Group 1 - International investment bank, Lyon, upgraded the rating of Zhou Hei Ya International Holdings Limited to "highly confident outperform" with a target price increase from HKD 1.70 to HKD 2.30, corresponding to a forecasted PE of 20 times for 2026, close to its historical average of 20.5 times since listing [1] - Lyon emphasized that the market previously focused too much on the speed of store closures, neglecting Zhou Hei Ya's core competitive advantage—product strength [1] - The company plans to optimize its total number of stores to 3,031 by the second half of 2024, focusing on key business districts in first and second-tier cities and high-potential areas in lower-tier cities, significantly improving single-store efficiency [1] Group 2 - Zhou Hei Ya's gross profit margin is expected to increase by 4.4 percentage points year-on-year to 56.8% in 2024, primarily due to precise cost control during a downward cycle in raw material prices and product structure optimization [1] - The company anticipates maintaining a high gross profit margin of 55.5% in 2025, with operating leverage gradually becoming apparent [1] - Lyon forecasts a revenue growth of 6.2% for Zhou Hei Ya by 2026, with a 17% upward adjustment in net profit, projecting a compound annual growth rate (CAGR) of 42% for net profit from 2024 to 2027, potentially reaching RMB 281 million by 2027 [1] Group 3 - In 2025, Zhou Hei Ya plans to implement a series of strategic transformation measures, including store adjustments, product focus, brand upgrades, and channel diversification [2] - The company aims to strengthen its core advantages in duck products while enhancing product appeal through brand upgrades, and will continue to expand into supermarkets, convenience stores, new retail, and discount snack channels, creating a unique "restaurant + retail" dual-channel combination [2] - Lyon highlighted Zhou Hei Ya's competitive moat, which lies in its unique flavor, high quality control standards, and improved decision-making efficiency following the founder's return [2]
里昂上调周黑鸭评级 聚焦“产品+效率”打开盈利新空间