The Zhitong Finance App learned that Bank of America Securities released a research report stating that it lowered the target price of Haidilao (06862) from HK$13 to HK$12.3, and that the bank lowered Haidilao's earnings forecast per share for 2026 and 2027 by 4%, reaffirming the “neutral” rating. Bank of America pointed out that Haidilao's performance in the first half of the year was generally in line with expectations, with revenue rising 8% year-on-year. Restaurant revenue fell 4% year-on-year, same-store sales fell 1.3%, and net profit remained roughly the same. The company's interim dividend payout ratio is about 100%, up from 95% in the same period last year and 82% in the second half of last year.

The bank said that Haidilao's turnover rate in July was basically the same year over year, but there was an improvement from month to month, and it is expected to remain stable in the second half of the year. However, profit margins in the second half of the year are expected to face headwinds due to increased franchising, takeout, and sub-brand contributions. The bank expects the net profit margin to continue to shrink in the second half of the year, but the margin is narrower than in the first half of the year, and net profit is expected to record lower unit growth.

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