Investment Rating - The investment rating for the company is "Outperform the Market" [2][9]. Core Views - The company reported a revenue of $371 million for 1H24, representing a year-on-year growth of 14.5%. However, it incurred a net loss of $4.58 million, primarily due to foreign exchange losses of approximately $20 million. Excluding these losses, the estimated net profit margin is around 4% [6][9]. - The restaurant operating profit margin improved to 8.7%, an increase of 0.4 percentage points year-on-year. The overall and same-store turnover rate reached 3.8 times per day, up by 0.5 times per day, attributed to the ongoing economic recovery and efforts to enhance customer satisfaction and expand the customer base [6][9]. - The company is focusing on expanding its restaurant network, with a total of 122 restaurants by the end of 1H24, netting an increase of 7 locations compared to the same period last year. The company opened 8 new stores and closed 1 in Southeast Asia [7][9]. Summary by Sections Financial Performance - Revenue structure shows that restaurant operating income was $356 million, a 14% increase year-on-year, with Southeast Asia contributing 54.9% of total revenue, down by 2.7 percentage points. Other regions like East Asia, North America, and others accounted for 12.1%, 20.7%, and 12.3% respectively, with increases of 0.6, 0.9, and 1.2 percentage points [7][9]. - The company expects revenues for 2024-2026 to be $800 million, $920 million, and $1.04 billion respectively, with year-on-year growth rates of 17%, 15%, and 14% [9][11]. Cost Management - Key cost components include raw materials and consumables, which increased by 14% to $125 million, accounting for 33.6% of revenue. Employee costs rose by 17.3% to $130 million, representing 34.1% of revenue, primarily due to restaurant network expansion and increased staffing [7][9]. - Other expenses such as property rent and related costs surged by 44.4% to $9 million, driven by new restaurant openings and increased variable lease payments [7][9]. Operational Efficiency - The company has enhanced restaurant management capabilities and operational efficiency, largely due to the economic recovery and initiatives to improve customer satisfaction. Over 500 product optimizations and new introductions were made in 1H24, covering various categories [9][11]. - The average customer spending decreased by 3.5% to $24.6, while the total number of customers served increased by 17.9% to 15 million [7][9].
特海国际：公司半年报点评：餐厅利润率同比改善，关注2H旺季表现