Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on optimizing store models and enhancing quality, with a shift from aggressive expansion to store upgrades and closures, which is expected to improve operating profit margins [7] - The company anticipates a recovery in 2025, driven by the closure of unprofitable stores and the introduction of a new store model that is expected to contribute to revenue growth and improved profitability [7] - The supply chain layout is gradually being implemented, with a central kitchen in Guangzhou expected to be operational in 2025, and further expansions planned for other regions in 2026-2027 [7] - The company forecasts significant growth in net profit from 2025 to 2027, with expected net profits of 135.26 million, 163.63 million, and 202.98 million respectively, reflecting year-on-year growth rates of 142.37%, 20.97%, and 24.05% [1][7] Financial Summary - Total revenue is projected to grow from 6,074 million in 2024 to 6,895 million in 2027, with a compound annual growth rate of approximately 7.17% [1][8] - The earnings per share (EPS) is expected to increase from 0.04 in 2024 to 0.15 in 2027, indicating a positive trend in profitability [1][8] - The price-to-earnings (P/E) ratio is projected to decrease from 56.69 in 2024 to 15.59 in 2027, suggesting an improvement in valuation as earnings grow [1][8]
九毛九（09922）：优化门店，梳理提质-20250530