截至6 月30 日呷哺呷哺门店数合计841 间，其中一线/二线/三线及以下城市门店占比分别37.8%/37.5%/24.4%。公司近年持续改革呷哺门店，包括强化“好吃不贵”的品牌调性、推广小店模式、改善租售比、增加销售时段、调整激励机制等，上半年整体翻座率为2.4 倍，去年同期为1.9 倍；同店销售同比+29.1%；客单价同比-4.7 元至58.4 元。呷哺呷哺品牌的开店指引也由年初的120 家上调至140 家；品牌还将致力于加快租售比的调整速度，目标在2026 年降至10%。The realization of turning losses into profits is in line with the previous performance forecasts:
1H23 achieved revenue of 2.846 billion yuan, + 32.0% compared with the same period last year. Of this total, sales were 1.38 billion yuan, + 29.5% and 36.8% respectively, mainly due to the recovery of offline passenger flow after the epidemic and the expansion of the restaurant network. During the period, the number of restaurants operated by the company increased to 1094 from 1008 in the same period last year. Among them, in the first half of the year, three new restaurants were opened in 91-28-1, and three restaurants were closed due to commercial reasons. The company recorded a net profit of 2.406 million yuan, in line with the previous performance forecast.
The brand emphasizes the ratio of performance to price, and the exhibition store is speeded up under the optimization of the model:
As of June 30, there were a total of 841 stores, of which stores in first-tier, second-tier, third-tier and below cities accounted for 37.8%, 37.5%, 24.4%, respectively. In recent years, the company has continued to reform its feeding stores, including strengthening the brand tone of "delicious but not expensive", promoting the model of small stores, improving the rent-to-sales ratio, increasing the sales period, adjusting the incentive mechanism, etc., with an overall turnaround rate of 2.4 times in the first half of the year, compared with 1.9 times in the same period last year; same-store sales + 29.1% year-on-year; customer unit price-4.7 yuan to 58.4 yuan. The brand's guidelines for opening stores have also been raised to 140 from 120 at the beginning of the year, and the brand will also aim to speed up the adjustment of rent-to-sales ratios, with a target of 10 per cent by 2026.
Put together the brand to restore the pressure and lower the guidelines for opening stores throughout the year:
As of June 30, the total number of stores was 249, of which the number of first-tier / second-tier / third-tier and below cities / overseas stores accounted for 36.1%, 56.2%, 2.8%, 4.8%, respectively. Due to the impact of the consumption environment in the domestic market in the first half of the year, the same-store brand with higher customer unit price returned to pressure. The resale rate increased from 1.9 times to 2.1 times in the same period last year, and same-store sales in first-tier / second-tier / third-tier cities and below / overseas markets increased by 8.9%. Among them, same-store sales in first-tier / second-tier / third-tier cities and below / overseas markets + 18.8% UV 4.1% Universe 15.3% Universe 70.5%. The brand is going through a painful period of adjustment. In addition to the adjustment in R & D, operation and marketing, the brand will also accelerate the speed of innovation and make efforts in customer acquisition and promotion of repurchase. The company has reduced its store opening guidelines to 45 from about 70 at the beginning of the year.
Maintain the "hold" rating with a target price of HK $4.35:
The company's 23-25 EPS is expected to be 0.12, 0.27, 0.37 yuan respectively, with a target price of HK $4.35, corresponding to 15 times PE in 24 years, an increase of 18.8 percent over the current price, maintaining a "hold" rating.
