Investment Rating - The report maintains a rating of "Buy" for the company [1][6] Core Insights - The company has shown an increase in operational efficiency and is actively exploring diversified business models to create a second growth engine [4][5] - The company reported a revenue of 77.8 million, a 13.4% increase, but reported a net loss attributable to shareholders of 20 million in revenue, a 10% increase, with same-store sales up by 4.2% and a net addition of 1 store [3] - The average table turnover rate remained stable at 3.9 times, while the average customer spend was 0.3 [3] Strategic Diversification - The company is strategically exploring various business models, with a 12.9% increase in revenue from its delivery business and a 22.7% increase from other business segments [4] - The company is expanding its offerings beyond traditional dining, including HAO Noodle and other fast-casual concepts [4] Operational Efficiency - The operating profit margin for Q4 2024 was 8.4%, an increase of 2.0 percentage points, with a gross margin of 67.6% [5] - Employee costs as a percentage of revenue decreased to 32.2%, while rent and related expenses also saw a slight decline [5] Financial Projections - The company has adjusted its revenue forecasts for 2025-2027, expecting revenues of 100.6 million, and 5.5 million, 7.2 million [6][10] - The latest stock price corresponds to a price-to-earnings ratio of 27, 23, and 21 for the years 2025, 2026, and 2027 respectively [6]
特海国际（09658）：运营效率不断提升，积极探索多元化业态