颐海国际:经营调整逐步到位 复调龙头破局新生

浙商证券
11 Nov 2024

关联方营收占比降至低位,海底捞品牌红利延续1)公司初期依托海底捞门店扩张实现快速增长,后期第三方占比稳步提升。2013 至2017 年关联方收入占比保持在50%+,2017 年起第三方收入占比超过关联方并逐步提升,2023 至2024 年关联方占比稍有提升,系餐饮回暖以及速食收入受挫影响,单业务板块依旧延续第三方占比提升趋势。2024H1 第三方占比达66%,基本脱离对海底捞依赖。公司服务海底捞...

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