Investment Rating - The report maintains a "Buy" rating for the company [1][11]. Core Views - The company focuses on improving store quality while experiencing a decline in average store revenue. In 2024, the total number of stores decreased to 3,031, down by 785 from the previous year, with a net reduction of 360 and 425 stores in H1 and H2 respectively [7]. - The company has made progress in vacuum products, but the franchise channel has seen a significant decline. Direct channel revenue was 1.39 billion yuan, down 5.1%, while franchise channel revenue was 610 million yuan, down 21.9% [7]. - The company’s gross margin improved in H2 2024 due to a decrease in raw material prices and enhanced production efficiency, with a gross margin of 58.3%, up 5.9 percentage points year-on-year [8]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 2.451 billion yuan, a year-on-year decline of 10.66%, and a net profit of 98 million yuan, down 15.03%. In H2 2024, revenue was 1.191 billion yuan, a decline of 10.38%, but net profit increased by 364.29% to 65 million yuan [6][7]. - The company’s average customer price was 54.39 yuan, down 4.4% year-on-year, as it expanded its mid-to-low price product offerings [7]. Future Outlook - The company aims to enhance single-store efficiency and restore revenue growth while exploring new channels such as bulk products and vacuum products. A strategic partnership was formed to develop a new line of compound seasonings [10]. - Revenue projections for 2025-2027 are set at 2.705 billion, 3.032 billion, and 3.458 billion yuan, representing growth rates of 10%, 12%, and 14% respectively. Net profit is expected to reach 129 million, 158 million, and 187 million yuan, with corresponding growth rates of 31%, 23%, and 18% [9][10].
周黑鸭（01458）：2024年业绩公告点评：门店提质为先，成本回落下H2净利率同比回升