HAIDILAO(06862) 东吴证券·2025-05-26 02:23Investment Rating - The report maintains a "Buy" rating for Haidilao (06862.HK) [1] Core Views - The company is focusing on steady progress and active advancement, with expectations for revenue and profit growth driven by operational optimizations and new brand incubations [8] - The "Red Pomegranate" plan has shown positive results, with 11 new restaurant brands and 74 new stores established by the end of 2024, indicating a potential second growth curve for the company [8] - The company is implementing a strict selection mechanism for franchisees to ensure quality and service standards, with 13 franchise stores already operational by the end of 2024 [8] - Digital upgrades and supply chain optimizations are being pursued through AI technology and data analysis, enhancing customer satisfaction and operational efficiency [8] Financial Projections - Total revenue is projected to grow from 41,622 million RMB in 2023 to 47,244 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 3.62% [1] - Net profit attributable to shareholders is expected to increase from 4,499 million RMB in 2023 to 5,269 million RMB in 2027, reflecting a CAGR of about 4.77% [1] - The earnings per share (EPS) is forecasted to rise from 0.81 RMB in 2023 to 0.95 RMB in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 17.21 to 14.70 over the same period [1]