Lyon: Maintain "outperform" rating on HAIDILAO (06862) with target price lowered to HK$14.3.
Haidilao admits the need to lower the staff expense ratio to increase the restaurant profit margin.
Lyon released a research report stating that it maintains a "outperform market" rating for HAIDILAO (06862), and has lowered the target price from 14.6 Hong Kong dollars to 14.3 Hong Kong dollars. HAIDILAO admits the need to reduce employee expenses ratio to improve restaurant profit margins.
The company has once again confirmed its store opening target and plans to open 40 to 50 new HAIDILAO stores in the second half of the year, with 4 to 10 of them being franchised stores. The bank points out that developing the new barbecue brand "Yanqing BBQ Shop" is a major measure by the newly appointed CEO. Lyon also mentioned that due to higher-than-expected employee expense ratios, HAIDILAO's net profit forecast for 2024 to 2026 has been lowered by 3% to 5%, and EBITDA forecast has been reduced by 2% to 11%.
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