HAIDILAO(06862) 天风证券·2025-03-27 13:13Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [8][16]. Core Insights - The company reported a revenue of 42.8 billion yuan for 2024, representing a year-on-year growth of 3.1%. Core operating profit reached 6.23 billion yuan, up 18.7% year-on-year, and net profit attributable to shareholders was 4.71 billion yuan, an increase of 4.6% [1]. - The company has initiated a franchise business, successfully launching 13 franchise restaurants in 2024, contributing 16.71 million yuan in revenue. Over 70% of franchise applications are from third-tier cities and below [4]. - The company has also launched the "Pomegranate Plan" to encourage the incubation and development of new restaurant brands, resulting in 11 new brands with a total of 74 stores, generating 480 million yuan in revenue, a year-on-year increase of 39.6% [4]. Financial Performance - In 2024, the company's restaurant system sales increased by 3% year-on-year, with same-store sales growing by 3.6% [2]. - The average table turnover rate for self-operated restaurants was 4.1 times per day, an increase of 0.3 times year-on-year [2]. - The overall average customer spending was 97.5 yuan, a decrease of 1.6% year-on-year, attributed to changes in the consumption structure [2]. Cost and Efficiency - The cost of raw materials accounted for 37.9% of revenue, down 3.0 percentage points year-on-year due to lower procurement prices. Employee costs increased to 33.0%, up 1.5 percentage points, reflecting higher wages and benefits [3]. - The company plans to distribute a final dividend of 0.507 HKD per share, alongside an interim dividend of 0.391 HKD, resulting in an overall dividend payout ratio of approximately 95% for 2024 [5]. Future Outlook - The company is expected to continue optimizing store operating efficiency and expanding its franchise business, with projected net profits for 2025-2027 at 5.3 billion, 5.86 billion, and 6.53 billion yuan respectively, corresponding to PE ratios of 18, 16, and 15 times [6].