Investment Rating - The investment rating for Yum China (9987) is maintained as "Buy" [1] Core Insights - Same-store sales continue to show positive growth, with KFC's transaction average stabilizing [2] - The report forecasts a steady increase in revenue and net profit over the next few years, with a target price set at 500.00 HKD based on a 22x PE for 2026 [10] - The company is experiencing an increase in delivery sales, which now account for 53% of total sales, up from 51% in the previous quarter [10] Financial Summary - Total revenue is projected to grow from 11,303 million USD in 2024 to 14,137 million USD in 2028, reflecting a compound annual growth rate (CAGR) of approximately 5.4% [4] - Net profit attributable to shareholders is expected to rise from 911 million USD in 2024 to 1,143 million USD in 2028, with a notable increase of 10.2% in 2024 [4] - The company’s PE ratio is projected to decrease from 19.02 in 2025 to 14.32 in 2028, indicating improving valuation metrics [4] Operational Performance - In Q4 2025, the company reported a revenue of 2.823 billion USD, a year-on-year increase of 9% [10] - Operating profit for Q4 2025 was 187 million USD, up 25% year-on-year, with an operating margin of 6.6% [10] - The total number of stores reached 18,101 by the end of 2025, marking a 10% year-on-year increase [10] Profitability Metrics - The restaurant profit margin improved to 13.0% in Q4 2025, up 0.7 percentage points year-on-year, driven by reduced costs in food, packaging, and rent [10] - KFC's restaurant profit margin was 14.0%, while Pizza Hut's was 9.9%, both showing improvements compared to the previous year [10]
百胜中国（09987）：2025Q4业绩点评：同店销售提速，外卖占比提升