SUPER HI INTERNATIONAL HOLDING LTD.(09658.HK):STEADY STORE EXPANSION
SUPER HI INTERNATIONAL HOLDING LTD.(09658.HK):STEADY STORE EXPANSION
Operating margins improved at restaurant level. Restaurant-level operating margin increased by 0.4ppts YoY to 8.7%, mainly due to the increase in table turnover rate. Gross profit margin increased by 0.1ppts YoY to 66.4%, mainly due to the continuous optimization of supply chain management. The staff cost ratio increased by 0.8ppts YoY to 34%, mainly due to the increase in number of store employees and the increase in legal minimum salary requirements in some countries.Super Hi's 1H24 revenue increased 15% YoY to US$371m, with a net loss of US$4.65m, mainly due to foreign exchange losses of US$19.5m. We lower our 2024E EPS forecasts from $0.09 to $0.05, 2025E from $0.12 to $0.08, and 2026E from $0.14 to $0.1. We lower target price from HK$18 to HK$15.8, with 21% upside, we maintain a Buy rating.
Super Hi上半年營業收入同比增長15%，達到3,7100萬美元，淨虧損465萬美元，主要是由於1,950萬美元的匯兌損失。我們將2024年預計每股收益從0.09美元下調至0.05美元，2025年預計每股收益從0.12美元下調至0.08美元，2026年預計每股收益從0.14美元下調至0.1美元。我們將目標價從港幣18元下調至港幣15.8元，有21%的上升空間，我們維持買入評級。
Steady new store opening. In 1H24, the company opened 8 new stores and closed 1 store, with a total of 122 stores. The number of stores in Southeast Asia/East Asia/North America/other regions was 74/18/20/10, accounting for 61%/15%/16%/8% respectively, and revenue accounting for 55%/12%/21%/12% respectively. In 1H24, the company entered the Philippine market.
新店鋪開設穩定。在上半年，該公司新增了8家店鋪，關閉了1家店鋪，累計擁有122家店鋪。東南亞/東亞/北美/其他地區店鋪數量分別佔比爲61%/15%/16%/8%，營業收入分別佔比爲55%/12%/21%/12%。上半年，該公司進入了菲律賓市場。
Improving table turnover rate and average ticket price affected by exchange rate. The average table turnover rate in 1H24 was 3.8x, with an increase of 0.5x YoY. By region, the turnover rate in East Asia increased 1x YoY to 4.1x, mainly due to the continuous improvement of operations in Korea, the adjustment results in Japan, and a temporary suspension for two inefficient stores in Japan. In North America, the turnover rate increased 0.9x to 4.1x, mainly due to flexible marketing strategy in the U.S. and Canada. The company's average ticket price was US$24.6, with a decrease of US$0.9 YoY, in which 90% of the decline was due to exchange rate, as the average ticket price denominated in local currency increased steadily in most countries and decreased in North America.
提高餐桌翻檯率和平均票價受匯率影響。上半年平均餐桌翻檯率達到3.8倍，同比增長0.5倍。按地區劃分，東亞地區翻檯率同比增長1倍，達到4.1倍，主要是由於韓國運營不斷改善、日本調整結果和日本兩家效率低下店鋪的暫時關閉。北美地區翻檯率同比增長0.9倍，達到4.1倍，主要是由於美國和加拿大的靈活營銷策略。該公司平均票價爲24.6美元，同比下降0.9美元，其中90%的下降是由於匯率影響，因爲大多數國家的平均票價以本地貨幣計價穩步增長，而北美地區則有所下降。
Operating margins improved at restaurant level. Restaurant-level operating margin increased by 0.4ppts YoY to 8.7%, mainly due to the increase in table turnover rate. Gross profit margin increased by 0.1ppts YoY to 66.4%, mainly due to the continuous optimization of supply chain management. The staff cost ratio increased by 0.8ppts YoY to 34%, mainly due to the increase in number of store employees and the increase in legal minimum salary requirements in some countries.
餐廳級別的營業利潤率有所提高。餐廳級別的營業利潤率同比增長0.4個百分點，達到8.7%，主要是由於餐桌翻檯率的增加。毛利潤率同比增長0.1個百分點，達到66.4%，主要是由於供應鏈管理的持續優化。員工成本比同比增長0.8個百分點，達到34%，主要是由於店鋪員工數量的增加以及某些國家法定最低工資要求的增加。
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 maintain a Buy rating.
維持買入評級。我們看好該公司海底撈品牌在境外開設新店的潛力，以及其在本地化方面的創新能力，優秀管理團隊和成熟的管理機制，支持快速擴張的同時不斷優化供應鏈管理以提高利潤率。
Risks. Store expansion may fall short of expectations. Negative news and food safety incidents.
風險。店面擴張可能低於預期。負面新聞和食品安全事故。
譯文內容由第三人軟體翻譯。
