Glonghui, March 28 | Lyon published a report stating that the target price for Haidilao was raised from HK$15 to HK$19, and the investment rating was raised from “outperforming the market” to “outperforming the market”. According to the bank, Haidilao's sales for the full year of last year and the second half of last year increased 34% and 42% year-on-year to 42 billion yuan and 23 billion yuan respectively; net profit increased 175% and 18%, respectively, to 4.5 billion yuan and 2.2 billion yuan respectively; net profit margins were 10.9% and 9.9%, respectively. The bank believes that the company cut capital expenses for new stores last year, allowing the company to pay a dividend ratio of 90%. It is expected that the company will be cautious about the pace of expansion of its stores. Therefore, free cash flow from this year to 2026 is expected to be between 7.3 billion yuan and 8.7 billion yuan, and a return on equity of 40%.
大行评级｜里昂：上调海底捞目标价至19港元 评级上调至“跑赢大市”
Big Bank Rating | Lyon: Raising the target price of Haidilao to HK$19 and upgrading the rating to “outperform the market”
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