SUPER HI INTERNATIONAL(09658.HK):MARGIN IMPROVEMENT
SUPER HI INTERNATIONAL(09658.HK):MARGIN IMPROVEMENT
Super Hi International reported 1H23 revenue of US$324m (+32% YoY), and net profit of US$3m, lower than our expectation, mainly due to lower-than-expected store openings. We lower 23E EPS forecast from US$0.05 to US$0.02, lower 24E forecast from US$0.12 to US$0.09 (+356% YoY), and lower 25E forecast from US$0.14 to US$0.12 (+25% YoY). We lower target price from HK$25.8 to HK$18, and with 39% upside potential, we maintain Buy rating.
Super Hi International公佈的23年上半年收入爲3.24億美元（同比增長32％），淨利潤爲300萬美元，低於我們的預期，這主要是由於門店開業低於預期。我們將23E每股收益預測從0.05美元下調至0.02美元，將24E預期從0.12美元下調至0.09美元（同比增長356％），將25E預期從0.14美元下調至0.12美元（同比增長25％）。我們將目標價從25.8港元下調至18港元，上漲潛力爲39％，我們維持買入評級。
Stores grew steadily. During 1H23, the company opened 4 new restaurants, in Singapore, Thailand and Australia where it has already had stores, and newly entered the United Arab Emirates. As of 1H23, Super Hi has operated 115 Haidilao restaurants in the international market, 70 of which are located in Southeast Asia, 17 are located in East Asia, 18 are located in North America, and 10 are located in other regions.
門店穩步增長。在23年上半年，該公司在新加坡、泰國和澳大利亞開設了4家新餐廳，這些餐廳已經開設了門店，並新進入了阿拉伯聯合酋長國。截至23年上半年，Super Hi已在國際市場經營了115家海底撈餐廳，其中70家位於東南亞，17家位於東亞，18家位於北美，10家位於其他地區。
Table turnover recovery. The table turnover rate increased from 3x in 1H22 to 3.3x in 1H23, and same-store table turnover rate increased from 3.1x to 3.4x.
餐桌週轉率恢復。餐桌週轉率從22年上半年的3倍增加到23年上半年的3.3倍，同店餐桌週轉率從3.1倍提高到3.4倍。
Restaurant-level operating profit margin improvement. The restaurant level OPM improved by 6.8ppts YoY to 8.3%, mainly benefiting from the higher operating efficiency under the "low basic salary + high bonus" salary structure, improving customer satisfaction through better products and marketing activities, and optimization of the cost structure, etc.
餐廳層面的營業利潤率提高。餐廳的OPM同比增長6.8個百分點至8.3％，這主要得益於 “低基本工資+高獎金” 薪資結構下更高的運營效率，通過更好的產品和營銷活動提高客戶滿意度，以及成本結構的優化等。
Maintain BUY. We like the company's potential in overseas store opening with Haidilao brand, as well as its innovation capability in localisation, qualified management team and mature management mechanism that supports rapid store expansion, and continuously optimised supply chain management to bring higher margins. We lower target price from HK$25.8 to HK$18, and with 39% upside potential, we maintain Buy rating.
維持買入。我們喜歡該公司憑藉海底撈品牌在海外開設門店的潛力，以及其在本地化方面的創新能力、合格的管理團隊和成熟的管理機制，支持門店的快速擴張，以及不斷優化的供應鏈管理以帶來更高的利潤。我們將目標價從25.8港元下調至18港元，上漲潛力爲39％，我們維持買入評級。
Risks: Slower-than-expected store openings; negative news and food safety incidents.
風險：門店開業速度低於預期；負面新聞和食品安全事件。
譯文內容由第三人軟體翻譯。