Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In 2024, the company achieved revenue of 2.451 billion, a year-on-year decrease of 10.7%, and a net profit attributable to shareholders of 98 million, down 15.0% year-on-year [2][5]. - As of the end of December 2024, the total number of stores reached 3,031, comprising 1,591 self-operated stores and 1,440 franchised stores, covering 303 cities across 28 provinces, autonomous regions, and municipalities in China [2][5]. - The company experienced a significant decline in total sales volume, which decreased by 16.8% year-on-year, with average order consumption down 4.4% [7]. - The company closed 785 stores in 2024, with self-operated stores decreasing by 7.5% and franchised stores by 31.3% [7]. - The gross profit margin improved by approximately 4.4 percentage points to 56.8%, primarily due to a decrease in raw material costs and an increase in the proportion of direct sales [7]. Summary by Sections Financial Performance - Revenue for 2024 was 2.451 billion, a decrease of 10.7% year-on-year, while net profit was 98 million, down 15.0% year-on-year [2][5]. - The average store efficiency for self-operated stores was approximately 840,000, a decline of 9.3% year-on-year [7]. Store Operations - The company closed 785 stores in 2024, with a total of 3,031 stores remaining at the end of the year [5][7]. - The number of self-operated stores decreased by 7.5%, while franchised stores saw a decline of 31.3% [7]. Cost and Profitability - The gross profit margin increased to 56.8%, driven by lower raw material costs and a higher proportion of direct sales [7]. - Selling and distribution expenses accounted for 40.4% of revenue, an increase of 4.6 percentage points year-on-year [7]. Future Outlook - The company forecasts net profits attributable to shareholders of 168 million, 216 million, and 258 million for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 26, 20, and 17 times [7].
周黑鸭（01458）：2024年业绩点评：稳固根基，变革求新