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% [7] Financial Projections - Total revenue is projected to reach 6,110 million in 2025, with a year-on-year growth of 0.60% [1] - The earnings per share (EPS) is expected to be 0.10 in 2025, with a corresponding price-to-earnings (P/E) ratio of 23.39 [1] - The company’s operating profit is forecasted to improve significantly, with operating profits of 357.45 million in 2025 and 398.88 million in 2026 [8]
九毛九：优化门店，梳理提质-20250530