HAIDILAO(HK:06862) Soochow Securities·2025-08-28 23:32Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's main business shows stabilization in customer spending, and the effectiveness of the "Red Pomegranate" initiative is notable [1] - Revenue and net profit forecasts for 2025-2027 have been adjusted to reflect uncertainties in the dining environment, with expected net profits of 4.228 billion, 4.712 billion, and 5.113 billion respectively [1] - The company has experienced a decline in same-store sales, but growth in takeaway and other restaurant operations has been significant [1] Financial Performance Summary - Total revenue for 2023 is projected at 41.622 billion, with a year-on-year growth of 33.66% [1] - The diluted EPS for 2025 is estimated at 0.76, with a corresponding P/E ratio of 17.55 [1] - The company reported a total of 1,322 restaurants as of the first half of 2025, with a net decrease of 33 restaurants during that period [1][7] Revenue Breakdown - Revenue from restaurant operations, takeaway, and other segments for the first half of 2025 was 185.80 million, 9.28 million, and 5.97 million respectively, with significant year-on-year growth in takeaway and other operations [1] - The average customer spending in the first half of 2025 was 97.9 yuan, reflecting a slight increase of 0.51% year-on-year [1] Cost Structure - The cost structure for the first half of 2025 shows that raw material costs accounted for 39.82% of total expenses, with employee costs at 33.75% [1]