aiyingshi(603214) 浙商证券·2025-04-09 03:55Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is focusing on store type adjustments and product structure optimization, leading to stabilization in same-store sales. In 2024, the comparable store sales are expected to decline by 0.68%, with regional performances varying: East China +0.1%, South China +11.7%, and Central China -0.6% [2] - The collaboration with Bandai is expected to enhance profit margins, with the first Gundam base opening in December 2024 and additional model stores expected to follow, contributing positively to revenue [2] - The company is projected to see revenue growth from 2025 to 2027, with expected revenues of 3.7 billion, 3.9 billion, and 4.2 billion yuan respectively, reflecting growth rates of 6%, 6%, and 8%. Net profit is expected to grow significantly, with projections of 137 million, 168 million, and 199 million yuan, indicating growth rates of 29%, 23%, and 18% respectively [2] Financial Summary - The company's revenue for 2024 is forecasted at 3.47 billion yuan, with a year-on-year growth of 4.06%. The net profit is expected to be 106.41 million yuan, reflecting a growth of 1.61% [4] - The projected earnings per share (EPS) for 2025 is 0.99 yuan, with a price-to-earnings (P/E) ratio of 19.83 [4] - The company aims to improve store efficiency through targeted adjustments, with a total of 475 stores by the end of 2024, including 62 new openings [8]