Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.36 HKD, based on a 15x PE for 2024 [6][8]. Core Insights - The company achieved a revenue of 5.986 billion CNY in 2023, representing a year-on-year growth of 49.4%, and a net profit attributable to shareholders of at least 450 million CNY, reflecting a significant increase of 812.8% [4][6]. - The company opened 170 new stores in 2023, exceeding previous guidance, bringing the total number of stores to 726 by the end of the year [5][6]. - The company plans to accelerate regional expansion by opening franchise opportunities for its brands, which is expected to enhance brand visibility and operational efficiency [5][6]. Financial Summary - Revenue projections for 2023-2025 are 5.986 billion CNY, 7.828 billion CNY, and 9.770 billion CNY, with year-on-year growth rates of 49.4%, 30.8%, and 24.8% respectively [6][7]. - The net profit forecasts for the same period are 450 million CNY, 653 million CNY, and 845 million CNY, with growth rates of 813.5%, 44.9%, and 29.5% respectively [6][7]. - Earnings per share (EPS) are projected to be 0.3 CNY, 0.5 CNY, and 0.6 CNY for 2023, 2024, and 2025 respectively [6][7].
门店持续扩张，业绩表现稳健