大家乐集团（00341）：静待业绩修复，高股息成亮点

Investment Rating - The report assigns a "Hold" rating to the company with a target price of HKD 7.79 per share, indicating a potential upside of 13.9% from the current price of HKD 6.84 [5][13]. Core Insights - The company's performance in FY25 is expected to decline due to the weak economic environment in Hong Kong and mainland China, with revenue projected to decrease by 1.4% to HKD 8,568.3 million and net profit expected to drop by 29.57% to HKD 232.74 million [2][8]. - The company has maintained positive growth in the past three years, with revenue growth rates of 11.82%, 6.86%, and 8.32% from FY22 to FY24, and significant increases in net profit during the same period [8][9]. - The company is adopting a cautious approach to store expansion, with a net increase of only 1 store in Hong Kong and 14 stores in mainland China for FY25, focusing on smaller store formats to reduce rental costs [3][9]. - To stimulate consumer demand, the company is actively adjusting its business model by introducing cost-effective menu items and enhancing its membership program, "Club 100," which has attracted 2 million members in Hong Kong and 6.6 million in mainland China [4][10]. Financial Summary - For FY25, the company is expected to report revenues of HKD 8,568 million, a decrease of 1.42% year-on-year, with a gross margin of 10.42% and a net profit margin of 2.72% [6][20]. - The projected earnings per share (EPS) for FY26, FY27, and FY28 are HKD 0.41, HKD 0.46, and HKD 0.58, respectively, with a corresponding price-to-earnings (P/E) ratio of 19 times for FY26 [5][13].