Core Viewpoint - The company is expected to achieve significant profit growth in the first half of 2025, driven by supply chain efficiency, effective pricing strategies, and an increase in self-sourcing [1][2]. Revenue Growth Drivers - Same-store sales are projected to increase due to the introduction of new meal packages that boost sales during off-peak seasons, with an expected mid-high single-digit growth in same-store sales [1][2]. - The company is on track to open 1,000 new stores in 2025, with a steady expansion plan and successful new store signings [2]. - The 2B revenue segment is anticipated to grow rapidly, contributing to overall revenue growth as production capacity is released [2]. Profitability and Margin Improvement - The core operating profit is expected to rise to between 180-210 million yuan, with a projected increase in core operating profit margin exceeding 1 percentage point compared to the previous year [2]. - The improvement in profitability is attributed to a higher proportion of self-sourcing and the release of scale effects on the cost side [2]. Strategic Focus and Growth Potential - The company is committed to its "community central kitchen" strategy, expanding its food solutions across various scenarios, including home-cooked meals and late-night snacks [3]. - The focus on high-cost performance products and the development of new store models are expected to enhance customer acquisition and improve store efficiency [3]. - The company aims to cover all meal scenarios throughout the day, providing long-term growth momentum [3]. Earnings Forecast and Valuation - The adjusted net profit forecasts for 2025-2027 have been raised by 14.1%, 23.8%, and 39.7% to 410 million, 530 million, and 680 million yuan respectively [3]. - The target price has been increased by 79.2% to 4.3 HKD, reflecting a clear turning point in profitability and solidifying supply chain barriers [3].
锅圈(2517.HK)：1H25同店增长亮眼 盈利能力快速提升