分业务看，餐饮经营仍为主要收入来源，其他业务增长迅速。2024 年三季度，海底捞餐厅经营收入1.91 亿美元，占总收入96.12%，仍然是收入主要来源，三季度同比增长14.5%，主要系（1）业务扩张及品牌影响力提升；（2）客流量与翻台率的提升；（3）人均消费增长。外卖餐饮收入三季度同比增长8.3%，主要系与当地外卖平台合作加强，其他业务收入同比增长21.4%，主要系海底捞调味品及海底捞品牌、子品牌食品在当地受到认可。Description of the event
In the third quarter of 2024, the company achieved operating income of 0.199 billion US dollars, an increase of 14.64% year on year; realized net profit of 37.656 million US dollars, turning a loss into a profit year on year.
Incident comments
By business, the restaurant business is still the main source of revenue, and other businesses are growing rapidly. In the third quarter of 2024, Haidilao Restaurant's operating revenue was 0.191 billion US dollars, accounting for 96.12% of total revenue. It is still the main source of revenue. It increased 14.5% year-on-year in the third quarter, mainly due to (1) business expansion and increase in brand influence; (2) increase in customer traffic and turnover rate; and (3) increase in per capita consumption. Takeout restaurant revenue increased 8.3% year on year in the third quarter, mainly due to strengthened cooperation with local takeout platforms. Other business revenue increased 21.4% year on year. Mainly, Haidilao condiments and Haidilao brand and sub-brand foods were recognized locally.
At the business level, passenger flow and per capita consumption increased in both directions, increasing store revenue. In the third quarter of 2024, Haidilao's total passenger traffic reached 7.4 million, with a year-on-year increase of 4.23%, a year-on-year increase of 0.1 times per day. Apart from other regions, passenger traffic and turnover rates in all regions remained flat/achieved positive growth; overall per capita consumption was 25.8 US dollars, up 8.86% year on year, and per capita consumption in all regions increased to varying degrees. Due to the dual effects of customer flow and per capita consumption, the average daily revenue of restaurants reached 0.0177 million US dollars, an increase of 9.94% year on year, and same-store sales increased 5.6% year on year.
At the profit level, the cost side has been continuously optimized, and operating profit margins have increased. In the third quarter of 2024, the company's raw materials and consumables costs/employee costs/rent and related expenses/utility expenses were 32.96%/33.15%/2.70%/3.77%, respectively, -1.46/+0.39/-0.10pct, respectively. The year-on-year increase in employee costs was mainly due to (1) the increase in the number of employees with the store; (2) the company needed to ensure a sufficient number of people to ensure a quality service experience; (3) the legal minimum wage increase in individual countries. Overall, the company's costs and expenses declined as revenue increased. The company's operating profit margin in the third quarter was 7.5%, an increase of 1.8 pct over the previous year.
At the store level, maintain a bottom-up store opening strategy and reserve stores for new brands. No new stores were opened in the third quarter of 2024. Additionally, a Southeast Asian restaurant was closed, and it is planned to re-open as a second brand in the future. As of September 30, 2024, the company's total number of Haidilao restaurants was 121, a net increase of 7 over the same period last year. The main increase came from Southeast Asia (net increase of 4). Currently, Southeast Asia is still the main distribution area for the company's restaurants, with a total number of 73 stores, accounting for more than 60% of the total.
Profit prediction and investment advice: Under the wave of restaurants going overseas, SUPER HI has become a trendsetter among Chinese food overseas brands with its unique form of service, superior brand power, and ability to adapt quickly to localization. In the large-scale international catering market with a fragmented competitive pattern, SUPER HI has broad room for development. The company's single-store model is continuously optimized, and new stores quickly achieve break-even. We are optimistic about the development space of the hot pot industry in the international market and the company's future development prospects. We expect the company to achieve operating income of 0.83, 0.976, and 1.129 billion US dollars in 2024-2026, and achieve net profit of 24.6183, 51.2254, and 67.653 million dollars, maintaining a “buy” rating.
Risk warning
1. The company's store expansion falls short of expectations;
2. The company's same-store operation falls short of expectations;
3. Foreign exchange risk
