德邦证券指出，9月以来多地重启消费券，核心城市发券金额超10亿元。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；消费券刺激信心修复，行业加剧竞争下龙头韧性更显，看好翻台率/同店边际改善、现金流充沛的餐饮龙头。Dining stocks fell across the board in the morning session, as of the time of publication, Jiumaojiu (09922) fell by 11.72% to HKD 3.69; Xiabuxiabu (00520) fell by 8.8% to HKD 1.14; Super Hi (09658) fell by 2.12% to HKD 13.86.
According to Zhutong Finance and Economics APP, dining stocks fell across the board in the morning session, as of the time of publication, Jiumaojiu (09922) fell by 11.72% to HKD 3.69; Xiabuxiabu (00520) fell by 8.8% to HKD 1.14; Super Hi (09658) fell by 2.12% to HKD 13.86.
Huaxi Securities pointed out that in July-August, national dining revenue increased by +3.0%/+3.3% year-on-year, while revenue of large-scale enterprises above quota increased by -0.7%/+0.4% year-on-year. Low stock price competition continues, Q3 same-store dining still faces certain growth pressure. Head dining enterprises with high cost performance and strong brand power may perform better; meanwhile, opening franchises, accelerating overseas expansion, and launching satellite delivery exclusive stores have become important strategies for dining companies to explore the second growth curve.
Debon Securities pointed out that since September, many places have restarted consumer vouchers, with core cities issuing vouchers totaling over 1 billion yuan. Currently at a cyclical bottom, the 24-year dining industry is weakly recovering, with income growth declining and profits under pressure; the stimulus of consumer vouchers restores confidence, making industry leaders more resilient in intensified competition. Bullish on dining leaders with strong table turnover, same-store marginal improvement, and abundant cash flow.
