Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 4.314 billion yuan in 2024, representing a year-on-year growth of 41% [4] - The gross margin improved to 72.9%, an increase of 0.3 percentage points year-on-year [6] - Adjusted net profit reached 131 million yuan, with an adjusted net profit margin of 3.0%, up by 2.7 percentage points year-on-year [6] - Adjusted EBITDA was 500 million yuan, showing a year-on-year increase of 64%, with an EBITDA margin of 11.5%, up by 1.6 percentage points [6] Summary of Relevant Sections Market Performance - The company's stock showed an absolute increase of 31.59% over the last three months [3] Store Performance - Same-store sales grew by 2.5% for the year, marking 30 consecutive quarters of positive growth [5] - The average daily sales per store were 13,100 yuan, a 4% increase year-on-year, with a decline in average transaction value by 5% [5] - The total number of stores reached 1,008 by the end of 2024, with a net addition of 240 stores during the year [5] Profitability and Cost Management - The operating profit margin for the company was 14.5%, an increase of 0.7 percentage points year-on-year [6] - Employee costs accounted for 27.5% of revenue, up by 0.6 percentage points due to the expansion of new market stores [6] Valuation Forecast - Revenue estimates for 2025 and 2026 have been raised to 5.437 billion yuan and 7.033 billion yuan, respectively, with year-on-year growth rates of 26% and 29% [7] - The adjusted net profit for 2025 is projected to be 188 million yuan, reflecting a 43.6% year-on-year increase [7] - The company is assigned a price-to-sales (PS) valuation of 2.5-3 times for 2025, resulting in a fair value range of 111.2 to 133.5 HKD per share [7]
达势股份（01405）：同店连续30个季度正增长，经营杠杆持续释放