Investment Rating - The report assigns a "Buy" investment rating for the company, marking its initial coverage [10]. Core Insights - The company is experiencing steady revenue growth, with a projected revenue of 4.314 billion yuan in 2024, representing a year-on-year increase of 41% [6][12]. - The net profit is expected to recover to 0.552 billion yuan in 2024, compared to a loss of 0.27 billion yuan in 2023, indicating a significant turnaround [6][12]. - The company is expanding rapidly, with plans to open 300 new stores in 2025, contributing to its growth strategy [8]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 72.88%, with a decrease in raw material costs to 27.12% [6]. - The net profit margin is projected to increase to 1.28% in 2024, up by 2 percentage points from the previous year [6]. Market Expansion - By the end of 2024, the company plans to increase its store count to 1,008, with significant growth in new markets [7]. - The average daily sales per store are expected to reach 13,100 yuan, driven by a 10% increase in daily order volume [7]. Future Projections - The company forecasts earnings per share (EPS) of 1.13 yuan in 2025, with a corresponding price-to-earnings (PE) ratio of 78 [10][12]. - Revenue is projected to grow to 5.666 billion yuan in 2025, reflecting a year-on-year growth of 31.34% [12].
达势股份：公司动态研究报告：门店快速扩张，利润持续释放-20250602