Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [2][7]. Core Views - The major shareholder, Domino's Pizza LLC, sold 10 million shares, representing 7.66% of the company's equity, to improve liquidity while still expressing confidence in the company's long-term growth [2]. - The company reported significant financial improvements, with a revenue of 2.04 billion RMB in the first half of 2024, a 48% increase year-on-year, and an adjusted net profit of 50.89 million RMB, marking a turnaround from losses [2]. - The company is on track to exceed 1,000 stores by the end of 2024, with a projected growth rate of over 30% year-on-year in store count [2]. Financial Summary - Revenue growth rates are projected at 40.37% for 2024, 26.71% for 2025, and 28.01% for 2026, with expected revenues of 4.28 billion RMB, 5.43 billion RMB, and 6.95 billion RMB respectively [5]. - The company is expected to achieve a net profit of 19 million RMB in 2024, with significant growth anticipated in subsequent years, reaching 199 million RMB by 2026 [5]. - The adjusted net profit is forecasted to be 1.1 billion RMB in 2024, 1.6 billion RMB in 2025, and 3.2 billion RMB in 2026, reflecting year-on-year growth rates of 1145%, 50%, and 95% respectively [5].
达势股份：股东减持释放流动性,持续看好基本面