Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown significant growth in table turnover and is expected to accelerate store openings and multi-brand expansion following a leadership change [1][6] - The company achieved a revenue of 371 million USD in H1 2024, representing a year-on-year increase of 14.5%, but reported a net loss of 4.65 million USD due to increased foreign exchange losses [6][7] - The company plans to open 15, 20, and 25 new stores in 2024, 2025, and 2026 respectively, reflecting an increase in store opening expectations [7] Financial Performance - In H1 2024, the company had a table turnover rate of 3.8 times per day, an increase of 0.5 times year-on-year [6] - The operating profit margin for H1 2024 was 5.6%, a decrease of 0.9 percentage points year-on-year [6] - The company opened 8 new restaurants in H1 2024, with 6 of them achieving profitability [7] Revenue and Profit Forecast - The revenue forecast for the company is 806 million USD for 2024, 918 million USD for 2025, and 1,040 million USD for 2026, with year-on-year growth rates of 17.4%, 14.0%, and 13.2% respectively [8] - The net profit forecast for 2024 is 28.8 million USD, with subsequent years projected at 51.5 million USD for 2025 and 76.2 million USD for 2026 [8] - The expected EPS for 2024, 2025, and 2026 is 0.06, 0.09, and 0.13 USD respectively [6][8] Market Expansion - The company operates 122 restaurants as of June 30, 2024, with a significant presence in Southeast Asia, East Asia, and North America [7] - The company is actively exploring different restaurant formats under its "Pomegranate Plan," aiming to become a global comprehensive dining group [7]
特海国际：公司信息更新报告：翻台显著增长，换帅后期待开店和多品牌拓展加速