“空头”盯上了海底捞

Core Viewpoint - The market sentiment towards Haidilao is increasingly pessimistic, as indicated by a high short-selling ratio and a significant decline in stock price, reflecting concerns over future performance [1][2]. Group 1: Market Sentiment and Stock Performance - Haidilao's stock has seen a 29% decline from its peak in March, reaching a new low in a year, with short positions at their highest level in nearly three years [2]. - The short-selling ratio of Haidilao's stock is approximately 11% of its free-floating shares, making it the third highest in the Hang Seng China Enterprises Index [1]. Group 2: Financial Performance and Challenges - The company reported a second consecutive half-year sales decline, primarily due to a price war in the takeaway sector and weak consumer spending [4]. - The average table turnover rate for Haidilao decreased by 9.5% year-on-year in the first half of the year, highlighting operational challenges amid fierce market competition and cautious consumer spending [6]. Group 3: Strategic Initiatives and Analyst Opinions - In response to growth pressures, Haidilao is attempting to expand into overseas markets and launch new brands, such as "Banquet BBQ House," to revitalize performance [4]. - Despite the challenges, most analysts maintain an optimistic outlook on Haidilao's stock, with 32 buy ratings and no sell ratings reported [7]. - Analysts project a potential 28% upside for the stock over the next 12 months, supported by possible government stimulus measures aimed at boosting consumer spending [8].