Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 778 million USD in 2024, representing a year-over-year increase of 13.4%. However, net profit decreased by 15.3% to 21.4 million USD, primarily due to an increase in foreign exchange losses of approximately 14.7 million USD. Excluding currency impacts, the operating profit margin improved to 6.8%, up 0.5 percentage points year-over-year [4][5] - The company opened 10 new restaurants in 2024 while closing 3 in Southeast Asia. The restaurant turnover rate increased to 3.8 times per day, up 0.3 times from 2023. The "Red Pomegranate Plan" aims to incubate diverse brands, including barbecue and other categories, with a focus on accelerating expansion in North America [4][5] - The company plans to open 13, 17, and 17 new restaurants in 2025, 2026, and 2027, respectively, driven by increased investment in the North American market and brand diversification [5][6] Financial Summary and Valuation Metrics - For the fiscal years 2023A to 2027E, the projected revenue growth is as follows: - 2023A: 686 million USD - 2024A: 778 million USD - 2025E: 895 million USD (14.9% YOY) - 2026E: 1,012 million USD (13.2% YOY) - 2027E: 1,144 million USD (13.0% YOY) [6] - The net profit projections are: - 2023A: 25 million USD - 2024A: 21.4 million USD - 2025E: 53.1 million USD (147.9% YOY) - 2026E: 68.3 million USD (28.7% YOY) - 2027E: 89.5 million USD (31.1% YOY) [6] - The company’s earnings per share (EPS) are expected to be 0.10, 0.12, and 0.15 USD for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 24.0, 19.3, and 15.1 [4][6]
特海国际：公司信息更新报告：经营效率提升亮眼，关注多元品牌孵化和北美拓展-20250329