Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Insights - In Q3 2024, the company achieved revenue of 37.66 million, marking a return to profitability [2][6]. - The company is positioned as a leader in the international Chinese dining market, benefiting from its unique service model, strong brand power, and rapid localization capabilities [6][8]. - The company is expected to generate revenues of 976 million, and 24.62 million, 67.65 million respectively [8]. Revenue Breakdown - The primary revenue source remains restaurant operations, with Haidilao restaurant revenue at 17,700, reflecting a 9.94% year-on-year increase, while same-store sales grew by 5.6% [7]. - The overall average spending per customer was $25.80, an increase of 8.86% year-on-year [7]. Cost Management - The company reported a gross profit margin of 7.5% in Q3 2024, an increase of 1.8 percentage points year-on-year, due to cost optimization across various expense categories [7]. - Key cost components included raw materials (32.96%), employee costs (33.15%), rent (2.70%), and utilities (3.77%), with some costs showing slight year-on-year changes [7]. Store Expansion Strategy - The company continues to implement a bottom-up store opening strategy, with a net increase of 7 restaurants year-on-year, totaling 121 locations as of September 30, 2024 [8]. - The majority of new openings are concentrated in Southeast Asia, which remains a key market for the company [8].
特海国际：2024年三季度业绩点评：客流及人均消费双向增长，利润端提升显著