Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][56]. Core Insights - The company is a leading player in the snack retail industry, with significant growth in revenue and profit projected for the coming years. Revenue is expected to reach RMB 656.97 billion in 2025, RMB 837.49 billion in 2026, and RMB 925.80 billion in 2027, with corresponding growth rates of 66.98%, 27.48%, and 10.54% respectively. Net profit is forecasted to be RMB 23.01 billion, RMB 34.23 billion, and RMB 42.85 billion for the same years, reflecting growth rates of 176.05%, 48.73%, and 25.19% respectively [2][56]. Company Overview - The company, founded in 2016, has rapidly expanded its store count from 1,902 in 2022 to 21,041 by November 2025, with a significant portion of stores located in county and town areas. The company achieved a GMV of RMB 555 billion in 2024 and RMB 661 billion in the first three quarters of 2025, marking year-on-year increases of 262% and 74% respectively [7][15]. Store Expansion and Performance - The company continues to expand its store network, primarily through franchising. The average daily order volume per store has increased from 385 in 2022 to 481 in the first three quarters of 2025, with total orders reaching 2.129 billion, a 97.3% increase year-on-year. The average GMV per store is also on the rise, with the company maintaining a low closure rate for franchise stores [21][37]. Financial Performance - The company has demonstrated strong revenue and profit growth, with revenues of RMB 393.4 billion and RMB 463.7 billion for 2024 and the first three quarters of 2025, respectively, reflecting year-on-year growth of 282% and 75%. The net profit for the same periods reached RMB 8.29 billion and RMB 15.59 billion, with adjusted profits showing similar growth [43][44]. Profitability Metrics - The company's net profit margin improved from 1.67% in 2022 to 3.36% in the first three quarters of 2025, while the adjusted net profit margin rose from 1.90% to 3.90%. The gross margin also increased from 7.45% to 9.73% during the same period, indicating enhanced profitability [44][50]. Future Projections - The report outlines optimistic projections for the company's financial performance, with significant revenue and profit growth anticipated through 2027. The expected earnings per share (EPS) are projected to be RMB 10.68, RMB 15.88, and RMB 19.88 for 2025, 2026, and 2027, respectively [56][57].
鸣鸣很忙（01768）：首次覆盖报告：精耕细作，引领渠道变革