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good and cheap, it is still popular in the catering industry. it depends on who can play it well.

text/daily capital

the king of chinese hotpot seems to be still "diving".

recently, haidilao international holding co., ltd. (hereinafter referred to as haidilao) announced its interim results as of june 30, 2024. in the first half of the year, it achieved revenue of 21.491 billion yuan, a year-on-year increase of 13.8%; core operating profit reached 2.799 billion yuan, an increase of 13% over the same period last year. affected by the change in net foreign exchange gains and losses and the cancellation of the preferential policy of vat deduction in mainland china, haidilao's net profit was 2.033 billion yuan.

at first glance, this is a good report card, but institutions have different opinions on haidilao. although fitch has raised haidilao's long-term issuer default rating (idr) from "bbb-" to "bbb" with a stable outlook, goldman sachs, cmb international, and china merchants securities have lowered haidilao's target price.

goldman sachs said that haidilao's store expansion rate in the first half of the year was slower than expected. based on the high base and weak consumer market, store efficiency has declined. the sustainability of the expected upward trend in turnover rate and business growth momentum will become the focus of investors in the second half of the year.goldman sachs lowers haidilao's profit forecast for 2024-2026 by 4% to 6%, to reflect the slowdown in store expansion and the weak overall consumer market, the target price was lowered from hk$15 to hk$13.7.