汇丰银行-中国-餐饮行业-中国餐饮：火锅及调味品——四大行业领导者研究-2019.5-75页.pdfVIP免费

www.research.hsbc.comDisclosures&Disclaimer:ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.EquityResearchReportFood&BeverageMay2019By:KatharineSong(S1700517120001)ChinaCatering–HotpotandcondimentsComingtotheboil–initiateonfourindustryleadersHotpot,oneofChina’ssignaturedishes,isthefastest-growingcuisineinthecountryWeshowhowtheleaderscanexpandtheirrestaurantchainsandtheirprofitsinafragmentedhotpotmarketWepreferHaidilao(initiateatBuy),thebiggestChinesecuisinecompanyintheworld.InitiatewithBuyonXiabuxiabuandHoldsonYihaiInternationalandFulingZhacaiSPOTLIGHT1Equities●Food&BeverageMay2019EveryoneloveshotpotIt’saquintessentiallyChinesesocialphenomenon–family,friendsorofficecolleaguessamplingthedelightsofacommunalspicyhotpotinapackedrestaurant.HotpotisoneofChina’ssignaturedishesand,unlikemanyothertypesofChinesecuisine,isavailableinjustabouteverycityandtowninChina.It’salsoabigbusinessopportunity–hotpotisthefastestgrowingsectorinthecountry’scateringmarket.Thisreportlooksatboththehotpotrestaurantindustryandtherelatedbusinessofthetastycondimentsthatgointothebroth.Weinitiatecoverageonfourleadingcompanies.Haidilaoisclassicstoryofhowasmallrestaurant-ownerbecameaUSdollarbillionaire.BilledasthebiggestChinesecuisinecompanyintheworld,thisrapidlyexpandinghotpotchainnowruns466restaurantsinChinaandhasoutletsinSingapore,Korea,JapanandtheUS.Xiabuxiabu,anotherleadinghotpotcompany,has934restaurantswithafocusonnortheasternChinaandmoreofafast-foodfeel.Yihaiisthesecond-largesthotpotcondimentmanufacturer,FulingZhacaiisthelargestprocessorofpickledfoodinChina.Wethinkgreaterscaleandstrongsupplychainsarethekeystosuccessasthemarketconsolidates.Whyreadthisreport?Hotpot,oneofChina’ssignaturedishes,isthefastest-growingcuisineinthecountry.ThisalsobenefitscondimentcompaniesWeshowhowtheleaderscanexpandtheirrestaurantchainsandtheirprofitsinafragmentedhotpotcateringmarketWeexplainwhywepreferHaidilao,th...