Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved a revenue of 4.314 billion yuan in 2024, representing a year-on-year growth of 41.41%, and a net profit of 55.20 million yuan, marking a turnaround from a loss [7] - The company is expanding its store network, with a significant increase in new growth markets, which contributed to a revenue share increase of 12.41 percentage points to 61.76% [7] - The company plans to open approximately 300 new stores in 2025, with 82 already opened by mid-March 2025, indicating strong growth momentum [7] Revenue and Profit Forecast - Revenue is projected to grow from 55.44 billion yuan in 2025 to 87.41 billion yuan in 2027, with year-on-year growth rates of 28.52%, 26.48%, and 24.65% respectively [7] - Net profit is expected to increase significantly, from 132.55 million yuan in 2025 to 416.12 million yuan in 2027, with growth rates of 140.15%, 81.95%, and 72.54% respectively [7] Financial Metrics - The company’s earnings per share (EPS) is forecasted to rise from 1.01 yuan in 2025 to 3.18 yuan in 2027 [7] - The price-to-earnings (P/E) ratio is projected to decrease from 94.05 in 2025 to 29.96 in 2027, indicating improving valuation as earnings grow [7]
达势股份（01405）：2024年业绩公告点评：新增长市场势能强劲，经营效率持续提升