Huaxi Securities released a research report stating that maintaining the “buy” rating of Haidilao (06862) and adjusting previous profit forecasts in line with profit forecasts, the estimated revenue for 2023-2025 is 415/465,51.4 billion yuan. The company issued a positive profit forecast. It is estimated that the revenue from continuing operations in 2023 will not be less than 41.4 billion yuan/ +33.3%, the net profit from continuing operations will not be less than 4.4 billion yuan, and the corresponding net interest rate will be about 10.6%. According to the bank's estimates, it is estimated that in the second half of 2023, the company's revenue from continuing operations will not be less than 22.5 billion yuan, and the net profit from continuing operations will not be less than 2.14 billion yuan, corresponding to a net interest rate of about 9.5%. If the impact of exchange losses is excluded, the net profit from continuing operations for the second half of the year is not less than 2.27 billion yuan, corresponding net interest rate of about 10.1%.
The report's main points are as follows:
Increased turnover rate and improved operational efficiency led to a strong recovery in the company's performance
The company's performance recovered strongly in 2023. On the one hand, store traffic continued to recover after the epidemic. At the same time, the company continued to promote product promotion and marketing activities, such as the Haidilao “Subject 3” dance, which was popular on various online platforms, driving up brand potential and increasing turnover rate; on the other hand, the company continued to strengthen refined store management, continuously optimize the personnel structure of individual stores, and continuously expand the application scenarios of intelligent systems and equipment to improve operational efficiency.
Showrooms are expected to accelerate, and the development of new brands is worth looking forward to
In 2023, the Haidilao showroom was more cautious. In the first half of the year, 5 new stores were opened and 24 stores that were closed earlier will resume business; looking ahead to 2024, the bank believes that with the steady recovery of the turnover rate, the exhibition stores are expected to accelerate. Furthermore, in the second half of 2023, the company successively launched the affordable hot pot brand “Hi Lao Hot Pot” and the yakiniku brand “Flame Request Yakiniku Shop”, and the future development is worth looking forward to.