Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6]. Core Views - The company reported a total revenue of 6.07 billion yuan in 2024, representing a year-on-year increase of 1.5%. However, the net profit attributable to the parent company was 55.81 million yuan, a significant decline of 87.7% [6]. - The board proposed a final and special dividend totaling 0.04 HKD per share, with a payout ratio of approximately 92.5% of the net profit, and plans to maintain a payout ratio of no less than 40% in the future [6]. - The revenue structure shows that the main brands contributed significantly to the total revenue, with Taier, Song Hotpot, and Jiumaojiu accounting for 72.7%, 14.7%, and 9.0% respectively [6]. - The company is optimistic about its brand incubation capabilities and supply chain advantages, expecting a turnaround in profitability as it optimizes its restaurant brand mix [8]. Financial Performance Summary - In 2024, the company had a total revenue of 6.07 billion yuan, with a year-on-year growth of 1.5%. The net profit was 55.81 million yuan, down 87.7% from the previous year [10]. - The operating profit margin at the restaurant level was 12.6%, a decrease of 5.4 percentage points year-on-year, while the core operating profit margin was 4.2%, down 6.4 percentage points [6]. - The company anticipates revenues of 6.92 billion yuan, 7.97 billion yuan, and 9.15 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12.6%, 15.1%, and 14.7% [8][10]. Brand and Restaurant Performance - The total number of restaurants under the company reached 807 in 2024, with a net increase of 81 restaurants year-on-year. Taier and Song Hotpot continued to expand, while Jiumaojiu saw a slight decrease in the number of restaurants [7]. - The average customer spending for Taier, Jiumaojiu, and Song Hotpot decreased by 5.3%, 5.2%, and 8.8% respectively, indicating pressure on both volume and pricing [7]. Cost Structure and Profitability - The cost of raw materials and consumables increased by 0.9% to 2.16 billion yuan, accounting for 35.6% of total revenue [8]. - Employee costs rose by 13.1% to 1.75 billion yuan, representing 28.8% of total revenue, primarily due to a comprehensive salary increase in the second half of 2023 [8]. - Rent expenses increased by 16.5% to 1 billion yuan, accounting for 16.5% of total revenue, driven by an increase in the number of restaurants [8].
九毛九（09922）公司年报点评：业绩承压，静待花开