛：餐饮行业高盛消费者考察– 超级高收获稳定的海外扩张, 提高本地客户渗透率
中国银行·2024-06-21 05:27