德邦证券指出，当前处于周期底部，24年餐饮行业弱复苏，收入增幅降低/利润承压；国庆期间餐饮消费环比改善较为快速，消费券刺激信心修复；餐饮行业目前正处于过剩产能出清阶段，行业竞争加剧分化，龙头韧性更显，看好翻台率/同店边际改善、现金流充沛的餐饮龙头。Dining stocks collectively decline. As of the time of publication, Xiabuxiabu (00520) fell by 7.07% to HK$0.92; Jiumaojiu (09922) fell by 4.73% to HK$3.22; Helen's (09869) fell by 4.26% to HK$2.47; Super Hi (09658) fell by 1.51% to HK$13.02.
According to the Wisdom Financial APP, dining stocks collectively declined. As of the time of publication, Xiabuxiabu (00520) fell by 7.07% to HK$0.92; Jiumaojiu (09922) fell by 4.73% to HK$3.22; Helen's (09869) fell by 4.26% to HK$2.47; Super Hi (09658) fell by 1.51% to HK$13.02.
Guotai Securities pointed out that in October 2024, dining and above-quota dining income increased by +3.2% and -0.3% year-on-year respectively, with growth rates of +0.1pct and -1.0pct compared to September. Dining demand still needs repair. Yongxing Securities also stated that in October, commodity retail growth outperformed dining income growth, and the performance of above-quota dining was subpar.
Debon securities pointed out that the current situation is at the bottom of the cycle, with a weak recovery in the dining industry in 2024, lower income growth / profit pressure; during the National Day period, dining consumption improved rapidly on a month-on-month basis, with consumption vouchers stimulating confidence repair; the dining industry is currently in a phase of clearing excess production capacity, with intensified competition and differentiation in the industry, the leading companies are more resilient, bullish on table turnover / marginal improvement in same-store sales, cash-rich dining leaders.
