Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a strong performance for the year 2025, with total revenue reaching 1.622 billion yuan, a year-on-year increase of 40.53%. The net profit attributable to the parent company was 106.12 million yuan, up 74.83% year-on-year, indicating robust growth that met expectations [7] - The company opened 143 new stores, bringing the total to 503 by the end of 2025, with same-store sales returning to positive growth at 1% after a decline of 4% in 2024. The average daily orders per store increased by 10% to 432 [7] - The company is focusing on direct-operated stores, with a significant expansion into lower-tier cities, which has led to improved profit margins due to lower rental and labor costs. The profitability of overseas stores, particularly in Hong Kong and Singapore, is also contributing positively to overall performance [7] - The financial forecasts for the company have been slightly adjusted, with net profit projections for 2026 and 2027 set at 245.06 million yuan and 386.44 million yuan, respectively, reflecting year-on-year growth of 131% and 58% [7] Financial Summary - Total revenue projections for the company are as follows: 1.622 billion yuan in 2025, 2.249 billion yuan in 2026, 3.000 billion yuan in 2027, and 4.008 billion yuan in 2028, with corresponding year-on-year growth rates of 40.53%, 38.61%, 33.39%, and 33.60% [1][8] - The net profit attributable to the parent company is projected to reach 106.12 million yuan in 2025, 245.06 million yuan in 2026, 386.44 million yuan in 2027, and 596.87 million yuan in 2028, with year-on-year growth rates of 74.83%, 130.92%, 57.69%, and 54.45% [1][8] - The earnings per share (EPS) are forecasted to be 0.15 yuan in 2026, 0.34 yuan in 2027, 0.54 yuan in 2028, and 0.84 yuan in 2029, with a corresponding price-to-earnings (P/E) ratio decreasing from 29.45 in 2026 to 5.24 in 2028 [1][8]
遇见小面（02408）：如期高增，同店回正