Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [10][16]. Core Insights - The company has demonstrated resilience in its performance, with Q1 2025 revenue reaching $2.981 billion, a year-on-year increase of 0.78%, and a net profit of $292 million, up 1.74% year-on-year [4][10]. - The company is focusing on store expansion and innovation, with plans to add 1,600 to 1,800 new stores in 2025 and aims to reach 20,000 stores by 2026 [9][10]. - The company has seen improvements in same-store sales and operational efficiency, with same-store sales holding steady and transaction volume increasing by 6% year-on-year [5][10]. Company Overview - The latest closing price is HKD 348.00, with a total market capitalization of HKD 1,299.10 billion [3]. - The company has a debt-to-asset ratio of 42.21% and a price-to-earnings ratio of 18.23 [3]. Financial Performance - In Q1 2025, the company reported a restaurant profit margin of 18.6%, an increase of 100 basis points year-on-year, and an operating profit margin of 13.4%, up 80 basis points year-on-year [5][10]. - The company’s revenue growth projections for 2025 to 2027 are 4.6%, 6.3%, and 5.7%, respectively, with net profit growth of 2.2%, 11.0%, and 12.4% [10][12]. Future Outlook - The company plans to enhance its operational efficiency through initiatives like the "Fresh Eye" and "Red Eye" programs, which leverage artificial intelligence to reduce costs [5][10]. - The company is also committed to returning value to shareholders, with $2.62 billion allocated for shareholder returns in Q1 2025, including stock buybacks and cash dividends [9][10].
百胜中国 (9987.HK)：同店持续改善，加盟继续推进，业绩韧性十足
China Post Securities·2025-05-19 10:45