DSL(SH:603233) Orient Securities·2025-06-04 07:15Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company is experiencing stable revenue growth, with a profit turning point already evident [1] - Revenue forecasts for 2025-2027 have been adjusted downwards, while sales expense ratios have been increased, predicting net profits of 1.073 billion, 1.247 billion, and 1.395 billion yuan respectively for those years [2] Financial Performance Summary - Revenue: - 2023A: 24.531 billion yuan, 2024A: 26.497 billion yuan (YoY +8.0%), 2025E: 29.649 billion yuan (YoY +11.9%) [4] - Net Profit: - 2023A: 1.166 billion yuan, 2024A: 915 million yuan (YoY -21.6%), 2025E: 1.073 billion yuan (YoY +17.3%) [4] - Earnings Per Share: - 2023A: 1.02 yuan, 2024A: 0.80 yuan, 2025E: 0.94 yuan [4] - Gross Margin: - 2023A: 35.9%, 2024A: 34.3%, 2025E: 35.0% [4] - Net Margin: - 2023A: 4.8%, 2024A: 3.5%, 2025E: 3.6% [4] - Return on Equity: - 2023A: 17.9%, 2024A: 13.3%, 2025E: 14.3% [4] Business Expansion and Strategy - The company opened 907 new self-built stores and acquired 420 stores in 2024, with a total of 16,553 stores by the end of the year [9] - Retail business revenue reached 219.2 billion yuan in 2024, driven by the expansion of direct-operated stores and new openings [9] - The company is actively developing new retail business, achieving an 80.4% coverage rate for O2O delivery services by the end of 2024 [9]