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民生证券:维持海底捞(06862)“推荐”评级 关注副品牌和个性化门店后续发展

Minsheng Securities: Maintaining Haidilao's (06862) “Recommended” rating and focusing on the subsequent development of sub-brands and personalized stores

Zhitong Finance ·  Feb 22 03:08

The Zhitong Finance App learned that Minsheng Securities released a research report stating that it maintains the “recommended” rating of Haidilao (06862), and the company issued a 2023 performance forecast. Judging from the operating income situation, the annual continuous operating revenue for 23 is expected to be no less than 41.4 billion yuan/year-on-year increase of no less than 33.3%; judging from the net profit situation, the net profit from continuing operations in 23 is not less than 4.4 billion yuan/year-on-year increase of no less than 168.79%.

According to the report, the “Woodpecker Plan” and the “Hard Bone Plan” drive the optimization of the company's store business conditions, combined with initiatives to actively explore sub-brands, personalized stores, and services in detail, and are expected to create a second growth curve through new segmented tracks in the future. It is recommended to focus on a steady recovery in the company's operating data in the short term, and look at the growth space brought about by restarting and expanding stores and exploring segmented tracks in the medium to long term. The company's organizational strength/supply chain barriers are deep, internal reforms are progressing, combined with post-epidemic recovery and offline passenger flow restoration, and the opening of the dine-in scenario, which is expected to gradually return to a steady state of operation and promote a highly flexible recovery in performance.

The bank said that judging from Haidilao's development situation over the past 23 years, Haidilao's answer to this question can be summarized as a detailed exploration of sub-brands, personalized stores and services: 1) Sub-brands: establish the affordable one-person small hot pot brand “Hi Lao” and the high-end bistro brand “Youjishan Yunguichuan Charcoal-Fired and Fermented Bistro” to explore the development potential of various segmented tracks; 2) Personalized stores: opening differentiated hot pot restaurants such as beef workshops, seafood workshops, lamb workshops, and campus hot pot over 23 years to try to create specific consumer scenarios and specific product consumption scenarios. 3) Detailed service exploration: free hair washing service, night market stalls, concert traffic docking, “subject 3” dance traffic operation, etc., to open traffic gates through detailed service. The bank believes that Haidilao can achieve differentiation and maintain brand vitality by exploring the two major channels of segmented catering industry and meticulous service. If it can discover growth opportunities and create appropriate store models on segmented tracks or personalized stores in specific scenarios, the fundamentals will usher in further optimization.

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