Investment Rating - The report maintains a "Buy" rating for the company [1] 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 total of 1,008 stores by the end of 2024, an increase of 240 stores or 31.25% year-on-year [7] - The new growth markets are showing strong momentum, contributing to 61.76% of total revenue, up 12.41 percentage points year-on-year [7] - The company plans to open approximately 300 new stores in 2025, with 82 already opened by mid-March 2025 [7] Financial Summary - Revenue projections for 2025-2027 are 55.44 billion yuan, 70.13 billion yuan, and 87.41 billion yuan, with year-on-year growth rates of 28.52%, 26.48%, and 24.65% respectively [1][7] - Net profit forecasts for the same period are 132.55 million yuan, 241.18 million yuan, and 416.12 million yuan, with growth rates of 140.15%, 81.95%, and 72.54% respectively [1][7] - The company's gross margin is expected to improve, with a projected gross margin of 72.9% in 2024 [7]
达势股份：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-20250331