Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown strong revenue growth, with a 27.04% year-on-year increase in revenue for 1H2025, reaching 2.593 billion yuan, and a significant improvement in net profit, which increased by 504.42% year-on-year to 66 million yuan [7] - The company is expanding its store presence, particularly in non-first-tier cities, achieving over 70% of its store opening target for 2025, with a total of 1,198 stores nationwide as of 1H2025 [7] - The brand's momentum is expected to continue driving performance, with projected net profits of 160 million yuan, 225 million yuan, and 301 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 72X, 51X, and 39X [7] Financial Performance - The company reported a gross margin of 72.7% in 1H2025, reflecting a slight year-on-year improvement [7] - The adjusted net profit margin for 1H2025 was 3.5%, up by 1.0 percentage points year-on-year [7] - The company’s revenue growth rates are projected to be 50.97% for 2023, 41.41% for 2024, and gradually declining to 22.00% by 2027 [6][8] Store Expansion and Market Presence - The company has accelerated its store openings in non-first-tier cities, with 96.8% of the new stores opened in these areas during 1H2025 [7] - As of 1H2025, the company had 30.1 million members, a 55.2% increase year-on-year, indicating a growing customer base [7] - The average daily GMV per store was 13,000 yuan in 1H2025, with new stores in 2024 and 2025 achieving an average GMV of 47,000 yuan [7] Profitability and Financial Ratios - The company’s return on equity (ROE) is expected to improve from -1.27% in 2023 to 10.30% by 2027 [6][8] - The projected earnings per share (EPS) are expected to rise from -0.22 yuan in 2023 to 2.30 yuan in 2027 [6][8] - The company’s operating profit margin (OPM) improved to 14.6% in 1H2025, reflecting enhanced store profitability [7]
达势股份（01405）：门店利润率提升，非一线城市开店提速