Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][8]. Core Insights - The company reported a revenue of 5.21 billion yuan for 2024, representing a year-on-year increase of 15%, with a net profit of 581 million yuan, up 9% from the previous year [5]. - The gross margin decreased by 0.4 percentage points to 68.12% due to price adjustments aimed at enhancing cost-effectiveness, while employee costs as a percentage of revenue decreased by 2 percentage points to 27.29% due to improved operational efficiency [6]. - The company expanded its store network, with a total of 106 stores in first-tier cities and 291 in third-tier cities by the end of 2024, contributing to a 34% increase in revenue from the takeaway business [7]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.21 billion yuan, with a net profit of 581 million yuan, reflecting growth rates of 15% and 9% respectively [5]. - The forecast for 2025-2027 projects earnings per share (EPS) of 0.58, 0.69, and 0.83 yuan, with corresponding price-to-earnings (PE) ratios of 15, 13, and 11 times [8][11]. Operational Efficiency - The company improved operational efficiency, leading to a reduction in employee costs as a percentage of revenue, while other operational costs such as utilities and advertising saw slight increases [6]. - The takeaway business revenue reached 2.00 billion yuan in 2024, driven by an increase in service outlets, while dine-in revenue was 3.19 billion yuan, reflecting a 5% increase [7]. Market Expansion - The company continued to expand its store presence, adding a net of 22, 40, 20, and 49 stores in first-tier, new first-tier, second-tier, and third-tier cities respectively by the end of 2024 [7]. - The average consumer spending in various city tiers decreased, indicating a strategic price adjustment to maintain competitiveness [7].
小菜园（00999）：公司事件点评报告：门店稳步拓张，运营效率优化