Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% over the next 6 to 12 months [7]. Core Views - The company is projected to achieve approximately 5.99 billion yuan in revenue for 2023, representing a year-on-year growth of 49.4%, with a net profit attributable to shareholders of no less than 450 million yuan, reflecting a significant increase of 812.8% year-on-year [1][5]. - The second half of 2023 is expected to see revenue of 3.11 billion yuan, a growth of 47.5%, and a net profit of at least 230 million yuan, indicating a turnaround from losses [1]. - The company is expanding its brand through a franchise model, particularly for its new brand "Shanwaimian," which focuses on affordable hot pot offerings, aiming to leverage local partners to reduce risks and accelerate store openings [1][5]. Summary by Sections Financial Performance - Revenue for 2023 is estimated at 5,986 million yuan, with a growth rate of 49.43% compared to 2022 [5]. - The net profit for 2023 is projected to be 455 million yuan, with an impressive growth rate of 822.81% [5]. - The company expects to achieve a net profit margin of at least 7.5% in the second half of 2023, showing resilience in profitability despite revenue pressures [1]. Business Strategy - The company is introducing a franchise model for its brands, targeting regions with less market presence, including Xinjiang, Tibet, and international locations like Australia and New Zealand [1]. - The new brand "Shanwaimian" is positioned as a cost-effective option in the hot pot category, with a price point of over 80 yuan, catering to current consumer preferences for value [1]. Future Projections - The company forecasts net profits of 639 million yuan and 838 million yuan for 2024 and 2025, respectively, with corresponding P/E ratios of 7.3X and 5.1X [1][5]. - The report anticipates a gradual slowdown in revenue growth rates, projecting 31.58% for 2024 and 22.42% for 2025 [5].
下半年需求存压力，盈利能力仍具韧性