Investment Rating - The report maintains a "BUY" rating for DPC Dash with a target price of HK$73.05, reflecting a potential upside of 25.2% from the current price of HK$53.50 [6][8][17]. Core Insights - DPC Dash's FY23 results were in line with expectations, showing a 51% year-on-year revenue growth to RMB 3.1 billion, driven by strong same-store sales growth (SSSG) and increased sales per store in new growth markets [2][9]. - The company is optimistic about FY24E, expecting continued positive SSSG despite challenges such as a high base from FY23 and seasonal factors affecting sales [2][9]. - The management has reiterated its store opening plan, targeting 240 new stores in FY24E, with a more positive outlook for FY25E-26E, aiming for 300 to 350 new stores [9][10]. Financial Summary - Revenue is projected to grow from RMB 3,051 million in FY23A to RMB 4,118 million in FY24E, representing a 35% year-on-year increase [3][10]. - The adjusted net profit margin is expected to improve to 1.3% in FY24E, with net profit projected to turn positive at RMB 15 million [3][10]. - The company’s gross profit margin is forecasted to remain stable at around 72.6% for FY24E [10][11]. Sales and Growth Projections - DPC Dash's sales per store in Beijing and Shanghai are expected to grow by 3% and 5% respectively, while new growth markets are anticipated to see higher growth rates [2][10]. - The company has seen strong initial sales in new cities, with first-month sales exceeding RMB 5 million in locations like Xi'an and Changsha [2][9]. - The delivery mix in new growth markets remains low at 42%, indicating potential for future growth in SSSG [2][9]. Valuation Metrics - The report indicates that DPC Dash is currently trading at 1.5x FY24E P/S, which is higher than the peer average of 1.3x, but still considered attractive due to a projected 32% sales CAGR from FY23 to FY26E [2][6][13]. - A DCF valuation method supports a share price estimate of HK$73.14, aligning closely with the target price based on P/S multiples [17][18].

股 票 研 究 [Table_industryInfo] 社会服务业 [ Table_Main[达I Tnaf 势bol]e 股_Ti份tle]（ 1405） [评Tab级le_：Inv est] 增持 当前价格（港元）： 53.50 新增长市场表现亮眼，门店扩张有望提速 2024.03.28 海 ——达势股份2023 年报点评 [ 交Ta易bl数e_M据a rket] 外 刘越男(分析师) 宋小寒(研究助理) 52周内股价区间（港元） 43.00-74.70 当前股本（百万股） 130 公 021-38677706 010-83939087 当前市值（百万港元） 6,968 司 liuyuenan@gtjas.com songxiaohan026736@gtjas.co 证书编号 S0880516030003 mS0 880122070054 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 业绩符合预告，门店经营利润率提升，门店扩张有望提速。 国 达势股份 恒生指数 香 63% 摘要： 港 45% [T able维_S持um增m持ar评y] 级。考虑公司上调2025-2026 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [2][7]. Core Views - The company's revenue for 2023 reached 3.05 billion RMB, representing a growth of 51.0% year-on-year, with an adjusted net profit of 8.78 million RMB, marking a turnaround from losses [2]. - Key drivers for revenue growth include new market expansion, store openings, and increased orders. By the end of 2023, the company had expanded to 29 cities with a total of 768 stores, a 30.6% increase [2]. - Same-store sales increased by 8.9%, with average daily sales per store at 12,580 RMB, up 9.9% [2]. - The company plans to open approximately 240 new stores in 2024 and has already opened 55 new stores as of March 22, 2024 [2]. Financial Summary - Revenue for 2022 was 2.02 billion RMB, and it is projected to reach 3.98 billion RMB in 2024, with a growth rate of 30.57% [5]. - The adjusted net profit is expected to improve significantly from -79 million RMB in 2024 to 264 million RMB in 2026, reflecting a growth rate of 147% [5]. - The adjusted EBITDA margin for 2023 was 9.9%, an increase of 3.0 percentage points [2]. - The company’s operating profit margin improved to 13.8% in 2023, up 3.7 percentage points [2]. Operational Efficiency - The company has improved its operational efficiency, with employee compensation as a percentage of revenue decreasing to 26.9% in 2023, down 0.7 percentage points [2]. - Marketing expenses as a percentage of revenue also decreased to 5.2%, down 0.6 percentage points [2]. - Rental expenses as a percentage of revenue fell to 10.1%, benefiting from revenue growth and improved negotiation capabilities [2].

