Investment Rating - The report maintains a "Recommended" rating for the company with a target price of HKD 67.38, compared to the current price of HKD 50.15 [1]. Core Insights - The company reported a revenue of RMB 3.05 billion for the fiscal year 2023, representing a year-on-year growth of 51%. In the second half of 2023, revenue reached RMB 1.674 billion, up 50.6% year-on-year. The adjusted net profit was RMB 8.78 million, recovering from a net loss of RMB 110 million in 2022 [1][2]. - The company opened 180 new stores in 2023, expanding into 13 new cities, bringing the total number of stores to 768 across 29 cities in mainland China by the end of 2023 [2]. - Same-store sales growth was strong at 8.9% during the period, with membership numbers increasing to 14.6 million from 8.6 million the previous year [2]. Financial Summary - Total revenue for 2023 was RMB 3,085 million, with a projected revenue of RMB 4,026 million for 2024, reflecting a growth rate of 31% [3]. - The adjusted net profit is expected to rise significantly, with projections of RMB 5 million for 2024 and RMB 138 million for 2025, indicating a growth rate of 118% and 2816% respectively [3]. - The company’s operating profit margin improved to 13.8% in 2023, up 3.7 percentage points from the previous year, with effective cost control across various expense categories [2].

达势股份（1405.HK）2023年度业绩点评 新市场成为增长驱动力量，经调整盈利迎来拐点 2024年03月29日 ➢ 事件：2024 年 3 月 27 日。达势股份（1405.HK）发布 2023 年度业绩， 推荐 维持评级 2023 年全年收入 30.51 亿元，yoy+51%；经调整净利润 878 万元，对应利润 当前价格： 50.15港元 率0.3%，上年同期经调整净亏损1.14亿元。2H 2023，公司实现收入16.74亿 元，yoy+51%；经调整净利润 0.26 亿元，对应利润率 1.6%，首次实现半年度 经调整层面利润转正。 [Table_Author] ➢ 新市场逐步成为增长驱动性力量，新门店表现亮眼。2023年公司进入13个 新城市，年末城市覆盖数达到29个，全年净增门店180家，其中北京及上海/新 市场分别净增 39/141 家；截止 2023 年末门店数达 768 家，北京及上海/新市 场分别为351/417家。2023年新增长市场收入增长102.9%达到15.06亿元， 占营收的49.4%；而北京及上海2023年收入增长20.8%达15.45亿元，占营收 的50.6%。新门店表现亮眼 ...

Investment Rating - The report maintains an "Outperform" rating for DPC Dash [11][15]. Core Insights - DPC Dash reported a revenue of RMB 3.05 billion for 2023, representing a 51% year-on-year increase. The company achieved its first positive adjusted net profit of RMB 0.1 million [10][15]. - The gross profit margin was 72.6%, a slight decrease of 0.2 percentage points year-on-year, while the adjusted EBITDA reached RMB 300 million, up 118% year-on-year, with an EBITDA margin of 9.9%, an increase of 3 percentage points [10][15]. - The new growth market revenue was RMB 1.51 billion, a significant increase of 103% year-on-year, contributing to 49% of total revenue [10][15]. Revenue and Growth - Revenue from Beijing and Shanghai was RMB 1.55 billion, up 21% year-on-year, with 39 new stores added [10][15]. - The company plans to open 240 new stores in 2024 and 300-350 stores in 2025-2026, adjusting its previous guidance upwards [10][15]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are RMB 4.09 billion, RMB 5.22 billion, and RMB 6.58 billion, respectively, with adjusted net profits expected to be RMB 0.43 billion, RMB 1.19 billion, and RMB 2.64 billion [10][15]. - The report values the company at 2 times the 2024 price-to-sales ratio, resulting in a target price of HKD 74.6 [10][15]. Store Operations - The total number of stores reached 768, with 187 new openings and 7 closures in 2023 [10][15]. - The company’s store operating profit margin improved to 13.8%, an increase of 3.7 percentage points year-on-year [10][15]. Membership Growth - The membership base surpassed 14.6 million, reflecting a growth of approximately 70% year-on-year [10][15].

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].