HAIDILAO(06862) 东吴证券·2025-03-28 00:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved operating revenue and net profit of 42.755 billion and 4.708 billion RMB in 2024, representing year-on-year growth of 3.14% and 4.65% respectively. The second half of 2024 saw operating revenue and net profit of 21.264 billion and 2.670 billion RMB, with a year-on-year change of -5.78% and +19.14% [7] - The increase in revenue was driven by improved table turnover rates, with the average customer spending stabilizing. The total number of customers served increased by 4.47% to 415 million, while the average spending per customer decreased by 1.77% to 97.5 RMB [7] - The company's performance exceeded market expectations due to cost optimization, with the core net profit margin increasing by 1.91 percentage points to 14.57% [7] - The "Pomegranate" plan has shown positive results, with the establishment of 11 new restaurant brands and 74 outlets, contributing to a 39.6% increase in other restaurant operating income [7] - The company is expected to continue strengthening its supply chain and cost control capabilities, which may lead to further profit improvements in the coming years [7] Financial Summary - The company forecasts operating revenue of 45.612 billion, 48.793 billion, and 51.761 billion RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 6.68%, 6.97%, and 6.08% [1] - The projected net profit for 2025, 2026, and 2027 is 5.259 billion, 5.639 billion, and 6.167 billion RMB, with growth rates of 11.69%, 7.22%, and 9.37% respectively [1] - The earnings per share (EPS) are expected to be 0.94, 1.01, and 1.11 RMB for the years 2025, 2026, and 2027 [1] - The current price-to-earnings (P/E) ratios are projected to be 16.44x, 15.33x, and 14.02x for the years 2025, 2026, and 2027 [1]