Core Viewpoint - The report from Huachuang Securities highlights the resilience of Dashi Co., Ltd.'s store model under pressure, combined with the expectation of sustained rapid profit growth in the coming years, projecting net profits for 2025-2027 at 141 million, 247 million, and 345 million yuan respectively, with adjusted net profits at 191 million, 292 million, and 385 million yuan [1] Financial Performance - In the first half of 2025, the company achieved revenue of 2.59 billion yuan, a year-on-year increase of 27.0%; operating profit was 380 million yuan, up 28.0%; adjusted EBITDA reached 320 million yuan, growing by 38.3%; and adjusted net profit was 90 million yuan, reflecting a significant year-on-year increase of 79.6% [2] - The company added 190 new stores, bringing the total to 1,198, with a net increase of 6 stores in first-tier cities and 184 in emerging markets; same-store sales showed a slight decline of 1.0%, with average daily sales per store decreasing by 4.4% to 12,915 yuan [2] Store Expansion Strategy - The company estimates that there are approximately 40,000 pizza stores in the Chinese market, with the number of stores continuing to grow annually; currently, the company has only entered 48 cities with 1,198 stores, significantly lower than competitors like Pizza Hut, which operates in 900 cities with 3,864 stores [3] - The company plans to open around 300 new stores by 2025, balancing the expansion of existing markets with the entry into new cities, with 20%-30% of new stores planned for cities entered by the end of 2022 and 40%-50% for cities entered between the end of 2022 and 2025 [3] Store Performance and Resilience - The company demonstrates strong brand power, with new stores in recently entered cities achieving high initial sales, although sales normalize over time; for instance, a new store in Handan generated over 540,000 yuan in sales on its opening day [4] - The company has opened 64 stores in 15 new cities since December 2024, with 24 of these stores already achieving full cash recovery, indicating a strong competitive position with an average payback period of only 11 months [4] Profitability and Cost Management - The management is focused on long-term growth, having established a headquarters and factory capable of supporting thousands of stores, leading to a decrease in overhead costs; in the first half of the year, the ratio of headquarters personnel costs to revenue fell to 5.1%, with depreciation and amortization (D&A) costs at 1.1% and management expenses at 1.9% [5] - The adjusted net profit margin increased to 3.5% year-on-year, and the company is expected to benefit from economies of scale as store expansion continues, resulting in a faster growth rate of net profits compared to revenue in the coming years [5]
华创证券：维持达势股份(01405)“推荐”评级 目标价109.08港元