Core Viewpoint - The company, Dashijia, is the exclusive franchisee of Domino's Pizza in mainland China, Hong Kong, and Macau, and has undergone significant internal reforms since 2017, leading to rapid expansion and revenue growth. Group 1: Company Overview - Dashijia has expanded its store presence to 1,008 locations across 39 cities by the end of 2024, demonstrating a strong growth trajectory [1] - The company has achieved a compound annual growth rate (CAGR) of 41% in revenue from 2020 to 2024, with same-store sales maintaining positive growth for 30 consecutive quarters [1] Group 2: Market Position and Competitive Advantage - The global pizza market was valued at $53.886 billion in 2022, with the Chinese market at ¥37.5 billion, showing a CAGR of 6% and 9% respectively from 2016 to 2022, indicating a higher growth rate in China [2] - Domino's Pizza holds the largest market share globally at 33% in 2024, and has surpassed its competitor, Pizza Hut, in the Chinese market [2] - The company's competitive advantages include a unique pre-mixed flour recipe, a diverse product range, and a robust delivery network that ensures timely service [2] Group 3: Expansion Strategy and Sales Performance - The company is in a store expansion phase, planning to add 240 new stores in 2024, with a target of reaching 2,000 stores by 2027 and 3,000 by 2029-2030 [3] - The average sales per store are projected to decline by 7% in 2023 and 5% in 2024 due to new store openings and business restructuring, but a recovery is expected in the medium to long term [3] - The membership system is being refined, with an expected membership count of 24.5 million by the end of 2024, contributing significantly to revenue [3] Group 4: Profit Forecast and Investment Rating - The company is projected to achieve net profits of ¥1.29 billion, ¥1.96 billion, and ¥2.56 billion from 2025 to 2027, with growth rates of 133%, 53%, and 31% respectively [4] - The company is considered to have a favorable valuation, with a PEG ratio of 0.73x for 2025 and 1.21x for 2026, indicating potential for investment [4]
达势股份(01405.HK)：因市而谋 逆势扩张