Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 5.38 billion yuan for 2025, representing a year-on-year growth of 24.76%. The net profit attributable to shareholders reached 1.42 billion yuan, up 157.15% year-on-year [7] - The company successfully opened 307 new stores in 2025, exceeding its annual target, with a total of 1,315 stores by the end of the year. The same-store sales saw a slight decline of 1.5% [7] - The company plans to open 350 new stores in 2026, with 140 already opened by March 20, 2026 [7] - The report indicates that the company is focusing on expanding in non-first-tier cities, with a significant increase in store numbers and revenue in these areas [7] Financial Summary - Total revenue projections for the company are as follows: 6.54 billion yuan in 2026, 7.74 billion yuan in 2027, and 9.11 billion yuan in 2028, with respective year-on-year growth rates of 21.46%, 18.46%, and 17.61% [1] - The net profit attributable to shareholders is projected to be 1.92 billion yuan in 2026, 2.66 billion yuan in 2027, and 3.79 billion yuan in 2028, with growth rates of 35%, 39%, and 42% respectively [7] - The company's earnings per share (EPS) are forecasted to be 1.08 yuan in 2026, 1.46 yuan in 2027, and 2.88 yuan in 2028 [1] - The price-to-earnings (P/E) ratios are projected to be 38x for 2026, 27x for 2027, and 19x for 2028 [1]
达势股份：2025年业绩公告点评：拓店顺利，符合预期-20260329