HAIDILAO(HK:06862) GOLDEN SUN SECURITIES·2025-04-16 08:24Investment Rating - The investment rating for the company is "Maintain Buy" [5] Core Views - The company reported a revenue of 42.755 billion yuan for 2024, a year-on-year increase of 3.1%, and a net profit of 4.708 billion yuan, up 4.6% year-on-year, with core operating profit rising by 18.7% to 6.230 billion yuan [1] - The company is focusing on shareholder returns, increasing the dividend payout ratio from 90% in 2023 to 95% in 2024 [9] - The company has initiated the "Pomegranate Plan" and is steadily advancing its franchise business, which is expected to open up growth opportunities [4][9] Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 62.1%, an increase of 3.0 percentage points year-on-year, with a significant rise in gross margin to 63.2% in H2 2024 [3] - The net profit for 2024 was 4.708 billion yuan, with a net profit margin of 11.0%, reflecting a slight increase of 0.1 percentage points year-on-year [3] Business Expansion - As of the end of 2024, the company operated 1,355 direct stores, with a net reduction of 19 stores throughout the year, but began a steady expansion in H2 2024 [2] - The company has completed the review and establishment of 13 franchise stores, indicating a commitment to expanding its franchise network [9] Sales and Customer Metrics - The overall average customer spending was 97.5 yuan in 2024, with a slight decrease compared to the previous year, but showing a recovery in H2 2024 [2] - The overall table turnover rate was 4.1 times per day, with a year-on-year increase of 0.3 times, although it showed a slight decline compared to H1 2024 [2] Future Projections - Revenue projections for 2025, 2026, and 2027 are 44.146 billion yuan, 46.880 billion yuan, and 49.751 billion yuan respectively, with net profits expected to be 4.843 billion yuan, 5.568 billion yuan, and 6.218 billion yuan [10]