百胜中国：业绩表现亮眼，提升派息回购额度

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive long-term outlook based on its fundamentals and growth strategies [2][3]. Core Insights - The company is expected to achieve revenue growth of 4.1%, 8.4%, and 8.2% for the years 2024, 2025, and 2026, respectively, with projected revenues of $11.43 billion,$12.38 billion, and $13.40 billion [3][4]. - Net profit is forecasted to grow by 10.2$911 million, $988 million, and$1.07 billion [3][4]. - The company has increased its dividend and share buyback program, raising the total planned amount from $3 billion to$4.5 billion, which represents 23% of its current market capitalization [3][4]. - The restaurant operating profit margins for KFC and Pizza Hut were reported at 18.3% and 12.8%, respectively, showing resilience in profitability [3][4]. - The company opened 438 new stores in Q3 2024, bringing the total to 15,861, with KFC and Pizza Hut showing year-on-year growth of 14% and 13% in store numbers [3][4]. Financial Summary - For the fiscal year 2023, the company reported revenues of $10.98 billion, with a year-on-year growth rate of 14.7$2.36, $2.63, and$2.92, respectively [3][4]. - The return on equity (ROE) is expected to be 12.8% in 2023, increasing to 13.5% in 2024 before slightly declining in subsequent years [7][4].