特海国际：24Q3业绩点评：翻台率稳健增长，精细化管理释放盈利能力

Investment Rating - The report maintains a "Recommend" rating for Tehai International (9658 HK) [4] Core Views - Tehai International achieved strong Q3 2024 results with revenue of $199 million, up 14 6$15 million, up 52 0% YoY [3] - The company's profitability improved significantly, with operating margin reaching 7 5%, up 1 8 percentage points YoY, and net profit attributable to shareholders turning positive at $37 72 million [3] - Tehai International's localization strategy and Red Pomegranate Plan are driving market penetration and synergies with its parent brand Haidilao [3] Business Performance - Restaurant revenue grew 14 5$191 million, driven by both higher traffic and average spending per customer [3] - Overall table turnover rate increased to 3 8 times per day, with the highest rate in East Asia at 4 3 times per day [3] - Average customer spending rose 8 9% YoY to $25 8, with the highest in North America at$43 5 [3] - Total customer traffic reached 7 4 million, up 4 2% YoY, supporting growth in delivery and other businesses [3] Store Network and Operations - The company had 121 restaurants as of Q3 2024, with no new openings in the quarter but a net increase of 6 stores year-to-date [3] - Same-store sales grew 5 6%, with East Asia showing the strongest growth at 20 5% [3] - Same-store table turnover rate remained stable at 3 7 times per day [3] Cost Management and Profitability - Gross margin improved to 67%, up 1 4 percentage points YoY, driven by supply chain optimization and process improvements [3] - Employee cost ratio was 33 1%, up 0 2 percentage points, while rental and related expenses decreased to 2 7%, down 0 4 percentage points [3] - Other expenses ratio decreased to 9 4%, down 1 2 percentage points [3] Financial Forecasts - Revenue is expected to grow from $794 million in 2024 to$1 008 billion in 2026, with a CAGR of 12 6% [3][28] - Net profit attributable to shareholders is projected to increase from $38 million in 2024 to$68 million in 2026 [3][28] - The company's P/E ratio is forecasted to decline from 28x in 2024 to 16x in 2026, reflecting expected earnings growth [3][28] Valuation and Metrics - The stock is trading at 12 72 HKD as of November 26, 2024 [4] - Key valuation metrics include a P/B ratio of 2 9x for 2024 and 2 2x for 2026, and an EV/EBITDA of 6 56x for 2024 and 5 03x for 2026 [28]