百胜中国：收入创同期新高，精细化成本管理引领利润增长

Investment Rating - The report maintains a "Buy" rating for Yum China (09987 HK) [1][3] Core Views - Yum China achieved record-high revenue in Q2 2024 with refined cost management driving profit growth [1] - The company's digital transformation continues to progress with digital orders accounting for 90% of restaurant revenue in H1 2024 [1] - Yum China has returned $994 million to shareholders through buybacks and dividends year-to-date exceeding the full-year 2023 amount [1] Financial Performance Revenue and Profit - Q2 2024 revenue reached$2 68 billion up 0 94% YoY (4% excluding currency impact) [1] - Operating profit grew 3 50% YoY to $266 million (7$212 million (11% excluding currency impact) [1] Segment Performance KFC - Q2 2024 revenue reached $2 014 billion up 1 5$264 million while core operating profit grew 3 8% to $273 million [1] - Restaurant margin was 16 2$540 million down 2 5% YoY (1% excluding currency impact) [1] - Operating profit increased 13% YoY to $40 million (18$2 2 billion in H1 2024 accounting for 90% of restaurant revenue [1] - Combined membership for KFC and Pizza Hut exceeded 495 million with member sales accounting for 65% of system sales [1] Financial Projections - 2024-2026 revenue is projected to grow at a CAGR of 9% reaching $13 787 billion by 2026 [2] - Net profit is expected to grow at a CAGR of 14$1 066 billion by 2026 [2] - EPS is forecasted to increase from $2 13 in 2024 to$2 77 in 2026 [2] Valuation - Current P E ratios are 16x for 2024 15x for 2025 and 12x for 2026 [1] - P B ratios are projected to decline from 1 9x in 2024 to 1 6x in 2026 [2]