Catering stocks generally picked up. As of press release, Nai Xue's tea (02150) rose 4.3% to HK$2.67; Tehai International (09658) rose 4.29% to HK$15.06; and Jiumaojiu (09922) rose 3.21% to HK$5.47.
The Zhitong Finance App learned that catering stocks have generally picked up. As of press release, Nai Xue's tea (02150) rose 4.3% to HK$2.67; Tehai International (09658) rose 4.29% to HK$15.06; Jiumaojiu (09922) rose 3.21% to HK$5.47; and Dashi shares (01405) rose 2.46% to HK$54.2.
Dongwu Securities pointed out that restaurant companies will operate smoothly in 2023, and volume and price recovery can be expected in the 2024 procyclical cycle. From January to February 2024, social zero food and beverage revenue benefited from a year-on-year increase of 12.5%. In April, Qingming holiday travel expenses increased by 12.7% compared to the same period in 2019, faster than the number of travelers grew 11.5% in the same period in 2019. For the first time since 2020, service consumption recovered at an accelerated pace. Judging from the pace of business, the 2023 base is high and low, and is expected to be high around 2024. Looking ahead to the whole year, the bank believes that under the pro-cyclical recovery of leading restaurant companies, there is room for volume and price increases, and operating flexibility is worth looking forward to.
In terms of performance, revenue from Dashi Shares, Jiumaojiu, and Haidilao increased by more than 30% in 2023, leading to a recovery in profit margins. Helens, Yihai International, and Haidilao's net interest rate to their mother in 2023 reached double digits, showing impressive results. Haidilao, Jiumaojiu, Dashi, and Yihai International's 2023H2 revenue performance was even more impressive, with increases of 19.5%, 7.9%, 21.6%, and 35.0% month-on-month over 2023H1, driving net profit to increase or remain flat month-on-month. In addition, restaurant companies have abundant cash flow, increased dividend ratios as performance continues to grow, and dividend rate attractiveness has increased.