HAIDILAO(HK:06862) Guoxin Securities·2024-09-01 08:20Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][5][15] Core Views - The company achieved a record high in both revenue and core operating profit for H1 2024, with revenue of 21.49 billion RMB, up 13.8% year-on-year, and core operating profit of 2.799 billion RMB, up 13.0% year-on-year, aligning with expectations [6][11] - The "Red Pomegranate Plan" aims to encourage the incubation of new brands, with several new projects launched, indicating a strategic shift towards brand diversification [14][15] - The company announced an increase in the interim cash dividend payout ratio to 95%, enhancing its investment attractiveness [15] Financial Forecasts and Key Metrics - Revenue forecasts for 2024-2026 are adjusted to 46.2 billion RMB, 51.2 billion RMB, and 56.2 billion RMB, reflecting a growth rate of 3%, 11%, and 10% respectively [15][17] - The company’s net profit margin for H1 2024 was 9.48%, with a core operating profit margin of 13.02%, indicating stable profitability [11][17] - The average table turnover rate improved to 4.2 times in H1 2024, an increase of 0.9 times year-on-year, with a notable recovery in lower-tier cities [7][8] Business Performance - The company operated 1,343 restaurants as of June 30, 2024, a decrease of 39 locations, but new openings showed a high success rate with a turnover rate of 4.6 for new stores compared to 4.2 for existing ones [6][11] - The average customer spending decreased to 97.4 RMB, down 5%, as the company adapted to the current consumption environment by offering more value-oriented products [7][11] - Same-store sales growth for H1 2024 was 15.3%, with significant growth in lower-tier cities [8][11]