Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.40 [8][9]. Core Insights - The company is expected to achieve revenue of RMB 6.47 billion in 2024, representing a year-over-year increase of 6.2%, and a core operating profit of RMB 310 million, also up 3.1% year-over-year, driven by better-than-expected gross margins and cost control [1]. - The second half of the year (H2) has shown a significant recovery in same-store sales growth, attributed to the introduction of value-for-money meal packages and effective marketing strategies [2][4]. - The company has successfully expanded its 2B sales channels, with revenue from these channels increasing by 113.6% to RMB 620 million in H2, reflecting strong growth in its production capabilities and market reach [2]. Revenue and Profitability Forecast - The company forecasts a revenue increase to RMB 7.12 billion in 2025, with a projected adjusted net profit of RMB 360 million, marking a 12% upward revision for both 2025 and 2026 [5][14]. - The gross margin is expected to recover gradually, with a forecasted gross margin of 22.0% for 2025, following a slight decline in H2 due to initial lower margins on new product offerings [3][14]. Strategic Developments - The company is innovating its sales channels by implementing a "one store, one shop, one warehouse" model, enhancing customer convenience through online ordering and offline pickup options [4]. - The company has also expanded its presence in lower-tier markets, adding 287 new rural stores in 2024, which is expected to drive future growth [4].
锅圈（02517）：H2同店增速回正，质价比、全渠道布局显效