百胜中国：Q4经调净利润+11%，持续推进扩张与提效

Investment Rating - The report assigns a "Buy" rating for both Hong Kong and US stocks of Yum China [5] Core Views - The company reported a Q4 adjusted net profit increase of 11%, continuing its expansion and efficiency improvement efforts [3][10] - The company aims to increase its store count in 2025, targeting a net addition of 1,600 to 1,800 stores [10] - The company maintains a strong shareholder return policy, with plans for share buybacks and dividends totaling approximately $3 billion from 2025 to 2026 [10] Financial Summary - **Revenue Forecast**: Expected to grow from$10.98 billion in 2023 to $13.55 billion in 2027, with growth rates of 14.7$827 million in 2023 to $1.16 billion in 2027, with a growth rate of 87.1$2.00 in 2023 to $3.55 in 2027 [4][12] - Valuation Metrics: The report estimates a price-to-earnings (P/E) ratio of 21.33 in 2023, decreasing to 13.84 by 2027 [4][12] - Return on Equity (ROE): Forecasted to improve from 12.9% in 2023 to 18.8% in 2027 [4][12]