证券研究报告·海外公司点评·旅游及消闲设施(HS) 达势股份（01405.HK） 2023 年业绩预告点评：业绩超预期，看好中 2024 年 03月 05日 长期成长性 证券分析师 孙瑜 买入（维持） 执业证书：S0600523120002 suny@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2021A 2022A 2023E 2024E 2025E 证券分析师 李昱哲 执业证书：S0600522090007 营业总收入（百万元） 1,611 2,021 3,010 3,932 5,147 liyzh@dwzq.com.cn 同比 45.9% 25.4% 48.9% 30.6% 30.9% 归母净利润（百万元） -471 -223 -29 35 150 股价走势 同比 - - - 181.6% 76.4% 达势股份 恒生指数 EPS-最新摊薄（元/股） -3.62 -1.71 -0.22 0.27 1.15 P/E（现价&最新摊薄） - - - 201 47 54% 45% 36% [关Ta键bl词e_：Ta#g业] 绩超预期 #产能扩张 27% 18% 9% [Table_ ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][7]. Core Insights - The company forecasts a revenue of no less than 3 billion yuan for 2023, representing a year-on-year growth of at least 48%, with a net loss attributable to shareholders not exceeding 29 million yuan, marking a reduction in losses of no less than 87% [2]. - The company opened a net of 180 new stores in 2023, accelerating its expansion pace compared to 2022 [2]. - The performance of new stores in emerging markets is strong, leading to improved operational efficiency and profitability [2]. - The company expects a significant improvement in profitability in the second half of 2023, with adjusted net profit projected to be no less than 25.45 million yuan, translating to an adjusted net profit margin of approximately 1.6% [2]. - The company is positioned as a pizza expert, with a focus on fresh dough and a high degree of customization, which enhances its competitive edge [2]. - The brand benefits from being the largest international pizza brand in terms of store count, with a strong emphasis on its own membership system [2]. Financial Summary - Revenue is projected to grow from 3 billion yuan in 2023 to 5.225 billion yuan by 2025, with a compound annual growth rate (CAGR) of approximately 33.12% [5]. - The adjusted net profit is expected to turn positive by 2024, reaching 14 million yuan, and further increasing to 149 million yuan by 2025 [5]. - The company’s return on equity (ROE) is projected to improve from -3.09% in 2023 to 13.39% by 2025 [5].

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Insights - The company's performance forecast meets expectations, with store expansion and efficiency optimization leading to accelerated profitability [3]. - The company anticipates total revenue of at least RMB 3 billion in 2023, representing a year-on-year growth of no less than 48% [3]. - The adjusted net profit for 2023 is expected to be at least RMB 8 million, indicating a turnaround from previous losses [3]. Financial Summary - Revenue growth from 2020 to 2025 is projected as follows: RMB 1,104 million (2020), RMB 1,611 million (2021), RMB 2,021 million (2022), RMB 3,007 million (2023E), RMB 4,007 million (2024E), and RMB 5,224 million (2025E), with respective growth rates of 32.0%, 45.9%, 25.4%, 48.8%, 33.3%, and 30.4% [1]. - Gross profit is expected to increase from RMB 794 million in 2020 to RMB 3,788 million in 2025 [1]. - The company projects a narrowing net loss from RMB 274 million in 2020 to a profit of RMB 39 million by 2025 [1]. Business Growth Drivers - The company plans to expand its store network from 588 stores at the end of 2022 to 768 stores by the end of 2023, adding 180 new stores [3]. - New market openings in cities like Wuhan, Jinan, and Chengdu have shown strong sales performance, breaking global sales records for the first 30 days [3]. - Operational efficiency improvements at both the store and corporate levels are expected to enhance profit margins [3].

智通财经APP讯，达势股份(01405)发布公告，预期集团将取得：2023财年总收益不少于人民币30亿元 (单位下同)，较截至2022年12月31日止年度(2022财年)约20.208亿元同比增长不少于48%;2023财年公司 股权持有人应占净亏损不高于2900万元，较2022财年约2.23亿元净亏损减少不少于87%;及经调整净利润 (非国际财务报告准则计量)不少于800万元，而2022财年则取得经调整净亏损(非国际财务报告准则计量) 约1.14亿元。 董事会认为，集团于2023财年的强劲经营业绩主要归因于：公司扩大门店网络，门店总数由2022年12月 31日的588家增加至2023年12月31日的768家;于2023财年，现有门店的收益持续增长，而新增长市场的 新店销售表现强劲;及于2023财年，门店层面及公司层级的运营效率均有所提高，进一步提升了公司的 利润率。 ...

