海底捞：主品牌2H25企稳回升，红石榴计划开启第二增长曲线验证-20260330

Investment Rating - The report maintains an "Outperform" rating for Haidilao International Holding [2][3] Core Insights - Haidilao's revenue is projected to reach RMB 45.06 billion in 2026, with a year-on-year growth of 4.2%, and net profit is expected to be RMB 4.36 billion, reflecting a growth of 7.7% [3][13] - The Pomegranate Plan, which includes new brands like seafood stalls and sushi, is seen as a critical avenue for future growth, with significant revenue contributions expected [5][15] - The delivery business has shown strong growth, with a revenue increase of 111.9% year-on-year, becoming a key pillar of revenue expansion [6][16] Financial Performance Summary - For 2025, Haidilao's restaurant revenue was RMB 37.54 billion, down 7.1% year-on-year, while the average spend per guest slightly increased from RMB 97.5 to RMB 97.7 [4][14] - The company plans to maintain a mid-single-digit pace for new store openings in 2026, focusing on optimizing existing stores [4][14] - The delivery segment is expected to continue its growth trajectory, contributing significantly to overall revenue and profit [6][8] Management and Strategic Focus - Zhang Yong's return as CEO aims to enhance strategic execution and organizational efficiency, particularly in expanding the multi-brand strategy under the Pomegranate Plan [8][17] - The report emphasizes the importance of validating the scalability and profitability of new brands in 2026, marking it as a pivotal year for the company [5][19] - Key investment focuses include the recovery of the flagship brand's table turnover and average spend, as well as the progress of new brand rollouts [19]