Recently, a number of listed restaurant companies have disclosed their 2023 financial report information, such as McDonald's, Yum China, Haidilao, Luckin Coffee, and Jiumao.
9. Many catering companies such as Quanjude, Tongqinglou and Xi'an Catering have achieved double growth in revenue and net profit.
McDonald's: full-year 2023 sales of $25.4 billion
On Feb. 5, McDonald's (NYSE:MCD) announced its 2023 annual results. According to the announcement, McDonald's annual sales in 2023 will be $25.4 billion, a year-on-year increase of 10%; Net profit was 84US$600 million, a year-on-year increase of 37%.
In terms of the Chinese market, as of December 31, 2023, McDonald's China had 5,903 stores, with 925 new stores added throughout the year, achieving the annual target of 900 stores, reaching a record high, and contributing 67% of the new stores in the international franchise market division.
Referring to the store opening plan in 2024, McDonald's said that it expects to add 1,600 net stores around the world this year.
Yum China: 2023 revenue of 109$800 million
On February 7, Yum China (HK:09987) announced its full-year 2023 financial results. According to the announcement, the company's total revenue in 2023 will be 109$800 million, up 15% year-on-year, and system sales up 21% year-on-year; Operating profit increased 76% to US$1.1 billion; Net profit was 8$2.7 billion, an increase of 87% over the same period last year.
It is worth mentioning that in 2023, KFC's total revenue will be about 82400 million US dollars, Pizza Hut's total revenue is about 22US$500 million, the two together account for 95% of Yum China's total revenue5%。
As of December 31, 2023, the total number of Yum China stores reached 14,644. Among them, the number of KFC stores reached 10,296, and the number of Pizza Hut stores reached 3,312, and the company expects to reach the goal of 20,000 stores in 2026.
Haidilao: Revenue in 2023 will exceed 41.4 billion yuan
On February 20, Haidilao International Holdings *** referred to as "Haidilao", *6862HK) issued a positive profit alert. According to the announcement, as of December 31, 2023, Haidilao's annual revenue from continuing operations is expected to be no less than RMB 4140 billion yuan, with an increase of not less than 333%。
Compared to 16 in 2022With a net profit of 400 million yuan (excluding Tehai International Business), Haidilao's net profit in 2023 will not be less than RMB 440 billion yuan, an increase of nearly 2 percent compared with 202268 times. Compared with the operating income and net profit data in 2019, the revenue and net profit in 2023 are expected to increase by no less than 659% and 718%, the increase is mainly due to the expansion of Haidilao's restaurant network.
The announcement also pointed out that the reason for the further growth on the basis of net profit in 2022 is the increase in the turnover rate and operational efficiency of Haidilao restaurants.
Luckin Coffee: The revenue in 2023 will be about 24.9 billion yuan, and the number of stores will exceed 160,000
On February 23, Luckin Coffee announced its 2023 annual financial report. According to the financial report, Luckin's total net income in fiscal year 2023 is 24903.2 billion yuan (about 3.5 billion.)$07.5 billion), up from $132.2 in fiscal 20229.3 billion yuan, an increase of 873%；Net profit attributable to shareholders of the company for the same period was 284.8 billion yuan, a year-on-year increase of 48.8 billion yuan surged nearly 6 times.
At the Luckin Financial Report Conference, Guo Jinyi, Chairman and CEO of Luckin Coffee, believes that 2023 is a milestone year, in the face of fierce industry competition, Luckin Coffee has reached a new high in revenue by virtue of its unique business model, product innovation and scale advantages, and the overall profit level is healthy and controllable, which is in line with the company's expectations and strategic development direction.
By the end of 2023, Luckin has a total of 16,218 stores in China and 30 overseas stores in Singapore. In 2023, the number of new trading customers will exceed 95 million, and the average monthly trading customers will exceed 62 million.
Jiumaojiu: The revenue in 2023 will be about 59900 million yuan, net profit increased by more than 800%.
