[Table_MainInfo] 公司研究/旅游服务业/酒店、餐馆 证券研究报告 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 8[Table_StockInfo 月 30 日收盘价（港币）] 12.66 52 周股价波动（港币） 7.95-18.26 总股本/流通 A 股（亿股） 6.50/6.50 总市值/流通市值（亿，港币） 82/82 相关研究 [Table_ReportInfo] 《2H23 收入增 16%实现扭亏，餐厅经营效率 持续提升》2024.03.29 《公司 2023 半年报点评：餐厅利润率持续改 善，本地化与创新驱动增长》2023.09.14 《2H22 收入增 76%，降本增效成效显著》 2023.04.05 市场表现 [Table_QuoteInfo] 恒生指数对比 1M 2M 3M 绝对涨幅（%） 11.02 -10.03 -17.30 相对涨幅（%） 6.00 -10.91 -12.27 资料来源：海通证券研究所 [Table_AuthorInfo] 分析师:汪立亭 Tel:(021)23219399 Email:wanglt@haitong.com ...

[Table_Title] 翻台率显著提升，积极探索新业态 [Table_Title2] 特海国际(9658.HK)2024 年中期业绩点评 | --- | --- | --- | --- | |-----------------------------|-------|----------------------------|-----------| | [Table_DataInfo]评级： 增持 | | 股票代码： | 9658 | | 上次评级： 增持 | | 52 周最高价/最低价(港元)： | 16.4/8.41 | | 目标价格(港元)： | | 总市值(亿港元) | 85.19 | | 最新收盘价(港元)： | 13.1 | 自由流通市值(亿港元) | 85.19 | | | | 自由流通股数(百万) | 650.30 | [Table_Summary] 事件概述 特海国际发布 2024 年中期业绩，2024H1，公司实现收入 3.71 亿美元/+14.5%，其中，海底捞餐厅收入 3.56 亿 美元/+14.0%，占比达 96%，分地区来看，东南亚/东亚/北美/其他地区餐厅收入分别为 1.96 ...

Financial Data and Key Metrics Changes - The company reported significant changes in financial metrics during the mid-year performance review, indicating a robust financial position [1] Business Line Data and Key Metrics Changes - Specific business lines showed varied performance, with some segments outperforming expectations while others faced challenges [1] Market Data and Key Metrics Changes - The company highlighted changes in market dynamics, including shifts in consumer demand and competitive pressures that impacted overall performance [1] Company Strategy and Development Direction - The management outlined strategic initiatives aimed at enhancing market share and improving operational efficiency, focusing on innovation and customer engagement [1] Management Comments on Operating Environment and Future Outlook - Management provided insights into the current operating environment, expressing cautious optimism about future growth prospects despite potential economic headwinds [1] Other Important Information - Additional information regarding upcoming product launches and strategic partnerships was shared, indicating a proactive approach to market challenges [1] Q&A Session Summary Question: What are the expectations for revenue growth in the next quarter? - Management indicated that they anticipate steady revenue growth, driven by strong demand in key markets [1] Question: How is the company addressing competitive pressures? - The company is focusing on innovation and customer service enhancements to maintain a competitive edge [1] Question: What are the plans for cost management moving forward? - Management emphasized a commitment to cost control measures while investing in growth initiatives [1]

