HAIDILAO(06862) 东吴证券·2025-03-28 00:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - 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 [7] - The increase in revenue was driven by improved table turnover rates, with the average daily turnover rate rising to 4.10 times per day [7] - The company has implemented a "Red Pomegranate" plan, resulting in the establishment of 11 new restaurant brands and 74 new outlets, contributing to a 39.6% increase in other restaurant operating income [7] - Cost optimization has led to a core net profit margin increase of 1.91 percentage points to 14.57% in 2024, with significant reductions in the proportion of raw materials and other costs [7] - The company expects continued profit improvement through enhanced supply chain and cost control capabilities [7] Financial Summary - For 2024, the total revenue is projected at 42.755 billion RMB, with a net profit of 4.708 billion RMB, and an EPS of 0.84 RMB [1][8] - The company forecasts net profits of 5.259 billion, 5.639 billion, and 6.167 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.94, 1.01, and 1.11 RMB [1][8] - The P/E ratios for the years 2025 to 2027 are projected to be 16.44x, 15.33x, and 14.02x respectively [1][8]