证券研究报告 特海国际 (9658 HK) 港股通 盈利受运营调整扰动，期待环比改善 2025 年 9 月 01 日│中国香港 餐饮 特海国际 2Q25 实现营收 1.99 亿美元/yoy+8.5%，经营利润 3.7 百万美元 /yoy-56.5%，经营利润率 1.9%/yoy-2.7pcts，主因投入之年，人工成本提振 影响经营利润。2Q25 实现归母净利润 0.16 亿美元/同比扭亏，主因期内外 汇损失同比减少 0.23 亿美元，抵消部分费用增长影响。1H25 营收 3.97 亿 美元/yoy+7.0%，归母净利润 0.28 亿美元/同比扭亏。25 年公司继续做优顾 客体验，同店销售保持稳健，同步拓展现有市场和新市场。我们认为，做优 顾客体验和员工满意度，虽然可能对短期经营利润率产生阶段性扰动，但系 列调整策略切实利好海底捞品牌特色的巩固和经营质量长期提升，叠加红石 榴多品牌计划逐步落地，中长期主品牌+新品牌成长潜力可观。维持"买入"。 同店经营稳健，员工福利优化短期扰动盈利能力 2Q25 海 底捞餐厅/外卖业务 /其他业务收入 1.9/0.04/0.06 亿 美元， yoy+7.3%/+60.9%/27 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of $198 million in Q1 2025, representing a year-over-year increase of 5.4%. Operating profit reached $8.2 million, up 44.6% year-over-year, with an operating margin of 4.1%, down 2.5 percentage points year-over-year. The improvement in profit was attributed to strategic adjustments aimed at enhancing customer experience and brand loyalty, despite rising labor costs [1][2] - The company continues to focus on enhancing customer experience, with same-store turnover showing stable growth. The opening of new stores is expected to accelerate year-over-year. Although operating margins may face short-term pressure, the strategic adjustments are expected to strengthen the brand and improve operational quality in the long term [1][4] Summary by Sections Financial Performance - In Q1 2025, the company generated revenue from restaurants, takeout, and other businesses amounting to $1.88 million, $0.04 million, and $0.054 million respectively, with year-over-year growth rates of 4.5%, 37.9%, and 22.7%. Same-store turnover was 4.0 times per day, an increase of 0.1 times year-over-year [2] - The average spending per customer was $24.2, a slight decrease of 0.3% year-over-year. The gross margin was 66.04%, down 0.47 percentage points year-over-year, primarily due to the introduction of more value-for-money menu items [2] Store Expansion and Strategy - As of Q1 2025, the company operated 123 direct stores across various regions, with a net addition of 1 store since the end of 2024. The company is committed to enhancing both the quality and quantity of its store openings, with plans to launch its first barbecue restaurant in Malaysia in June [3] - The company is actively pursuing the "Pomegranate Plan" to diversify customer experiences and explore new growth opportunities in different food categories [3] Valuation and Price Target - The target price for the company is set at HKD 19.69, down from the previous HKD 21.88, reflecting a valuation of 28 times the expected earnings per share (EPS) for 2026. The EPS estimates for 2025, 2026, and 2027 have been adjusted to $0.07, $0.09, and $0.11 respectively, reflecting a decrease of 17%, 10%, and 3% [4][8]