Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.064 billion yuan for H1 2024, representing a year-on-year increase of 6.4%, while the net profit attributable to shareholders was 72 million yuan, a decrease of 67.5% year-on-year [3] - The company is facing pressure on profit margins due to weak demand, with a net profit margin of 2.4% for H1 2024, down 5.36 percentage points year-on-year [3] - The company is adjusting its expansion strategy, lowering its store opening targets due to the complex external environment [4] Financial Summary - Total revenue (in million yuan) is projected to be 6,357 in 2024E, with a year-on-year growth of 6.2% [2] - The net profit attributable to shareholders is expected to be 180 million yuan in 2024E, reflecting a significant decrease of 60.4% year-on-year [2] - The latest diluted EPS is projected to be 0.13 yuan per share for 2024E, with a P/E ratio of 18 [2] Brand Performance - The brand "Tai Er" achieved a revenue of 2.248 billion yuan in H1 2024, with a store operating profit margin of 13.8%, down 7.5 percentage points year-on-year [4] - "Song Hot Pot" reported a revenue of 431 million yuan in H1 2024, with a store operating profit margin of 8.6%, down 5.1 percentage points year-on-year [4] - The company has seen a decrease in customer traffic and profitability across its brands due to external demand weakness [4] Store Expansion Strategy - The company has revised its store opening targets for the year, with "Tai Er" planning to open 80 new stores in mainland China, down from the original target of 80-100 [4] - "Song Hot Pot" plans to open 25 new stores, reduced from 35-40 [4] Profit Forecast - The company’s net profit forecasts for 2024, 2025, and 2026 are 180 million, 231 million, and 302 million yuan respectively, reflecting a downward adjustment due to ongoing operational pressures [5] - The dynamic P/E ratios for the company are projected to be 18, 14, and 11 for 2024, 2025, and 2026 respectively [5]
九毛九：2024H1业绩点评：业绩承压，审慎扩张静待改善