Investment Rating - The report assigns an "Accumulate" rating to the company [2]. Core Views - The company is positioned as a benchmark for Chinese cuisine going global, with significant growth potential in international markets. It has shown a turnaround in profitability, driven by store expansion and operational efficiency improvements [6][19][22]. Summary by Sections 1. Benchmark for Chinese Cuisine Going Global, Profitability Turning Point - The company, Tehai International, operates as the overseas market entity for Haidilao and was independently listed on the Hong Kong Stock Exchange in 2022. It plans to launch new American Depositary Shares on NASDAQ to facilitate dual listing [6][19]. - As of the end of 2023, the company has expanded its store network to 115 locations across 12 countries, making it the third-largest Chinese restaurant brand internationally [6][8]. 2. Deepening International Chinese Cuisine Market, Growth Potential Expected to Accelerate - The international market penetration for the company remains low, indicating substantial room for expansion. The company currently holds a 1.8% market share in the international hot pot market, significantly lower than its 8% share in the domestic market [23][25]. - The average daily revenue per store in overseas markets is higher than in domestic markets, although profitability is currently weaker due to higher labor and rental costs [25][26]. 3. Profit Forecast and Investment Recommendations - Revenue projections for 2024-2026 are estimated at $799 million, $918 million, and $1.05 billion, with year-on-year growth rates of 16.4%, 14.9%, and 14.5% respectively. Net profit is expected to reach $48 million, $75 million, and $96 million during the same period [29][30]. - The report highlights that the company is well-positioned in the international market, which is still considered a blue ocean compared to the domestic market. The anticipated improvements in turnover rates and operational efficiency are expected to further enhance profitability [29].
特海国际：中餐出海最强音，期待星辰大海