Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights strong performance in new growth markets, achieving annual profitability for the first time [1][3]. - The company reported a revenue of 2.04 billion yuan for the first half of 2024, representing a year-on-year growth of 48% [3]. - The adjusted net profit for the same period was 50 million yuan, with an adjusted net profit margin of 2.5%, an increase of 3.8 percentage points year-on-year [3]. - The report anticipates continued growth in store openings and sales, with a target of 240 new stores in 2024 and 300-350 stores in 2025-2026 [3]. Summary by Relevant Sections Financial Performance - Revenue for 1H24 was 2.04 billion yuan, up 48% year-on-year, with a gross margin of 72.7%, an increase of 0.3 percentage points [3]. - Adjusted EBITDA reached 230 million yuan, a year-on-year increase of 84%, with an EBITDA margin of 11.4%, up 2.2 percentage points [3]. - The company has maintained a strong same-store sales growth for 28 consecutive quarters, with a same-store revenue growth of 3.6% in 1H24 [3]. Store Expansion and Market Strategy - As of June 30, the total number of stores reached 914, with a net addition of 146 stores in 1H24 [3]. - The company has expanded into four new cities and plans to continue its aggressive expansion strategy [3]. - Membership growth has been significant, with a total of 19.4 million members, contributing 63.6% to revenue, an increase of 5.1 percentage points year-on-year [3]. Profitability and Cost Management - The report indicates a clear operating leverage effect, with a notable increase in profitability [3]. - The company’s adjusted net profit for 2024 is projected to be 110 million yuan, reflecting a year-on-year growth of 1203% [5]. - The report also provides updated revenue forecasts for 2024-2026, with expected revenues of 4.21 billion yuan in 2024, 5.28 billion yuan in 2025, and 6.76 billion yuan in 2026 [5].
达势股份：公司半年报点评：门店销售表现亮眼，盈利能力持续增强