Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company demonstrated resilience in operations with a steady same-store sales growth and effective cost management, leading to a solid performance in Q3 2025 [1][2] Financial Performance - Q3 2025 revenue reached $3.2 billion, a year-over-year increase of 4%, while operating profit was $400 million, up 8% year-over-year, slightly exceeding Bloomberg consensus estimates [1] - The operating profit margin improved to 12.5%, reflecting a 0.4 percentage point increase year-over-year [1][2] - The net profit attributable to shareholders was $282 million, down 5% year-over-year, primarily due to a decline in Meituan's stock price; excluding investment losses, net profit increased by 7% year-over-year [1] Store Expansion and Brand Performance - The company added a record 536 new stores in Q3, with a total of 17,514 stores by the end of the quarter, including 12,640 KFC and 4,022 Pizza Hut locations [3] - The same-store sales growth for KFC was 2%, while Pizza Hut saw a 1% increase, with delivery sales growing by 32% year-over-year [2][3] Shareholder Returns - The company returned a total of $414 million to shareholders in Q3, with a total of $950 million returned in the first three quarters of 2025 [4] - The company plans to return approximately $1.5 billion to shareholders for the full year, maintaining guidance for $3 billion in shareholder returns for 2025-2026 [4] Profit Forecast and Valuation - The report adjusts the company's net profit forecasts for 2025-2027 to $908 million, $986 million, and $1.049 billion, respectively, reflecting a slight downward revision [5] - The target price is adjusted to HKD 413.59, corresponding to a 2026 PE ratio of 18 times [5]
百胜中国（09987）：延续同店增势和经营韧性