On February 22, Jiumaojiu Group (**hk.).09922) released its FY2023 earnings forecast, showing that its revenue and profit in FY2023 achieved year-on-year growth. In fiscal year 2023, Jiumaojiu Group's revenue will be about 59$85.9 billion, with revenue of 4005.7 billion yuan, a year-on-year increase of 494%。
Jiumaojiu Group said that the expected increase in revenue and profit in fiscal 2023 is mainly due to the expansion of the group's restaurant network. According to the report, the total number of restaurants operated by Jiumaojiu increased from 556 in 2022 to 726 in 2023. At the same time, same-store sales are also on the rise in 2023.
Jiumaojiu Group said that the company has recovered from the epidemic, and the number of operating days and turnover rate of the group's restaurants in fiscal year 2023 have increased, and the overall operational efficiency has also improved.
Quanjude: It is expected to achieve a net profit of 56 million yuan to 66 million yuan in 2023
On January 26, Quanjude (**002186) released its 2023 performance forecast. According to the forecast, Quanjude's net profit attributable to shareholders of listed companies in 2023 will be 56 million yuan to 66 million yuan, which not only achieves a turnaround, but also significantly exceeds the net profit level of 3 years ago.
Regarding the reasons for turning losses into profits, Quanjude said that on the one hand, thanks to the impact of the general environment, with the recovery of passenger flow, the consumption of the catering market in 2023 has been significantly released, and various favorable factors have been superimposed, and the catering market will usher in a recovery; On the other hand, Quanjude adheres to the main line of "integrity and innovation" of the time-honored brand, focusing on the annual budget target, grabbing revenue and creating efficiency through online and offline channels, so that the operating income and total profit have achieved a substantial year-on-year growth.
Tongqing Building: The estimated net profit is 27278930,000 yuan to 32023100,000 yuan
On January 26, Tongqinglou (**605108) released a 2023 performance forecast saying that it is expected to have a net profit of 27,278 in 2023930,000 yuan to 32023100,000 yuan, a year-on-year increase of 19145% to 24213%；The net profit attributable to owners of the parent company after deducting non-recurring gains and losses for the year 2023 is 22,964460,000 yuan to 26,958280,000 yuan, compared with the same period last year, a year-on-year increase of 20807% to 26165%。
As for the reasons for the growth of performance, Tongqinglou said that the company uses the natural advantages of Tongqinglou as a catering and gourmet brand, extends the industrial chain, vigorously develops the food business, and builds the competitive advantage of Tongqinglou food based on the Chinese time-honored catering brand + many offline large-scale catering stores + many chefs' R&D strength. The three businesses of catering, hotel and food drive each other and promote each other, forming the company's "three-wheel drive" development strategy.
Xi'an Catering: Revenue in 2023 will increase by 50% year-on-year52%-71.13%
On January 26, Xi'an Catering (**000721) released its 2023 annual performance forecast. According to the announcement, revenue is expected to increase by 50% year-on-year in 202352%-71.13% to 77 billion yuan-83 billion yuan, a year-on-year decrease of 3768%-55.29% to 99 million yuan-13.8 billion yuan.
Xi'an Catering said that it is expected that the net profit attributable to shareholders of listed companies in the reporting period will be negative, and the loss will be significantly reduced compared with the same period last year, mainly due to the effectiveness of market development, a significant year-on-year increase in operating income, and continuous improvement in operation.
Summary
According to the latest data recently released by the National Bureau of Statistics, the national catering revenue in 2023 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%。
Since 2023, China's economy has been steadily improving, and the catering industry has gradually recovered under the continuous stimulation of market demand, and many listed catering companies have also seized the opportunity to achieve performance growth.
Entering 2024, the pace of recovery of the catering industry has not stopped. During the Spring Festival in the Year of the Dragon, the consumer market continued to pick up, and the Spring Festival gathering drove the consumption of catering hot. Beijing, Shanghai, Tianjin, Guangzhou, Sichuan, Jiangsu, Henan and other catering markets ushered in new growth; Haidilao, Hey Tea, Nai Xue's Tea, Tianlala, Xiabu Group and other catering brands have also ushered in a good start to consumption in the Year of the Dragon.
However, it is worth noting that in the process of consumption recovery, uncertainties still exist. When talking with most of the catering people, I learned that in the past year, many catering people's expectations have not come as promised, and market predictions and consumer confidence have not come to the fore.
Looking forward to 2024, this will still be a year of challenges and opportunities, and the domestic catering market will most likely still be turbulent, and recovery is still on the way.