Investment Rating - The report has downgraded the investment rating to "Accumulate" [1][4] Core Views - The company reported a revenue of 2.54 billion yuan for H1 2024, a year-on-year decrease of 1.9%, and a net loss attributable to shareholders of 435 million yuan, compared to a net profit of 66 million yuan in H1 2023 [2][3] - The company continues to expand its direct stores, with a total of 1,597 stores by the end of H1 2024, net adding 23 stores during the year. However, some store closures have led to impairment losses [3][4] - The average transaction value per store decreased by 15.1% to 27.5 yuan, and daily order volume per store dropped by 26.8% to 265.9 orders, indicating pressure on store revenue [3][4] - The bottled beverage segment showed steady growth, with revenue of 172 million yuan, up 9.6% year-on-year, and the franchise business grew significantly by 223% to 268 million yuan [3][4] Financial Summary - The total revenue forecast for 2024-2026 has been revised down to 4.69 billion, 5.85 billion, and 6.27 billion yuan respectively, with year-on-year changes of -9.2%, +25%, and +7% [4][11] - The net profit forecast for 2024-2026 has been adjusted to -650 million, 101 million, and 161 million yuan, with corresponding year-on-year changes of -6.5 billion, +116%, and +61% [4][11] - The average P/E ratios for 2025 and 2026 are projected to be 22x and 13x respectively [4][11]
奈雪的茶：2024年中报业绩点评：直营门店经营承压，加盟、海外稳步拓展