百胜中国：经营稳健，效率提升，韧性十足-20250311

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company demonstrated stable operations with improved efficiency and resilience, achieving a revenue of $11.303 billion in 2024, a year-on-year increase of 3$911 million, up 10% year-on-year [5][11]. - The growth was primarily driven by store expansion, with a total of 16,395 stores by the end of 2024, contributing significantly to revenue growth [6][10]. - KFC outperformed Pizza Hut in terms of revenue growth, with KFC generating $8.509 billion, a 3$2.260 billion, a 1% increase [7][11]. - The company plans to accelerate store openings, targeting 1,600 to 1,800 new stores in 2025, with a capital expenditure of $700 million to$800 million [10][11]. Summary by Sections Company Overview - The latest closing price is HKD 385.00, with a total market capitalization of HKD 1,448.39 billion and a debt-to-asset ratio of 42.21% [4]. Financial Performance - In Q4 2024, the company reported revenue of $2.595 billion, a 4$115 million, up 19% year-on-year [5][6]. - The restaurant profit margin for 2024 was 15.7%, with Q4 showing a profit margin of 12.3%, an increase of 1.6 percentage points year-on-year [9][11]. Future Outlook - The company aims to reach 20,000 stores by 2026, with a focus on increasing the proportion of franchise stores [10]. - Shareholder returns are projected to be $1.5 billion in 2024 and$3 billion from 2025 to 2026 [10][11]. Earnings Forecast - Revenue growth is expected to be 4.6% in 2025, 6.3% in 2026, and 5.7% in 2027, with net profit growth of 2.2%, 10.9%, and 12.4% respectively [11][13].