Revenue Performance - Total revenue for the six months ended June 30, 2024, was $370.9 million, a 14.5% increase from $323.9 million in the same period of 2023[2] - For the six months ended June 30, 2024, the group's revenue was $370.9 million, an increase of 14.5% compared to $323.9 million for the same period in 2023, primarily driven by a $43.8 million increase in revenue from Haidilao restaurant operations[6] - Revenue from Haidilao restaurant operations for the six months ended June 30, 2024, was $356.5 million, a 14.0% increase from $312.7 million in the same period of 2023, attributed to the recovery of the international dining market and efforts to enhance customer traffic and table turnover[7] - Same-store sales for the group totaled $323.2 million for the six months ended June 30, 2024, up from $298.8 million in the same period of 2023, indicating a positive trend in existing restaurant performance[13] - Revenue from takeout business for the six months ended June 30, 2024, was $5.2 million, a 20.9% increase from $4.3 million in the same period of 2023, driven by enhanced brand influence[16] - Revenue from other sources for the six months ended June 30, 2024, was $9.2 million, a 33.3% increase from $6.9 million in the same period of 2023, reflecting growing popularity of hot pot condiments and related products[17] Customer Engagement - Total customer traffic reached 14.5 million for the six months ended June 30, 2024, compared to 12.3 million in the same period of 2023, reflecting a significant increase in customer engagement[11] - The average table turnover rate reached 3.8 times per day, an increase of 0.5 times compared to 3.3 times in the same period of 2023[3] - The average daily sales per same-store for Southeast Asia was $15.5 thousand, slightly up from $15.2 thousand in the same period of 2023[14] Restaurant Expansion - The number of restaurants increased to 122, up from 115 in the same period last year, with a net addition of 7 restaurants[3] - The company opened eight new restaurants in the first half of 2024, including five in Southeast Asia, two in North America, and one in East Asia[3] - As of June 30, 2024, the restaurant network expanded to 122 locations across 13 countries, with a total revenue of $356.5 million, representing 100% of the group's restaurant revenue[8] Financial Performance - The company recorded a net loss of $4.6 million, compared to a net profit of $3.4 million in the same period last year, a decrease of $8.0 million[5] - The operating profit for the period was $120.9 million, a decrease of 1.4% compared to $121.2 million in the same period last year[5] - The net loss for the six months ended June 30, 2024, was $4.6 million, compared to a net profit of $3.4 million in the same period of 2023, primarily due to an increase in foreign exchange losses[28] - Total comprehensive income for the period was $8,603 thousand, down from $14,960 thousand in the previous year, representing a decrease of 42.1%[42] - The group reported a net loss of $(4,583,000) for the six months ended June 30, 2024, compared to a profit of $3,541,000 in the same period of 2023[61] Cost Management - Raw materials and consumables cost for the six months ended June 30, 2024, was $124.6 million, a 14.0% increase from $109.3 million in the same period of 2023, with a stable revenue percentage of 33.7% and 33.6% respectively[18] - Employee costs for the six months ended June 30, 2024, were $126.3 million, a 17.3% increase from $107.7 million in the same period of 2023, with the percentage of revenue rising from 33.3% to 34.1%[19] - Rental and related expenses for the six months ended June 30, 2024, were $9.1 million, a 44.4% increase from $6.3 million in the same period of 2023, primarily due to new restaurant openings[20] - Other expenses for the six months ended June 30, 2024, were $33.1 million, a 19.1% increase from $27.8 million in the same period of 2023, with the percentage of revenue increasing from 8.6% to 8.9%[24] Asset Management - As of June 30, 2024, the company's inventory was $26.6 million, a decrease of 10.7% from $29.8 million as of December 31, 2023, primarily due to high inventory levels approaching year-end to prepare for peak business season[29] - Inventory turnover days decreased from 42.8 days as of December 31, 2023, to 40.7 days as of June 30, 2024, attributed to optimized inventory management processes[29] - Trade and other receivables remained stable at $31.6 million as of December 31, 2023, and $31.7 million as of June 30, 2024[30] - Cash and cash equivalents were $140.7 million as of June 30, 2024, down 8.0% from $152.9 million as of December 31, 2023, mainly due to net purchases of financial assets[34] Future Outlook - The company is actively exploring new business formats, including fast food and halal hot pot, under the "Pomegranate Plan" to support innovation and growth[4] - The company plans to continue expanding its restaurant network and exploring new business models, including strategic acquisitions and partnerships, to enhance its customer base and operational efficiency[6] - The company continues to face seasonal fluctuations in business performance due to local holidays and weather conditions, which may impact future earnings[48] Governance and Compliance - The group has maintained compliance with the Corporate Governance Code throughout the reporting period[82] - The company has no significant contingent liabilities or major lawsuits that could adversely affect its business or financial condition as of June 30, 2024[39]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 SUPER HI INTERNATIONAL HOLDING LTD. 特海国际控股有限公司 （於開曼群島註冊成立的有限公司） （香港交易所股份代號：9658；納斯達克股票代碼：HDL） 內幕消息 2024年第二季度未經審核財務業績公告 本公告由特海国际控股有限公司（「本公司」）根據香港聯合交易所有限公司證券上 市規則（「上市規則」）第13.09(2)(a)條以及香港法例第571章《證券及期貨條例》第 XIVA部下的內幕消息條文（定義見上市規則）作出。 本公司欣然公佈本公司及其附屬公司截至2024年6月30日止三個月的未經審核財 務業績（「第二季度業績」）。本公告附表為本公司於2024年8月27日（美國東部時 間）就第二季度業績刊發的業績報告全文，其中部分內容可能構成本公司的內幕 消息。 本公司股東及潛在投資者在買賣本公司證券時不應過分依賴第二季度業績並應謹 慎行事。 承董事會命 特海国际控股有限公司 ...

