Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported a revenue of 2.45 billion and a net profit of 98.2 million for 2024, reflecting a year-on-year decline of 10.7% and 15.0% respectively, primarily due to weak consumer demand and pressure on store sales [1][6] - For 2025, the company will focus on improving operational quality and enhancing store efficiency, with an emphasis on profitability [1][6] - The company is actively expanding into new channels, including membership supermarkets and overseas markets, to overcome traditional store growth limitations [1][6] Financial Data and Valuation - The total market capitalization is 4.1 billion HKD, with a current share price of 1.96 HKD [3] - The company has a total share capital of 2,218 million shares and a net asset value per share of 1.6 HKD [3] - The return on equity (ROE) is 2.7% and the debt-to-asset ratio is 21.0% [3][9] Revenue and Profit Trends - The company experienced a revenue decline of 10.7% in 2024, with a significant drop in store count from 3,816 at the end of 2023 to 3,031 by the end of 2024 [1][6] - The average revenue per store slightly decreased, with a net reduction of 360 and 425 stores in the first and second halves of 2024 respectively [1][6] - The gross profit margin improved to 56.8% in 2024, up by 4.4 percentage points year-on-year, mainly due to a decrease in raw material prices [1][6] Future Projections - The report adjusts the earnings per share (EPS) for 2025 and 2026 to 0.04 HKD each, corresponding to a price-to-earnings (PE) ratio of 41x for 2025 [1][6] - The company aims to maintain core stores while focusing on new channel developments in 2025 [1][6]
周黑鸭（01458）：H2利润率改善，关注新渠道变化