Golden Finance News | Zheshang Securities released a research report, pointing out that Haidilao (06862) achieved revenue of 21.491 billion yuan in the first half of the year (yoy+14%), achieving a net income of 2.038 billion yuan attributable to shareholders, and achieving a core operating profit of 2.799 billion yuan (yoy+13%). The double-digit growth in performance is mainly due to the significant increase in table turnover rate compared to the same period last year, and the continuous improvement in the quality of core operations. The company announced an interim dividend of 1.939 billion yuan, with a dividend payout ratio of approximately 95%, surpassing the dividend payout ratio for the year 2023, the highest since listing, and the current dynamic annualized dividend yield is approximately 6%, providing substantial returns to shareholders. Considering the relatively high proportion of shares held by the controlling shareholders, the bank expects that a large proportion of dividend distributions will continue in the long term.
The bank pointed out that Haidilao is the first direct dining brand in China, with an influential presence nationwide after 30 years of development. Considering the broad prospects for the company's store openings and the initial effectiveness of internal management improvements, table turnover rate, store openings, and profitability are expected to increase simultaneously. The bank predicts that the company's net income attributable to shareholders will reach 4.6/5.2/5.6 billion yuan in 2024-2026, with year-on-year growth rates of 3%/12%/7%, corresponding to PE valuations of 16/14/13 times, respectively. Considering the company's leading position and relatively high dividend yield level, it should enjoy a valuation premium. Therefore, the bank maintains a "buy" rating on Haidilao.