Investment Rating - The report assigns a "Buy" rating for the company, marking its initial coverage [4]. Core Insights - The report highlights Tehai International as a leader in the overseas expansion of Chinese cuisine, particularly hot pot, benefiting from its unique service model, strong brand recognition, and rapid localization capabilities. The company is well-positioned in the vast and fragmented international dining market, with significant growth potential [6][11]. - Tehai International is projected to achieve revenues of 976 million, and 24.6183 million, 67.653 million respectively [6]. Summary by Sections Company Overview - Tehai International, derived from Haidilao, has been expanding internationally since 2012 and became a prominent player in the overseas Chinese dining market. The company achieved its first profitability in 2023 and is set for dual listing on NASDAQ in 2024, which is expected to enhance its growth prospects [4][11]. Market Potential - The international restaurant service market exceeded $3 trillion in 2022, with Chinese cuisine accounting for approximately 10%. The growth of overseas Chinese communities and the increasing influence of Chinese culinary culture are driving the expansion of Chinese dining, particularly hot pot, which has advantages in standardization and profitability [5][25]. Financial Performance - Tehai International's revenue has been on an upward trajectory, with a significant recovery in customer traffic and table turnover rates. The company reported a customer traffic of 236,300 per store in 2023 and a table turnover rate of 3.5 times per day, recovering to 85% of 2019 levels [20][22]. - The company has optimized its management structure, leading to improved operational efficiency and a positive restaurant-level operating profit margin of 9% in 2023 [22][24]. Strategic Initiatives - The company has implemented various strategic plans, including the "Red Pomegranate Plan" in 2024, aimed at exploring innovative business models and enhancing operational efficiency [19][20]. Competitive Landscape - The international market for Chinese cuisine is characterized by a fragmented competitive landscape, with Tehai International ranking third among international Chinese dining brands. The company is well-positioned to capitalize on the growing demand for Chinese cuisine globally [36].
特海国际：中餐出海擎旗者，双重上市再启程