Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's Q1 performance slightly exceeded expectations, maintaining projected net profits for 2024-2026 at $904 million, $979 million, and $1.044 billion respectively. The company plans to return $3 billion to shareholders through dividends and buybacks during the same period, with expected EPS of $2.24, $2.49, and $2.72, reflecting year-on-year growth of +12%, +11%, and +9% respectively, corresponding to PE ratios of 16x, 15x, and 14x [4] - In Q1 2024, total revenue reached $2.958 billion, a 1% increase (7% excluding currency effects), while operating profit was $374 million, down 10% (5% excluding currency effects). Net profit was $287 million, a decrease of 1% (5% excluding currency effects) [4] - Same-store sales experienced a slight decline due to a high base, while the number of new stores opened increased significantly year-on-year. The system sales for Q1 2024 grew by 6% year-on-year, driven by an 8% contribution from net new stores, despite a 3% decline in same-store sales [4] Financial Summary - The company reported the following financial figures (in million USD): - Revenue: 2021: 9,853; 2022: 9,569; 2023: 10,978; 2024E: 11,903; 2025E: 12,867; 2026E: 13,804 - Net Profit: 2021: 990; 2022: 442; 2023: 827; 2024E: 904; 2025E: 979; 2026E: 1,044 - The projected growth rates for revenue are 15% in 2023, 8% in 2024, and 7% in 2025 [6]
百胜中国2024年一季报点评：高基数下同店略降，灵活店型拓店加速