Investment Rating - The investment rating for the company is "Buy" [1][3][11] Core Views - The company achieved a net profit attributable to shareholders of 450 million yuan in 2023, which aligns with positive profit forecasts. The revenue for 2023 was 5.99 billion yuan, representing a year-on-year increase of 49% [1][5] - The adjusted net profit for 2023 was 500 million yuan, reflecting a significant year-on-year growth of 623%. The adjusted net profit margin improved to 8.4% from 1.7% in the previous year [1][5] - The company plans to increase its mid-term dividend payout ratio to over 40%, enhancing shareholder returns [1][11] Summary by Relevant Sections Financial Performance - In 2023, the company reported a revenue of 5.99 billion yuan, up 49% year-on-year, and a net profit of 450 million yuan, up 763% year-on-year. The adjusted net profit was 500 million yuan, up 623% [1][5] - The second half of 2023 saw revenue of 3.11 billion yuan, a 47.7% increase year-on-year, and a net profit of 230 million yuan, compared to a loss of 9 million yuan in the same period last year [1][5] Brand Performance - The company operates six main brands, with revenue contributions from Tai Er, Song Hotpot, and Jiu Mao Jiu being 75%, 13%, and 10% respectively. Tai Er's revenue grew by 44%, while Song Hotpot saw a 210% increase [1][5] - The average customer spending for Tai Er, Song Hotpot, and Jiu Mao Jiu was 75 yuan, 113 yuan, and 58 yuan respectively, with some declines noted in customer spending for Tai Er and Song Hotpot [1][5] Expansion Plans - The company opened a total of 180 new restaurants in 2023, bringing the total to 726. Plans for 2024 include opening 80-100 new Tai Er locations and 35-40 Song Hotpot locations domestically, along with 15-20 new Tai Er locations internationally [1][11] - The company has initiated a franchise model for Tai Er and Song Hotpot to accelerate expansion in remote and overseas areas [1][11] Dividend Policy - The board proposed a final dividend of 0.15 HKD per share, with a payout ratio of approximately 43.1%, compared to 26% in 2022. Future dividends are expected to maintain a payout ratio of at least 40% of the annual profit attributable to shareholders [1][11]
2023年报点评：平台型企业逻辑继续兑现，拟提升中期分红比率至40%以上