HAIDILAO(HK:06862) Guotai Junan Securities·2024-03-04 16:00Investment Rating - The investment rating for the company is "Buy" [3]. Core Views - The company is transitioning to a franchise model, focusing on moderate expansion while balancing efficiency and scale [6]. - The company expects revenue for 2023 to be no less than 41.4 billion CNY, with a year-on-year growth of over 33.3%, and a net profit of no less than 4.4 billion CNY [6]. - The target price has been adjusted to 18.54 CNY, reflecting a 24% decrease, with a corresponding price-to-earnings ratio (PE) of 20x, which is above the industry average of 14x [6]. Financial Summary - Revenue projections for the company are as follows: - 2023E: 41,233 million CNY - 2024E: 48,202 million CNY - 2025E: 53,941 million CNY - Net profit projections are: - 2023E: 4,454 million CNY - 2024E: 5,167 million CNY - 2025E: 5,808 million CNY - The PE ratios are projected to be: - 2023E: 14.84 - 2024E: 12.80 - 2025E: 11.38 [7].