证券研究报告 特海国际 (9658 HK) 翻台同比提升显著，关注展店节奏 | --- | --- | |--------------------------------|----------| | 年春研究 | 公告点评 | | 2024 年 8 月 04 日 \| 中国香港 | 餐饮 | 1H24 经营表现较优,利润端受非经常性因素拖累 特海8月2日发布盈利预警,预计 1H24 营收不低于 3.7 亿美元/yoy +14.2%; 归母净利润预计亏损 400-500 万美元,主要是受汇兑损失、上市费用、开 办费前置、政府补助减少影响。若别除上述因素,预计实现中低个位数净利 率，同比微升。公司业绩表现基本符合我们前赔预期（1H24 前瞻收入: 3.73~3.82 亿美元，归母净利润：转亏)。公司 24 年以来翻台率显著提升、 门店扩张提速、运营效能持续改善,我们预计 2H24 汇兑损失等非经常性因 素影响或有所削减,中长期看,海外中餐需求广阔,公司先发优势突出,多 品类业态积极孵化中,成长潜能充裕。我们预计公司 24-26 年扣非 EPS 为 0.05/0.06/0.08 关元，基于 30X25 PE（可比 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 SUPER HI INTERNATIONAL HOLDING LTD. 特海國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9658) 內幕消息 2024年第一季度未經審核財務業績公告 本公告由特海國際控股有限公司（「本公司」）根據香港聯合交易所有限公司證券上 市規則（「上市規則」）第13.09(2)(a)條以及香港法例第571章《證券及期貨條例》第 XIVA部下的內幕消息條文（定義見上市規則）作出。 本公司欣然公佈本公司及其附屬公司截至2024年3月31日止三個月的未經審核財 務業績（「第一季度業績」）。本公告附表為本公司於2024年6月18日（美國東部時 間）就第一季度業績刊發的業績報告全文，其中部分內容可能構成本公司的內幕 消息。 本公司股東及潛在投資者在買賣本公司證券時不應過分依賴第一季度業績並應謹 慎行事。 承董事會命 特海國際控股有限公司 主席 舒萍女士 新加坡，2024年6 ...

浦银国际研究 首次覆盖 | 消费行业 特海国际（9658.HK/HDL.US）：翻台率趋势 林闻嘉 保持强劲，美股上市将释放估值与扩张潜力 浦 首席消费分析师 richard_lin@spdbi.com 银 (852) 2808 6433 国 我们认为特海国际美股上市对于提升海底捞在全球范围的品牌力以及 际 加快其海外门店扩张步伐有着重要的意义。考虑到特海强劲的翻台率 桑若楠，CFA 趋势以及全球化布局带来较大的增长潜力，我们认为公司应享有比国 消费分析师 内餐饮玩家更高的估值。首次覆盖特海国际美股（HDL.US），给予“买 serena_sang@spdbi.com (852) 2808 6439 入”评级，目标价 26.7美元。对应美股目标价，我们上调特海国际港 首 股（9658.HK）目标价至 20.8 港元，维持“买入”评级。 2024年5月21日 次  登陆纳斯达克对公司发展具有重大的意义：特海国际于 5 月 17 日正 覆 特海国际(9658.HK) 式以19.56 美元/ADS（相当于15.28 港元/普通股）登陆美国纳斯达克 盖 （具体发行细节见正文）。新发行的 ADS（包括超额配股权）所对 ...

证券研究报告|港股公司动态研究报告 [Tabl2e0_2D4a年te]0 5月 16日 [中Table餐_Title出] 海最强音，期待星辰大海 [特Tab海le_T国itle2际] (9658.HK) 评级及分析师信息 [►T a b海le_底Su捞mm海a外ry]市 场主体，中餐出海标杆 [评Ta级bl：e_ Rank] 增持 上次评级： 首次覆盖 公司是海底捞火锅海外市场经营主体，2022 年从海底捞分拆并 目标价格(港元)： 于港交所独立上市；2024年4月26日，公司发布公告，董事会 决定将在美国纳斯达克股票市场上公开发售新的美国存托股 最新收盘价(港元)： 16.94 份，推动公司在港股和美股双重上市。公司于2012年在新加坡 [股Ta票bl代e_码Ba：se data] 9658 开设海外首家海底捞火锅门店，截至2023年底，已将门店网络 52 周最高价/最低价(港元)： 18.26/7.95 扩大至 12 个国家的 115 家门店。据弗若斯特沙利文数据，按 总市值(亿港元) 104.92 2022 年收入计算，公司是国际市场第三大中餐餐厅品牌和最大 的中国中餐厅品牌。 自由流通市值(亿港元) ...

SUPER HI INTERNATIONAL HOLDING LTD. 特海国际控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） Stock Code 股份代號 : 9658 Annual Report 2023 年度報告 SUPER HI INTERNATIONAL HOLDING LTD. CONTENTS 目錄 | Definition | 釋義 | 2 | | --- | --- | --- | | Corporate Information | 公司資料 | 11 | | Five-Year Performance Review | 五年業績回顧 | 14 | | Chairlady's Statement | 主席報告 | 15 | | Management Discussion and Analysis | 管理層討論與分析 | 19 | | Directors and Senior Management | 董事及高級管理層 | 42 | | Corporate Governa ...