Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 13.15, up from a previous value of HKD 12.61 [6][4]. Core Views - The company is expected to achieve a net profit of HKD 360-380 million in 1H25, representing a year-on-year growth of 29%-36% and a quarter-on-quarter growth of approximately 20%-27% [1][2]. - The company is focusing on optimizing operational efficiency and enhancing single-store profitability while balancing revenue growth [1][2]. - The long-term outlook remains positive due to the company's strong brand positioning and effective management strategies [1][4]. Summary by Sections 1H Performance - The company reported a strong profit forecast for 1H25, with net profits expected to be between HKD 360-380 million, showing significant growth compared to 1H24 and 2H24 [1]. - The company is implementing various strategies to optimize operational efficiency and improve management practices [2]. 2H Outlook - The company plans to accelerate store openings in 2H25, with a marketing campaign to enhance brand visibility [3]. - The company aims to open a total of 120 new stores in 2025, with a significant number of openings planned for July and August [3]. Profit Forecast and Valuation - Revenue forecasts for 2025-2027 have been slightly adjusted downwards by 5%-4%-2% to HKD 6.035 billion, HKD 7.318 billion, and HKD 8.886 billion respectively [4]. - EPS estimates for 2025-2027 have been raised by 9%-13%-18% to HKD 0.63, HKD 0.77, and HKD 0.93 respectively [4]. - The target price is based on a 19x PE for 2025, reflecting the company's resilient earnings and brand strength [4].
小菜园（00999）：1H利润表现靓丽，2H拓店有望提速