Haidilao (06862)'s dividend rate reached 90% for the first time in 2023.
The Zhitong Finance App learned that Guotai Junan released a research report saying that maintaining the Haidilao (06862) “increase in holdings” rating, considering the gradual recovery in the turnover rate and significant results in cost reduction and efficiency, the net profit forecast for 2024-2025 is 525.8 billion yuan, an additional forecast of 6.4 billion yuan for 2026, and a target price of HK$20.43. The company achieved net profit of 4.5 billion yuan/ +175% in 2023, and the net profit margin to mother was 10.9% /+5.6pct. The dividend rate reached 90% for the first time, corresponding to a dividend rate of about 4.7% in 2023. Under pressure from mid-term optional consumer valuations, catering companies gradually switched to more stable return varieties to enhance the appeal of basic allocations.
According to the report, the volume of Haidilao was significantly superior to the price, as reflected in the fact that the company's turnover rate in Tier 1 to Tier 3 cities was rising year over year. Among them, the first-tier/second-tier and third-tier and below/mainland/overseas/overall turnover achieved a month-on-month increase of +12/11/13/15/2/ -15% month-on-month, while the customer unit price fell by -4/-3/-4/-1/ -4% month-on-month. The trend of cost performance ratio continues. In addition, Zhou Zhaocheng, vice chairman of the board of directors of Haidilao, proposed in response to the opening of the franchise that the franchise is extremely restrained; the speed and scale of liberalization will be extremely cautious, and the share of franchisees will be extremely small; the company will distribute about 4.05 billion yuan in dividends, corresponding to a dividend rate of about 4.7% for 23 years. Under pressure from mid-term alternative consumer valuations, catering companies are shifting to more stable returns and more attractive infrastructure.