百胜中国：2024Q2净利率超出预期

Investment Rating - The report maintains a "Buy" rating for the overseas social service industry [2][6]. Core Insights - The second quarter performance showed resilience with a net profit margin exceeding expectations, driven by effective cost control and exploration of new business growth points. Despite same-store sales pressure, the company adopted flexible and innovative product and pricing strategies [6]. - Revenue projections for 2024, 2025, and 2026 are estimated at $11.19 billion, $12.13 billion, and $13.13 billion, representing year-on-year growth of 2.0%, 8.4%, and 8.2% respectively. The net profit attributable to shareholders is projected to be $860 million, $944 million, and $1.03 billion, with growth rates of 4.0%, 9.7%, and 9.2% respectively [6][7]. - The company maintained a positive dividend and share buyback policy, with a dividend of $0.16 per share in Q2 2024 and a total share buyback amounting to $994 million in the first half of 2024 [6]. Financial Summary - For Q2 2024, the company achieved revenue of $2.68 billion, a 1% year-on-year increase, and a net profit of $212 million, reflecting an 8% increase year-on-year. The core operating profit was $275 million, up 12% year-on-year [6]. - The same-store sales for KFC and Pizza Hut decreased by 3% and 8% respectively in Q2 2024, with KFC's customer traffic increasing by 4% but average spending per customer decreasing by 7% [6]. - The company opened 401 new stores in Q2 2024, bringing the total number of stores to 15,423, with KFC and Pizza Hut having 10,931 and 3,504 stores respectively [6]. Key Financial Metrics - The report outlines key financial metrics for the years 2023 to 2026, including revenue, net profit, and profit margins. For instance, the operating revenue for 2024 is projected at $11.19 billion, with a net profit of $860 million and a net profit margin of 7.7% [7][9][10].