Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is experiencing rapid expansion and improving profitability despite challenges in the broader dining market [25] - The company has achieved a compound annual growth rate (CAGR) of 41% in revenue from 2020 to 2024, with a significant increase in store count and same-store sales [25][27] - The company is well-positioned in the growing Chinese pizza market, with a focus on both high-end urban consumers and lower-tier markets [56][62] Summary by Sections 1. Company Overview - The company is the exclusive franchisee of Domino's Pizza in mainland China, Hong Kong, and Macau, with a significant expansion strategy initiated in 2017 [14][18] - As of the end of 2024, the company operates 1,008 stores across 39 cities, with a strong focus on delivery and menu optimization [25][27] 2. Market Potential - The Chinese pizza market is growing rapidly, with a CAGR of 12% from 2010 to 2024, significantly outpacing global averages [41][42] - The company has a competitive advantage due to its efficient delivery system and a diverse product matrix that appeals to various consumer segments [56][62] 3. Expansion Strategy - The company plans to continue its aggressive store expansion, with net new store openings projected at 300 and 350 for 2025 and 2026, respectively [25] - The focus will be on penetrating lower-tier cities and enhancing the existing urban structure, with expectations of increased market share in these areas [25] 4. Financial Projections - The company forecasts net profits of 128.59 million, 196.21 million, and 256.47 million yuan for 2025, 2026, and 2027, respectively, with significant year-on-year growth rates [1] - The report highlights that the company's valuation remains attractive, with a PEG ratio of 0.73x for 2025, indicating potential for future growth [1]
达势股份（01405）：因市而谋，逆势扩张