Revenue and Growth - Revenue for the year ended December 31, 2023, was RMB 3,050,715 thousand, representing a 51.0% increase from RMB 2,020,789 thousand in 2022[2] - Total revenue for the fiscal year 2023 reached RMB 3,050.7 million, a year-on-year increase of 51.0% from RMB 2,020.8 million in 2022[6] - Total revenue for 2023 reached RMB 3,050.7 million, a 50.9% increase from RMB 2,020.8 million in 2022[12] - The group's revenue for the year ended December 31, 2023, was RMB 3,050,715 thousand, an increase from RMB 2,020,789 thousand in 2022, representing a growth of approximately 50.9%[64] Store Expansion and Operations - The number of stores in Beijing and Shanghai increased to 351 as of December 31, 2023, up from 312 as of December 31, 2022[4] - The company expanded into 29 cities by December 31, 2023, compared to 16 cities at the end of 2022[4] - The company opened a net total of 180 new stores in 2023, bringing the total number of stores to 768 across 29 cities by December 31, 2023[6] - Average daily sales per store in newly entered cities reached RMB 32,354, with an expected investment payback period of approximately 9 months[6] - The company plans to open approximately 240 new stores in 2024, with total capital expenditures expected to be around RMB 370 million[9] - The company plans to continue expanding its store network in China, leveraging its exclusive franchise rights until June 2027[58] Financial Performance - Adjusted EBITDA for the year was RMB 301,736 thousand, reflecting a substantial increase of 117.7% from RMB 138,618 thousand in 2022[2] - Adjusted EBITDA for the fiscal year 2023 increased by 117.7% to RMB 301.7 million, compared to RMB 138.6 million in 2022[8] - The adjusted net profit for the year was RMB 8,778 thousand, a turnaround from a loss of RMB 113,818 thousand in 2022[2] - The company achieved a positive adjusted net profit of RMB 8.8 million for the fiscal year 2023, a significant turnaround from an adjusted net loss of RMB 113.8 million in 2022[8] - The net profit before tax was RMB 2,275 thousand, a turnaround from a loss of RMB 200,883 thousand in the previous year[53] - The company recorded a net loss of RMB 26.6 million in fiscal year 2023, a significant improvement compared to a net loss of RMB 222.6 million in 2022[14] Cost and Expenses - Cost of materials and supplies rose by 52.2% to RMB 836.8 million, accounting for 27.4% of total revenue[16] - Employee compensation expenses increased by 50.1% to RMB 1,178.7 million, representing 38.6% of total revenue[17] - Rent expenses grew by 42.1% to RMB 307.7 million, constituting 10.1% of total revenue[20] - Depreciation of property and equipment increased by 31.9% to RMB 159.2 million, accounting for 5.2% of total revenue[21] - Advertising and promotional expenses for fiscal year 2023 were RMB 159.2 million, up RMB 42.4 million or 36.3% from RMB 116.8 million in 2022, driven by increased spending to enhance revenue[24] - Store operating and maintenance expenses rose to RMB 188.9 million in fiscal year 2023, an increase of RMB 59.1 million or 45.6% from RMB 129.8 million in 2022, primarily due to store network expansion[25] Cash Flow and Financial Health - The company's cash and bank balances increased by 87.2% to RMB 1,019.2 million from RMB 544.5 million on December 31, 2022, primarily due to net proceeds from a global offering in March 2023 and cash inflows from operating activities[34] - The company's operating cash inflow for the fiscal year 2023 was RMB 536.1 million, compared to RMB 298.2 million in the fiscal year 2022[34] - The current ratio as of December 31, 2023, improved to 1.19 from 0.87 on December 31, 2022, indicating better short-term financial health[34] - The company's debt-to-equity ratio decreased to approximately 9.5% as of December 31, 2023, down 17.1 percentage points from 26.6% on December 31, 2022, due to an increase in total equity from the global offering[36] Employee and Workforce - The total employee cost for the fiscal year 2023 was RMB 1,178.7 million, up from RMB 785.0 million in 2022[42] - The company employed 6,536 full-time employees as of December 31, 2023, a significant increase from 3,916 full-time employees in the previous year[40] Corporate Governance and Compliance - The audit and risk committee consists of two non-executive directors and three independent non-executive directors[48] - The company has adopted and complied with the corporate governance code since its listing date[45][46] - The company has confirmed compliance with the standard code for securities transactions by directors and relevant employees[46] Future Plans and Investments - A new central kitchen is planned to be opened in Wuhan in Q4 2024 to support operations in the central region, with capital expenditures estimated between RMB 20 million and RMB 25 million[9] - Approximately 90% of the net proceeds from the global offering are intended for expanding the store network, with plans to utilize these funds by December 31, 2025[51][52] - The remaining 10% of the net proceeds is allocated for general corporate purposes, also expected to be utilized by December 31, 2025[51][52] Dividends and Shareholder Returns - No final dividend recommended for the fiscal year ending 2023[44] - The company did not declare or pay any dividends for the year ended December 31, 2023, consistent with 2022[79]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has released a positive earnings forecast for 2023, expecting revenue of no less than 3 billion yuan, representing a year-on-year increase of 48.5%, and a net loss of no more than 29 million yuan [2][3] - The company is in a high momentum development phase, with significant growth potential in the rapidly expanding pizza market in China, projected to reach 77.1 billion yuan by 2027 [3] - The company plans to expand its store network significantly, with expectations to add 180, 240, and 300 new stores in 2023, 2024, and 2025 respectively, aiming for a total of 1,308 stores by the end of 2025 [3] Financial Performance Summary - Total revenue (in million yuan) is projected to grow from 2,021 in 2022 to 3,010 in 2023, with a year-on-year growth rate of 48.9% [2] - The adjusted net profit is expected to turn positive in the second half of 2023, with a projected revenue of no less than 1.62 billion yuan and an adjusted net profit of no less than 25.4 million yuan [3] - The company’s operating efficiency is improving, with expectations for the operating profit margin of new market stores to gradually align with mature markets [3] Market Data - The closing price of the stock is 60.25 HKD, with a market capitalization of approximately 7.84 billion HKD [6] - The price-to-book ratio is 3.71, indicating the market's valuation of the company's equity [6] Basic Data - The company has a total share capital of 130.07 million shares, with a net asset value per share of 16.23 HKD [7] - The debt-to-asset ratio stands at 45.97%, reflecting the company's financial leverage [7]

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]