Revenue and Growth - Revenue for the six months ended June 30, 2023, was RMB 1,376.37 million, representing a 51.5% increase compared to RMB 908.79 million for the same period in 2022[9]. - Total revenue for the six months ended June 30, 2023, was RMB 1,376.4 million, a 51.5% increase from RMB 908.8 million in the same period of 2022[20]. - Revenue for the six months ended June 30, 2023, reached RMB 1,376,370 thousand, a significant increase from RMB 908,789 thousand in the same period of 2022, reflecting a growth of approximately 51.5%[145]. - Revenue from new growth markets rose by 88.7% to RMB 620.9 million, contributing 45.1% of total revenue[26]. Store Expansion and Operations - The number of stores increased to 672 as of June 30, 2023, up from 508 in the same period last year, marking a growth of 32.3%[14]. - The company plans to continue expanding its presence in new growth markets, with a total of 341 stores in these areas as of June 30, 2023, up from 225 a year earlier[14]. - The number of new stores opened in the first half of 2023 was 84, with 19 in mature markets (Shanghai and Beijing) and 65 in new growth markets[22]. - The company has successfully opened 24 stores in six new cities, with six of these stores ranking among the top 30 in global sales within the first 30 days[20]. - The company plans to open approximately 180 new stores in 2023, with 20 already opened and 28 under construction as of August 20, 2023[23]. Financial Performance - EBITDA for the six months ended June 30, 2023, was RMB 257.42 million, an increase of 86.1% from RMB 138.34 million in the same period of 2022[9]. - The adjusted net loss for the six months ended June 30, 2023, was RMB 17.45 million, compared to an adjusted net loss of RMB 68.87 million for the same period in 2022[9]. - The group recorded a net profit of RMB 8.8 million for the six months ended June 30, 2023, compared to a net loss of RMB 95.5 million for the same period in 2022[49]. - The net profit attributable to equity holders for the six months ended June 30, 2023, was RMB 8,751,000, a significant recovery from a loss of RMB (95,475,000) in the same period of 2022[109]. - The company reported a total comprehensive income of RMB 52,470,000 for the six months ended June 30, 2023, compared to a loss of RMB (124,690,000) in the same period of 2022[111]. Membership and Customer Metrics - Membership increased to 10.9 million as of June 30, 2023, up from 7.0 million a year earlier, reflecting a growth of 55.7%[17]. - Same-store sales growth was 8.8% for the six months ended June 30, 2023, compared to 13.9% for the same period in 2022[17]. - Average daily sales per store in the six new cities opened in 2023 was RMB 46,660, with an expected payback period of less than 12 months for these stores[20]. - Average daily sales per store in new growth markets increased by 30.0%, driven by an increase in average daily order volume from 100 to 134[29]. Cost and Expense Management - Raw material and consumable costs rose to RMB 380.4 million in the first half of 2023, a 53.9% increase from RMB 247.2 million in the same period of 2022, accounting for 27.6% of total revenue[32]. - Employee compensation expenses increased to RMB 545.8 million in the first half of 2023, up 62.0% from RMB 336.9 million in 2022, representing 39.7% of total revenue[34]. - Rent expenses grew to RMB 139.4 million in the first half of 2023, a 32.5% increase from RMB 105.2 million in 2022, accounting for 10.1% of total revenue[38]. - Advertising and promotional expenses rose to RMB 81.1 million in the first half of 2023, a 50.5% increase from RMB 53.9 million in 2022, maintaining a stable percentage of total revenue[43]. Cash Flow and Financial Position - Cash and cash equivalents increased by 89.1% to RMB 1,028.9 million as of June 30, 2023, from RMB 544.2 million as of December 31, 2022[55]. - The operating cash inflow for the six months ended June 30, 2023, was RMB 174.8 million, compared to RMB 167.6 million for the same period in 2022[55]. - The total cash and cash equivalents at the end of the period reached RMB 1,028,891,000, compared to RMB 576,944,000 at the end of June 2022, marking an increase of 78.3%[120]. - The company's debt-to-equity ratio improved to approximately 9.5% as of June 30, 2023, a decrease of 17.1 percentage points from 26.6% on December 31, 2022[58]. Shareholder and Corporate Governance - The company raised approximately HKD 499.9 million (equivalent to about RMB 437.8 million) during the global offering, with no funds utilized as of June 30, 2023[77]. - 90% of the raised funds, amounting to HKD 450 million, is allocated for expanding the store network, with an expected full utilization by December 31, 2025[78]. - The company has adopted corporate governance principles and has complied with all applicable corporate governance code provisions since its listing[69]. - The company did not declare an interim dividend for the six months ended June 30, 2023[70]. Employee and Labor Relations - The company had 4,805 full-time employees as of June 30, 2023, an increase from 3,916 on December 31, 2022, with 93.1% of them in store development and operations[63]. - The company had 13,725 part-time employees as of June 30, 2023, compared to 10,616 on December 31, 2022[66]. - The company has not encountered any significant labor disputes or difficulties in recruiting employees during the reporting period[66]. Accounting and Compliance - The company is evaluating the impact of new accounting standards and interpretations that will take effect in future periods, including IFRS 1 and IFRS 16 revisions[131]. - The company has applied IFRS 15 for revenue recognition, with all contracts having a duration of one year or less, ensuring compliance with international standards[147].

