SCSF(SH:600779) ZHESHANG SECURITIES·2025-05-14 09:13Investment Rating - The investment rating for the company is "Buy" and is maintained [3] Core Views - The company is implementing a "dual brand" strategy, focusing on the "Water Well" and "First Well" brands, which is expected to enhance channel management and core market cultivation, leading to steady growth in performance [7][8] - The company's revenue for 2024 is projected to be 52.17 billion yuan, with a year-on-year growth of 5.32%, and a net profit of 13.41 billion yuan, reflecting a growth of 5.69% [7][8] - The company anticipates a slight adjustment in revenue growth rates for 2025 and 2026 to 4% and 5%, respectively, while maintaining a forecasted net profit growth of 4% and 7% for the same years [2][3] Financial Summary - For 2024, the company expects operating revenue of 52.17 billion yuan and a net profit of 13.41 billion yuan, with respective growth rates of 5.32% and 5.69% [3][7] - The projected earnings per share (EPS) for 2024 is 2.75 yuan, with a price-to-earnings (P/E) ratio of 16.92 [3][4] - The company plans to open over 10,000 new stores by the end of 2024, indicating an aggressive expansion strategy [2][3]