Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a revenue of 8.79 billion yuan for 2024, representing a growth of 14.5%, and a net profit of 1.48 billion yuan, which is a 36.9% increase, aligning with expectations [2]. - The company has a robust store expansion strategy, with a total of 9,914 stores by the end of 2024, marking a 10.1% increase. The expansion is particularly strong in lower-tier cities, with a 18% increase in stores in tier four and below [3]. - The company's gross merchandise volume (GMV) reached 22.4 billion yuan in 2024, up 16.6%, with a cup sales volume of 1.33 billion cups, reflecting a 12.1% increase [3]. - The company has shown resilience in profitability compared to peers, with an adjusted net profit margin of 17.5% in 2024, despite a slight decline [4]. - The company is expected to accelerate growth due to strong product development capabilities and an efficient supply chain, with plans to introduce new product lines in 2025 [4]. Financial Summary - The company forecasts adjusted net profits of 1.92 billion yuan, 2.31 billion yuan, and 2.71 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 24.5%, 20.3%, and 17.5% [5]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 20.0, 16.7, and 14.2 respectively [5]. - Key financial metrics include a revenue growth rate of 14.54% for 2024 and an adjusted net profit growth rate of 5.72% for the same year [10].
古茗（01364）：24年业绩韧性强，期待成长加速