Core Viewpoint - The restaurant industry has faced significant challenges over the past year, including product homogenization, price wars, and rising costs, leading to a sustained pressure on performance. However, Dashijia (01405), the exclusive franchisee of Domino's Pizza in mainland China, Hong Kong, and Macau, has successfully turned around its performance in FY2024, demonstrating resilience amid market turmoil [1][3]. Industry Overview - In 2024, China's total restaurant revenue is projected to reach 55,718 billion RMB, reflecting a growth of 5.3%, which is the lowest growth rate in the past decade excluding the pandemic impact. The number of restaurant openings and closures has both increased, with closures rising to 4.09 million and a closure rate of 61.2%, indicating intensified market competition [1]. Company Performance - Dashijia reported a significant turnaround in its financial performance for FY2024, achieving a revenue growth of 41.4% to 4.314 billion RMB and a net profit of 131.6 million RMB, marking a staggering year-on-year growth of 1,394.2%. The adjusted EBITDA also increased by 64.1% to 495.2 million RMB, with an EBITDA margin of 11.5% [3][4]. - The company has successfully expanded its store network, reaching a milestone of 1,008 stores across 39 cities in mainland China, with a net addition of 240 new stores in 2024. The new market revenue grew by 77.0% to 2.665 billion RMB, while existing market revenue increased by 6.8% to 1.650 billion RMB [6][7]. Market Position and Brand Strength - Dashijia has established itself as a leading brand in the pizza delivery market, ranking third in terms of store count within the Domino's global network and second in China's pizza sales. The company has maintained a strong brand presence through innovative product offerings and effective marketing strategies [8][9]. - The company has introduced over 100 new products since 2018, including regionally inspired pizzas, enhancing brand recognition and customer loyalty. The number of loyal members increased by 67.8% to 24.5 million, contributing to 64.5% of total revenue [9][10]. Future Outlook - The company is in a growth phase, with significant potential in lower-tier cities where pizza penetration remains low. The ongoing expansion and operational efficiency are expected to drive further revenue growth and enhance market valuation [11].
达势股份(01405)：实现盈利进入正循环，“4D战略”打造增长飞轮