HAIDILAO(06862) 华西证券·2025-03-26 08:17Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - In 2024, the company achieved a revenue of 42.755 billion yuan, representing a year-on-year increase of 3.1%. The core operating profit was 6.230 billion yuan, up 18.7%, with a core operating profit margin of 14.6%, an increase of 1.9 percentage points. The net profit attributable to shareholders was 4.708 billion yuan, up 4.6% [2] - The company plans to distribute a final dividend of 2.534 billion yuan, which translates to 0.468 yuan per share, resulting in an annual payout ratio of 95% [2] Summary by Sections Revenue and Profitability - In 2024, the restaurant revenue was 40.398 billion yuan, an increase of 2.9%. The average table turnover rate for self-operated stores was 4.1 times, an increase of 0.3 times. The average customer spending was 97.5 yuan, a slight decrease of 1.6%. The company closed 6 stores while opening 62 new ones, maintaining a total of 1,368 stores by the end of 2024 [3] New Brand Development - The revenue from other restaurants reached 483 million yuan, a significant increase of 39.6%, driven by the launch of innovative dining brands under the Red Pomegranate plan, including camping hotpot and campus hotpot [4] Cost Management - The core operating profit margin improved to 14.6%, up 1.9 percentage points. The gross margin was 62.1%, an increase of 3.0 percentage points, primarily due to lower procurement prices for raw materials. Employee cost ratio was 33.0%, up 1.6 percentage points, reflecting increased employee compensation. Depreciation and amortization expenses decreased to 6.0%, down 1.1 percentage points [5] Financial Forecast - The company adjusted its revenue forecasts for 2025-2027 to 44.990 billion yuan, 48.481 billion yuan, and 51.343 billion yuan, respectively. The net profit forecasts for the same period are 5.185 billion yuan, 5.605 billion yuan, and 6.007 billion yuan, respectively. The earnings per share (EPS) are projected to be 0.93 yuan, 1.01 yuan, and 1.08 yuan [6][8]