Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in the next 6-12 months [1] Core Views - The company achieved a strong performance in 1H24 with revenue of RMB 2.04 billion, up 48% YoY, and a net profit of RMB 10.91 million, turning from a loss to profit [1] - The company's adjusted EBITDA reached RMB 230 million, an 84% increase YoY, indicating improved operational efficiency [1] - The company opened 146 new stores in 1H24, exceeding expectations and completing 61% of its annual store opening plan [1] - Same-store sales grew by 3.6% YoY, with daily sales per store reaching RMB 13,515, up 10.1% YoY, reflecting strong product and brand momentum [1] - The company's restaurant-level operating profit margin improved to 14.5%, up 1.0 percentage point YoY, driven by cost optimization and scale effects [1] Financial Performance - The company's revenue is expected to grow from RMB 4.28 billion in 2024E to RMB 6.95 billion in 2026E, with a CAGR of 28.01% [3] - Net profit is projected to increase from RMB 19 million in 2024E to RMB 199 million in 2026E, with a significant growth rate of 359.25% [3] - The company's adjusted net profit is forecasted to grow from RMB 110 million in 2024E to RMB 320 million in 2026E, with a CAGR of 95% [1] - The company's ROE is expected to improve from 0.91% in 2024E to 8.44% in 2026E, indicating enhanced profitability [3] Store Expansion and Operational Efficiency - The company expanded its store network to 914 stores by the end of 1H24, covering 33 cities, with 31 new stores opened and 29 under construction as of August 2024 [1] - The company's store-level operating profit margin improved to 14.5%, driven by cost control and scale effects, with key cost items such as raw materials and rent showing favorable trends [1] - The company's adjusted EBITDA margin increased to 11.4%, up 2.2 percentage points YoY, reflecting improved operational efficiency [1] Market Position and Growth Potential - The company holds a competitive advantage in the pizza category and is in a rapid store expansion phase, with strong growth potential in both existing and new markets [1] - The company's same-store sales growth and store-level profitability improvements demonstrate its ability to perform well even in a challenging market environment [1] - The company's expansion into new cities, such as Jiangmen, Taizhou, Jinhua, and Huizhou, is expected to further drive sales growth and market penetration [1]
达势股份：新市场表现亮眼，盈利能力持续改善