With the disclosure of the 2023 performance forecast, there is frequent good news from catering stocks in Hong Kong and A. The latest announcement of Yingxi is Jiumaojiu (09922., which owns a number of well-known brandshk）。
It is worth mentioning that in the past two years, the catering stocks in Hong Kong and A have fallen sharply.
Jiumaojiu is a catering group with Chinese restaurant chain operation as the core, which founded and operates five Chinese catering brands in different segments: "Jiumaojiu Northwest Cuisine", "Taier Sauerkraut Fish", "Chongqing Hot Pot Factory", "Uncle Nawei is a Chef" and "Lai Meili Sour Soup Grilled Fish".
On February 22, Jiumaojiu announced that the company expects operating income of 59 in fiscal year 20238.6 billion yuan, a year-on-year increase of 494%；The net profit attributable to the parent company is expected to be no less than 45 billion yuan, a year-on-year increase of not less than 8128%。
Compared with the performance of previous years,Jiumaojiu's revenue and net profit attributable to the parent company have reached a new high levelThe performance is impressive.
The board of directors of Jiumaojiu believes that the increase in revenue and net profit in fiscal 2023 is due to the following reasons:(1) Expansion of the group's restaurant networkThe total number of restaurants in operation increased from 556 at the end of 2022 to 726 at the end of 2023. (2) Growth in same-store salesThe Group's business has recovered from the Coronavirus Disease 2019 pandemic, and the number of operating days and turnover rate of the Group's restaurants increased in FY2023; (3) Improvement of the Group's operational efficiency.
At the beginning of February, Jiumaojiu Group announced that it would shift from the direct sales model to the diversified business model of "direct sales + franchise".
Among them, in terms of the expansion of directly operated stores, Taier actively expands the sinking market, and instigates hot pot to focus more on cultivating brand potential energy in Guangdong Province; In terms of franchise, Taier and Shan's sour soup hot pot outside the mountain have introduced a franchise model in some areas to expand areas that are difficult to cover by self-management.
The benefits of the franchise and partnership model include: accelerate brand expansion and regional penetration; Leverage the entrepreneurial spirit, local expertise and business networks of our partners; Reduce the Group's operational risk compared to the proprietary model.
Turning to the diversified business model of "direct sales + franchise" may also help Jiumaojiu achieve more outstanding performance in the future.
It is worth noting that in addition to Jiumaojiu, Yum China (09987HK), Haidilao (06862HK) also reported good results.
Specifically, Yum China recently released its financial results for the fourth quarter of 2023. The data shows that in 2023Yum China's revenue increased by 14 percent year-over-year72% to 109$7.8 billion, a record highNet profit increased by 87% year-on-year10% to 8$2.7 billion.
In addition, the total number of stores in 2023 will increase by 13%, with a net increase of 1,697 stores, exceeding the annual target of net new stores.
In 2023, Haidilao expects its revenue from continuing operations (i.e. the remaining business after excluding the international business of Tehai) to be no less than RMB4140 billion yuan, a year-on-year increase of not less than 333%；Net profit is expected to reach a new high of RMB440 billion yuan, a year-on-year increase of not less than 16829%
In the a** field, Quanjude (002186SZ) expects to lose 2 percent in 20237.8 billion yuan turned into a profit of 56 million yuan to 66 million yuan; Tongqinglou expects a year-on-year increase of 191 in net profit in 202345%-242.13% to 27.3 billion yuan-3$2.3 billion; Xi'an Catering is expected to reduce its losses significantly in 2023.
In fact, according to data released by the National Bureau of Statistics,In 2023, the national catering revenue will be 5,289 billion yuan, an increase of 20 percent year-on-year4%, a record high; The catering revenue of units above designated size was 1,335.6 billion yuan, an increase of 20 percent year-on-year9%。
It can be seen that nine hairs.
9. It is no accident that catering stocks such as Haidilao and Quanjude can achieve outstanding performance in 2023, but in fact, they also benefit from the recovery of the entire catering industry.
It should be pointed out that although the performance of catering stocks is collectively improving, after a "click" meal, the stock price of catering stocks is still lying on the "floor" and cannot get up.
Among them, Jiumaojiu's stock price has fallen by nearly 9% in the past three years or so; Haidilao, as a well-known leader, has also fallen by more than 80% in the past three years.
At present, the performance and stock price of some catering stocks have actually diverged, which also indicates that there may be investment opportunities in catering stocks.
Researchers at Essence International believe that Haidilao's performance is better than that of its peers, and it is gradually approaching the level of the same period in 2019, and the number of its stores has increased from 768 in 2019 to more than 1,300 stores today. The volume has nearly doubled, and the customer flow has not decreased, which is enough to reflect the attractiveness of Haidilao as the head brand of hot pot. At just 15 times, the current valuation is still significantly undervalued.
After Jiumaojiu disclosed the latest profit forecast, some institutions also expressed positive views.
Author: Yan XIV.
Hotspot Engine Program