Jinwu Financial News | Shen Wan Hongyuan said that Hong Kong stock catering companies have generally passed the peak opening period, and the business model has begun to introduce a franchise model one after another. Same-store revenue faced a high comparison base in the first half of the year, and may improve in the second half of the year. In terms of valuation, Yum Sheng China (09987), Haidilao (06862), Jiumaojiu (09922), Helen's (09869), and Xiabuxiabu (00520) all had PE valuations of less than 20 times. The relatively high valuations of Tehai International (09658) and Dashi (01405) were mainly due to the fact that they turned a loss into a profit in 2023.

The bank recommended: Haidilao, whose turnover rate improved significantly; Te Hai International, the largest Chinese restaurant brand in the international market, originated in China; and Yum Sheng China, where KFC and Pizza Hut have established steady stores and are excellent in localization.