Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 1.22 billion yuan for the first half of 2025, representing a year-on-year decline of 2.9%, while net profit surged by 228% to 108 million yuan [1][2] - The company's same-store sales are expected to stabilize, with self-operated stores generating 710 million yuan and franchised stores contributing 270 million yuan in revenue for the first half of 2025 [2] - The gross margin improved by 3.2 percentage points to 58.6%, driven by low raw material prices and enhanced supply chain efficiency [2] - The company is focusing on enhancing store efficiency and optimizing product offerings, which is expected to support revenue stabilization and growth [2] - The forecasted net profits for 2025, 2026, and 2027 are 210 million, 250 million, and 300 million yuan respectively, with corresponding earnings per share of 0.10, 0.12, and 0.14 yuan [2][3] Financial Summary - Total revenue for 2023 is projected at 2.75 billion yuan, with a growth rate of 16.67%, followed by a decline in 2024 to 2.45 billion yuan [3] - The net profit for 2023 is estimated at 115.58 million yuan, with a significant increase of 357.13% year-on-year [3] - The company’s price-to-earnings ratio (P/E) is expected to decrease from 41.92 in 2023 to 15.98 by 2027, indicating improved valuation over time [3][5] - The gross margin is projected to remain stable around 57.46% by 2027, while the net margin is expected to increase to 11.72% [5]
周黑鸭（01458）：门店有望企稳，盈利快速修复