Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of HKD 69.95 [2][6] Core Insights - The report highlights that the company's adjusted net profit for H1 2024 exceeded market expectations due to strong overall daily sales performance, rapid store expansion, increased consumer frequency, and robust performance in new markets [2][3] - The profit forecast has been raised, maintaining the "Buy" rating, as the overall sales growth has surpassed expectations, and the company is expected to return to the Hong Kong Stock Connect in September, suggesting a positive liquidity outlook [2][3] - The company is experiencing a significant improvement in profitability, with a projected adjusted net profit growth rate of 475% for 2024, indicating a strong recovery from previous losses [2][3] Financial Performance Summary - Revenue is projected to grow from HKD 3,051 million in 2023 to HKD 6,754 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 29% [2][5] - The adjusted net profit is expected to turn positive in 2024, reaching HKD 100 million, with further growth to HKD 272 million by 2026 [2][5] - The company's operating profit margin is anticipated to improve as store expansion and daily sales increase, with a projected adjusted net profit margin of 4.0% by 2026 [2][5] Market Position and Strategy - The company is positioned to benefit from a strong market presence and operational resilience, as evidenced by its ability to maintain growth in a challenging macroeconomic environment [2][3] - The report emphasizes the company's unique advantages in product and operational management, which are expected to drive continued profitability improvements as store expansion progresses [2][3] - The current market valuation is considered undervalued, with potential for significant upside as liquidity improves following the anticipated return to the Hong Kong Stock Connect [2][3]
达势股份24H1点评：同店逆势增长，关注入“通”机会