Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Views - The company shows robust fundamentals and improved liquidity following a major shareholder's reduction in holdings, which is expected to enhance trading liquidity and attract long-term investors [4][3]. - The company has consistently achieved positive same-store sales growth for 29 consecutive quarters since the current management team took over in Q3 2017 [4]. Financial Projections - Revenue forecasts for 2024-2026 are projected at 42.35 billion, 53.65 billion, and 67.83 billion RMB, representing year-on-year growth of 39%, 27%, and 26% respectively [4]. - Adjusted net profit forecasts for the same period are 1.10 billion, 1.56 billion, and 2.59 billion RMB, with year-on-year growth rates of 1156%, 42%, and 66% respectively [4]. - The price-to-earnings (PE) ratios corresponding to the adjusted net profits are projected to be 75x, 53x, and 32x for 2024, 2025, and 2026 respectively [4]. Operational Highlights - As of Q3 2024, the company operates 978 stores, with a net increase of 146 stores in H1 2024 and 64 stores in Q3 2024, achieving its annual opening target [4]. - The company plans to open approximately 300 to 350 new stores in 2025 and 2026 [4].
达势股份：基本面稳健，流动性改善