Investment Rating - The investment rating for the company is "Outperform" [2]. Core Insights - The company reported a total revenue of 5.986 billion yuan in 2023, representing a year-on-year increase of 49.43%. The net profit attributable to shareholders reached 453 million yuan, up 820.17% year-on-year, with an adjusted net profit of 501 million yuan, increasing by 622.71% [5][10]. - The company plans to maintain a dividend payout ratio of no less than 40%, with a proposed final dividend of 0.15 HKD per share [5][10]. - The company is focusing on expanding its multi-brand strategy, enhancing supply chain capabilities, and exploring international markets, with plans to open 80-100 new restaurants in mainland China in 2024 [10][12]. Financial Performance - In the second half of 2023, the company achieved a revenue of 3.106 billion yuan, a year-on-year increase of 47.5%, and a store-level operating profit of 502 million yuan, up 110.47% [5][10]. - The company’s gross profit margin improved to 64.95% in 2023, with a net profit margin of 7.4%, reflecting a year-on-year increase of 7.8 percentage points [7][10]. - The company’s revenue is projected to grow to 7.585 billion yuan in 2024, with a year-on-year growth rate of 27% [12][16]. Brand Performance - The revenue contribution from the main brand, Tai Er, was 4.469 billion yuan in 2023, accounting for 74.8% of total revenue, with a net increase of 128 stores [10][12]. - The company’s other brands, including Chongqing Hot Pot and Lai Meili Grilled Fish, also showed significant growth, with Chongqing Hot Pot revenue increasing by 210% year-on-year [12][16]. Valuation and Forecast - The estimated reasonable value range for the company's stock is between 5.92 and 7.10 HKD per share, based on a price-to-earnings ratio of 15-18 times and an EV/EBITDA multiple of 7-8 times [10][13]. - The projected earnings per share (EPS) for 2024-2026 are 0.39, 0.52, and 0.66 yuan, respectively, with corresponding net profit growth rates of 25.02%, 31.38%, and 27.63% [10][16].
公司年报点评：2H23年收入增47.5%，派息率有望不低于40%