Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][9][12] Core Insights - The company reported a revenue of 2.593 billion yuan for H1 2025, representing a year-on-year increase of 27.0%. Adjusted net profit reached 91.42 million yuan, up 79.6% year-on-year, with adjusted EBITDA at 323 million yuan, reflecting a 38.3% increase [2][4] - The company opened 190 new stores in H1 2025, achieving 63.3% of its annual target of 300 new stores. As of the end of H1 2025, the total number of stores reached 1,198, with an additional 43 stores opened and 27 under construction as of August 15, 2025 [3][4] - Same-store sales experienced a slight decline of 1.0% year-on-year in H1 2025, attributed to a high base effect from previous quarters. The average daily sales per store decreased by 4.44% year-on-year to 12,915 yuan [3][4] Financial Performance Summary - The company expects revenues of 5.524 billion yuan, 7.113 billion yuan, and 8.967 billion yuan for 2025, 2026, and 2027, respectively, with adjusted net profits projected at 211 million yuan, 350 million yuan, and 566 million yuan, indicating year-on-year growth rates of 61%, 66%, and 62% [5][8] - The operating profit margin at the restaurant level was 14.6%, a slight increase of 0.1 percentage points year-on-year. The adjusted EBITDA margin improved to 12.4%, up 1.0 percentage points year-on-year [4][5] - The company’s financial metrics indicate a significant improvement in profitability, with a projected return on equity (ROE) of 6.13% in 2025, increasing to 16.34% by 2027 [8][11]
达势股份（01405）：利润持续释放，扩张战略稳步推进