Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The recent shareholding structure update is expected to improve liquidity and broaden the shareholder base without affecting the company's fundamental operations [3]. - The company has demonstrated strong operational resilience, achieving positive same-store sales growth for 29 consecutive quarters and plans to exceed 1,000 stores by November [3]. - The company is at a profit inflection point, with significant market penetration opportunities remaining [3]. Financial Forecasts and Indicators - Revenue is projected to grow from 3,051 million RMB in FY2023 to 6,907 million RMB in FY2026, with growth rates of 51.0%, 40.2%, 27.6%, and 26.5% respectively [4][10]. - Adjusted net profit is expected to increase from 9 million RMB in FY2023 to 269 million RMB in FY2026, reflecting growth rates of 1,151%, 45%, and 68% [4][10]. - Adjusted EPS is forecasted to rise from 0.07 RMB in FY2023 to 2.06 RMB in FY2026, with corresponding P/E ratios decreasing from 939 to 31 [4][10]. - The company’s net profit margin is projected to improve from -0.87% in FY2023 to 2.59% in FY2026 [10]. Operational Performance - The company has maintained a net profit margin of 0.5% and an adjusted net profit margin of 2.5% for the first half of FY2024, with a store operating profit margin of 14.5% [3]. - Membership has grown to 21.7 million, indicating strong customer engagement [3]. Shareholder Structure - Domino's Pizza LLC has reduced its stake from 13.87% to 6.21% through an off-market block trade, while committing to a 90-day lock-up on the remaining shares [2][3].
达势股份：事件点评：股东结构有所更新，流动性有望进一步改善