乡村基 投资者路演 ppt

CountryStyleCookingRestaurantChainNovember2013(NYSE:CCSC)InvestorPresentation1DisclaimerThesematerialshavebeenpreparedbyCountryStyleCookingRestaurantChainCo.,Ltd.(“CCSC”orthe“Company”)solelyforyourinformationandforyouruseandmaynotbecopied,reproduced,distributed,redistributedorpassedon,directlyorindirectly,toanyotherpersoninanymanner,orpublished,inwholeorinpart,foranypurpose.ThispresentationdoesnotconstituteanoffertosellorsolicitationofanoffertobuyoracquiresecuritiesofCCSCinanyjurisdictionoraninducementtoenterintoinvestmentactivity.Thispresentationcontainsforward-lookingstatements,includingstatementsaboutindustrydevelopmentandtheCompany’sfinancialorbusinessoutlook,strategyandmarketopportunity,andstatementsabouttheCompany’shistoricalresultsmaysuggesttrendsforitsbusiness.Thesestatementsareforward-lookingstatementswithinthemeaningoftheU.S.securitieslaws.Theseforward-lookingstatementsaremadeonly,andarebasedonestimatesandinformationavailabletotheCompany,asofthedateofthispresentation.Theseforward-lookingstatementsarenotguaranteesoffutureperformanceandaresubjecttorisks,uncertaintiesandassumptionsthataredifficulttopredictandbeyondtheCompany’scontrol.TheCompanyassumesnodutytoanddoesnotundertaketopubliclyupdateorreviseanyforward-lookingstatements.YouarecautionedthatactualresultsoftheCompanymaydiffermateriallyfromthosesetforthintheforward-lookingstatementshereinandfutureresultscouldmateriallydifferfromhistoricalperformance.2OverviewCapitalStructureBusinessAfast-growingquickservicerestaurantchaininChina,offeringdelicious,everydayChinesefoodtoChinesecustomerswhodesirefastandaffordablequalitymeals.Price@11/13/2013:$10.25MarketCap:$271.6mm52-WeekRange:$5.95-$11.26DilutedweightedaverageADSs:26.5mm1ADS=4CommonSharesMissionTobetheNo.1QSRchainbrandinChinaSelectedFinancialsQ3’13Revenue:$63.8mm,up19.5%y-o-yQ3’13Restaurant-levelOperatingMargin:18.6%Q3’13NetIncome:$4.4mm,comparedto$5.1mmQ3’13Non-GAAPNetIncome:$5.1mm,comparedto$5.7mmQ3’13AdjustedEBITDA:$8.6mm,comparedto$7.5mm31.CompanyOverview4AGrowingQSRChain-Presence&FocusedMarketsinChinaLeadingChineseQSRchaininSouthwesternChinaRegionalRestaurantPresenceRestaurantLocations020406080100120140160ChongqingSichuanOthermarkets482211694517967033124854714292422009201020112012Q3'1350.020.040.060.080.0100.0120.0140.0160.0180.0200.02009201020112012Q3'12Q3'1372.4113.0162.0190.852.063.8RobustGrowthRestaurantNumbersRestaurantSales(US$mm)GrowthRate:19.5%20082009201020112012201420164381131199256CAGR:38.1%6ExpansionStrategyStageIProvenmodeldominatingSouthWestChina200+stores500+stores1000+storesStageIIReplicatingsuccessfulmodeltootherChinaregionalmarketsStageIIINo.1QSRchainbrandinChina7DifferentiatingAdvantages–OurFood,Service&AmbienceAtypicalmealonaveragecosts~RMB16-26(~US$2.6-4.3)(1)On-sitecookingtooptimizecuisinetastesChineseflavortosatisfycustomersfoodpreferencewhilemaintainingstandardizationMenusetupconsistsof80%standardbest-sellers,20%rotatedseasonal&well-selectedlocaldishestailoredforeachcity60secondstypicaltimetodeliverthefinisheddishtocustomersApleasantandcomfortablediningexperienceNote：(1)ExchangerateasofSeptember30,20138AnOptimalStoreModel-CSCTotalarea:300-350sqmTotalseats:120-170Totalstaff:~26including~5cooksExpectedmonthlytraffic:~38,000Expectedramp-upperiod:9~12monthsNote:(1)Store-levelOperatingMargin=(Revenue-CostaboveSG&Aline)/RevenueExpectedstore-leveloperatingmargin(1)inChongqing/Chengdu:20%/10%,respectivelyAverageCAPEX:~RMB1.2~1.5million9AnOptimalStoreModel–Mr.RiceTotalarea:250-300sqmTotalseats:110-150Totalstaff:~25including~4cooksExpectedmonthlytraffic:~37,000Expectedramp-upperiod:9~12monthsNote:(1)Store-levelOperatingMargin=(Revenue-CostaboveSG&Aline)/RevenueExpectedstore-leveloperatingmargin(1)inChongqing/Chengdu:22%/11%,respectivelyAverageCAPEX:~RMB0.8~1.2million102.InvestmentHighlights11InvestmentHighlights123456FavorableIndustryGrowthLeadingPositioninHomeMarketsHighCustomerLoyalty&StrongBrandRecognitionHighlyStandardized&ScalableBusinessModelMultipleGrowthOpportunitiesRefocusedCoreSeniorManagementTeam12FavorableIndustryGrowth1IncreasingDisposableIncome……andRapidUrbanization13,78612,59114,84915,78114,36816,94317,17515,74918,659ChinaChongqingChengdu200720082009(RMB/year/capita)44.9%48.3%53.5%45.7%50.0%54.4%47.5%51.6%55.2%ChinaChongqingChengdu200720082009(Urbanizationrate)StrongGrowthinQSRSectorinChina……whileAsianCuisineisPreferred357423471529588648200720082009201020112012Asiancuisine88%Non-Asiancuisine12%(By2009salesvalueinChinaQSRindustry)(RMBB)RobustgrowthintheChinaQSRsectorbringsustremendousgrowthopportunitySource:ChinaStatisticalYearbook,Euromonitor13LeadingPositioninHomeMarkets2Source:CCSCrestaurantnumbersbasedoncompanydataasofSeptember30,2013;peersrestaurantnumbersbasedonrespectiveofficialwebsitesasofNovember,2013.BynumberofrestaurantsinChongqingandSichuanWearealeadingChineserestaurantchaininourhomemarkets-SouthwesternChina234273116844314“ChinaUpandComers”Award“RecommendedDeliciousCuisineBrand”Award“TenMostPopularBrand”AwardHighCusto