百胜中国：看好运营效率持续提升，新模型拓张

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported total revenue of $2.595 billion, a 4$150 million, which is a 35% increase after excluding currency effects, aligning with expectations [1]. - The overall restaurant profit margin improved to 12.3%, up 1.6 percentage points, with a net store opening of 534 in Q4 and a total of 1,751 for the year, exceeding initial guidance [2][4]. - KFC's same-store sales decline narrowed by 1 percentage point, with a stable average order value, while Pizza Hut showed a significant improvement in same-store sales decline, with a notable increase in order volume [3][4]. Financial Performance Summary - The company expects to open 1,600 to 1,800 new stores in 2025, an increase of 100 from the previous year, with a projected same-store sales growth driven by price increases and improved value offerings [4]. - Forecasted net profit for 2025 is $960 million, reflecting a 5.4$2.56 for 2025, with a return on equity (ROE) expected to reach 18.56% [7][4].