Investment Rating - The report maintains a rating of "Buy" for the company [1][6]. Core Viewpoints - The company is expected to enhance its competitiveness through strengthening product R&D capabilities, supply chain capabilities, operational management, brand influence, and digital capabilities [2]. - The company's performance in 2024 was below expectations, with a decline in same-store revenue and a slowdown in store opening growth. Adjusted net profit forecasts for 2025-2026 have been lowered to 7.18 billion and 7.88 billion RMB respectively, with a new forecast for 2027 of 8.62 billion RMB [6]. Financial Summary - Revenue for 2024 is reported at 49.18 billion RMB, a year-on-year decrease of 14%. The net profit attributable to shareholders is 4.72 billion RMB, down 59% year-on-year, while adjusted net profit is 6.45 billion RMB, a decline of 49% [5][6]. - The company had a total of 8,395 stores by the end of 2024, an increase of 8% year-on-year, with 8,382 being franchise stores and 13 being directly operated stores. The net increase in franchise stores was 587 [6]. - The gross profit margin for 2024 was 31.2%, a decrease of 3.2 percentage points year-on-year, primarily due to increased support for franchisees [6].
茶百道（02555）：2024年报业绩点评：经营阶段性承压，探索海外市场布局