Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's short-term performance is under pressure due to the optimization of direct-operated stores, but the light asset model is expected to drive future growth [5]. - The company has adjusted its net profit forecasts for 2024-2026 to RMB 154 million (-0.72), RMB 177 million (-1.26), and RMB 217 million (-1.46), with corresponding PE ratios of 12x, 11x, and 9x [5]. - The company's H1 2024 revenue was RMB 441 million, down 37.8% year-on-year, with a net profit of RMB 70 million, down 55.8% year-on-year [5]. Summary by Sections Store Network and Sales Performance - As of H1 2024, the total number of stores is 537, a decrease of 17.8% year-on-year, with 187 direct-operated stores (down 63.7%) and 67 franchised taverns (down 51.4%) [5]. - Same-store sales decreased by 28.6%, with average daily sales of RMB 7,500 for direct-operated and franchised taverns (down 8.5%) and RMB 5,400 for partner taverns [5]. Strategic Initiatives - In July 2024, the company launched a new strategy called "Community New Life," with a minimum investment of RMB 400,000 for community space stores, aiming for a payback period of 12-18 months [5]. - The company plans to open new stores in Los Angeles, Thailand, Vietnam, Indonesia, and Malaysia by the end of 2024 or early 2025 to enhance its global presence [5].
海伦司2024年中报业绩点评：嗨啤合伙人稳步推进，探索社区店新模型