Investment Rating - The investment rating for the company is maintained as "Buy" with a target price raised from 78 HKD to 101 HKD, indicating a potential upside of 21% [8]. Core Insights - The company has shown strong performance with a 27% year-on-year revenue growth in the first half of 2025, reaching 2.6 billion HKD, and an adjusted net profit growth of 80% to 91.42 million HKD, exceeding expectations due to better-than-expected single-store profitability [8]. - The company continues to expand its store network, adding 190 new stores in the first half of the year, with a total of 1,198 stores across 48 cities, indicating significant room for further expansion [8]. - Same-store sales have shown resilience, with a slight decline of 1% overall, while same-store revenue in first-tier cities has experienced positive growth [8]. Financial Data and Earnings Forecast - Revenue projections for the company are as follows: - 2023: 3,021 million HKD - 2024: 4,314 million HKD - 2025E: 5,403 million HKD - 2026E: 6,754 million HKD - 2027E: 8,294 million HKD - Year-on-year growth rates for revenue are projected at 51% for 2023, 41% for 2024, and gradually decreasing to 23% by 2027 [6]. - Adjusted net profit forecasts are: - 2023: 9 million HKD - 2024: 131 million HKD - 2025E: 190 million HKD - 2026E: 270 million HKD - 2027E: 352 million HKD - The adjusted net profit growth rates are exceptionally high, with a 1,394% increase expected in 2024 [6][9].
达势股份（01405）：门店稳步扩张，同店具备韧性