海底捞：收入和核心经营利润创新高，下半年开店有望加速

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company has achieved record high revenue and core operating profit in H1 2024, with revenue reaching 21.49 billion and core operating profit at 2.80 billion, marking a year-on-year increase of 13.8% and 13.0% respectively [2][4] - The company plans to accelerate store openings in H2 2024, with expectations of significant growth in the number of new stores [3][6] - The introduction of a multi-store management model and franchise system is expected to enhance operational efficiency and service quality [4][6] Financial Performance - In H1 2024, the company reported a net profit of 2.04 billion, a decrease of 9.7% year-on-year, primarily due to foreign exchange losses and changes in tax policies [4][6] - The company’s gross margin improved to 61.0%, an increase of 1.7 percentage points year-on-year, attributed to lower procurement costs [4][6] - Revenue projections for 2024-2026 are 46.68 billion, 48.80 billion, and 51.92 billion respectively, with net profits expected to be 4.57 billion, 4.94 billion, and 5.24 billion [6][7] Store Operations - The company opened 11 new stores and closed 43 in H1 2024, resulting in a total of 1,343 stores, a decrease of 39 stores year-on-year [3][4] - The average customer spending decreased to 97.4 yuan, down by 5.5 yuan year-on-year, while the table turnover rate increased to 4.2 times per day [3][4] - Same-store sales grew by 15.3% year-on-year, with significant growth in lower-tier cities [3][4] Strategic Initiatives - The company is implementing management optimization through a structured approach involving operational, management, and foundational aspects [4][6] - The "Pomegranate Plan" has been launched to encourage the incubation and development of new restaurant brands, promoting innovation in dining services [4][6] - A mid-term dividend of 0.358 yuan per share has been declared, marking the first mid-term dividend since the company’s listing [4][6]