YUM CHINA-百胜中国：Q4同店销售增速环比改善，2025门店数稳步扩张

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company reported a revenue of $11.303 billion for 2024, a year-on-year increase of 3%, and a net profit of$ 911 million, up 10% year-on-year. In Q4 2024, the revenue was $2.595 billion, reflecting a 4% year-on-year growth, with a net profit of$ 115 million, up 18% year-on-year [1][10] - The company continues to expand its store count, reaching a total of 16,395 stores by the end of 2024, with net additions of 1,751 stores for the year [2] - Same-store sales showed improvement, with a decline of only 1% in Q4 2024 compared to the same period last year, marking a continuous quarter-on-quarter improvement since Q2 2024 [3] - The company has seen significant growth in its delivery sales, which increased by 14% year-on-year in Q4 2024, and digital order revenue reached $9.6 billion, accounting for 90% of restaurant revenue [4] - The company plans to continue its store expansion, targeting an additional 1,600 to 1,800 new stores in 2025, with an increasing proportion of franchise stores [5][10] Financial Summary - For 2024, the company achieved a revenue of$ 11,303 million, with a year-on-year growth rate of 3% [11] - The projected revenues for 2025, 2026, and 2027 are $11,820 million,$ 12,655 million, and $13,639 million, respectively, with corresponding net profits of$ 937 million, $1,015 million, and$ 1,114 million [11] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 19.2x, 17.7x, and 16.2x, respectively [10][11]