Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 4.921 billion yuan in 2024, a year-on-year decrease of 4.7%. The net loss attributable to shareholders was 917.29 million yuan, compared to a net profit of 13.22 million yuan in 2023. The adjusted net loss was 919 million yuan, down from an adjusted net profit of 21 million yuan in 2023 [7] - The company is actively exploring new business models, including the introduction of Green stores and expansion into overseas markets such as Thailand, Singapore, and Malaysia [7] - The company has reduced the number of direct-operated stores by 121, resulting in impairment losses. As of the end of 2024, there were 1,453 direct-operated stores [7] - The average customer transaction value decreased by 9.8% to 26.7 yuan, and the average daily order volume per store fell by 21.4% to 270.5 orders [7] - The company anticipates a revenue of 5.2 billion yuan in 2025, with a projected growth rate of 5.3% for the following years [7] Financial Summary - Total revenue for 2023 was 5.164 billion yuan, with a projected revenue of 4.921 billion yuan for 2024, and expected revenues of 5.182 billion yuan in 2025, 5.268 billion yuan in 2026, and 5.451 billion yuan in 2027 [1][8] - The net profit forecast for 2025 is -127.96 million yuan, with a gradual recovery expected in subsequent years, reaching a net profit of 56.48 million yuan by 2027 [1][8] - The company’s price-to-earnings ratio (P/E) is projected to be 308.89 for 2026 and 28.59 for 2027 [1][8] - The company’s total assets are estimated at 6.165 billion yuan for 2024, with a debt-to-asset ratio of 36.48% [8]
奈雪的茶：2024年报点评：短期调整致业绩承压，持续探索新模式-20250401