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 1,376,370, an increase of 51.5% compared to RMB 908,789 for the same period in 2022[2] - The company reported a profit attributable to owners of RMB 8,751 for the six months ended June 30, 2023, a significant turnaround from a loss of RMB 95,475 in the same period last year[2] - The group recorded a net profit of RMB 8.8 million for the six months ended June 30, 2023, compared to a net loss of RMB 95.5 million for the same period in 2022[30] - The company achieved a profit attributable to equity holders of RMB 8,751 thousand for the six months ended June 30, 2023, compared to a loss of RMB 95,475 thousand in the same period of 2022[76] - The diluted earnings per share for the period was RMB 0.07, a recovery from a loss of RMB 1.00 per share in the same period last year[52] Store Operations and Expansion - The number of stores operated in mainland China as of June 30, 2023, was 672, up from 508 a year earlier, indicating strong market expansion[7] - The company opened 84 new stores in the first half of 2023, with a total of 672 stores as of June 30, 2023[11] - The company plans to open approximately 180 new stores in 2023, with 20 already opened and 28 under construction as of August 20, 2023[10] - The number of cities with stores increased to 20 as of June 30, 2023, up from 12 a year earlier, showcasing the company's market expansion efforts[3] Membership and Customer Base - Membership numbers increased to 10.9 million as of June 30, 2023, up from 7.0 million a year earlier, reflecting a growing customer base[6] Profitability and Efficiency - Store-level operating profit reached RMB 186,289, representing a significant increase of 123.6% from RMB 83,325 in the previous year[2] - Store-level EBITDA for the six months ended June 30, 2023, was RMB 257,421, an increase of 86.1% from RMB 138,338 in the previous year[2] - Adjusted EBITDA for the same period was RMB 127,022, representing a 128.6% increase compared to RMB 55,575 in 2022[2] - The store-level EBITDA margin improved to 18.7% from 15.2% in the previous year, indicating enhanced operational efficiency[2] Revenue Breakdown - Revenue from mature markets (Beijing and Shanghai) increased by 30.3% to RMB 755.4 million, contributing 54.9% of total revenue[11] - Revenue from new growth markets rose by 88.7% to RMB 620.9 million, accounting for 45.1% of total revenue[11] - The average daily sales per store in new growth markets reached RMB 46,660, with an expected payback period of less than 12 months for the 24 new stores opened[8] Cost and Expenses - Raw material and consumable costs increased by RMB 133.2 million or 53.9% to RMB 380.4 million, accounting for 27.6% of total revenue, compared to 27.2% in the previous year[16] - Employee compensation expenses rose by RMB 208.9 million or 62.0% to RMB 545.8 million, representing 39.7% of total revenue, up from 37.1% in the same period last year[17] - Rent expenses increased by RMB 34.2 million or 32.5% to RMB 139.4 million, with rent expenses accounting for 10.1% of total revenue, down from 11.6%[21] - Advertising and promotional expenses increased by RMB 27.2 million or 50.5% to RMB 81.1 million, maintaining a stable percentage of total revenue[25] Financial Position - Cash and cash equivalents increased by 89.1% to RMB 1,028.9 million as of June 30, 2023, from RMB 544.2 million as of December 31, 2022[34] - The current ratio improved to 1.38 as of June 30, 2023, compared to 0.87 as of December 31, 2022[34] - The debt-to-equity ratio decreased to approximately 9.5% as of June 30, 2023, down from 26.6% as of December 31, 2022[35] - The company’s total equity increased to RMB 2,108,970 as of June 30, 2023, compared to RMB 753,125 at the end of 2022, showing a substantial growth in shareholder equity[55] Employee Statistics - The company employed 4,805 full-time employees as of June 30, 2023, an increase from 3,916 full-time employees as of December 31, 2022, representing a growth of about 22.6%[39] - The majority of full-time employees, 93.1%, are engaged in store development and operations, totaling 4,474 employees[40] - The company had 13,725 part-time employees as of June 30, 2023, up from 10,616 part-time employees as of December 31, 2022, reflecting a growth of approximately 29.8%[40] Tax and Compliance - The income tax expense increased from RMB 9.7 million for the six months ended June 30, 2022, to RMB 19.3 million for the same period in 2023[30] - The company’s effective corporate income tax rate in mainland China is 25%, with certain subsidiaries qualifying for a reduced rate of 5% on taxable income[74] Other Information - The company did not engage in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2023[37] - The company has not proposed an interim dividend for the six months ended June 30, 2023[44] - The company has no plans for significant investments or capital assets as of June 30, 2023[43]