Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Insights - The company has released a positive earnings forecast, expecting 2023 revenue to be no less than 5.99 billion yuan, representing a year-on-year increase of 49.4%, and a net profit attributable to shareholders of no less than 450 million yuan, reflecting a year-on-year increase of 812.8% [2] - In the second half of 2023, the company significantly reduced losses, achieving revenue of 3.11 billion yuan, a year-on-year increase of 47.5%, and a net profit of 230 million yuan, indicating a substantial reduction in losses [3] - The company plans to continue expanding its main brand and is exploring a franchise model to unlock growth potential [4] Financial Performance Summary - Total revenue (in million yuan) is projected to grow from 4,006 in 2022 to 6,007 in 2023, with a year-on-year growth rate of 50% [2] - Net profit attributable to shareholders is expected to increase from 49 million yuan in 2022 to 454 million yuan in 2023, with a staggering year-on-year growth rate of 820.6% [2] - The latest diluted EPS is forecasted to be 0.31 yuan per share for 2023, with a P/E ratio of 15 [2] Store Expansion and Brand Strategy - As of the end of 2023, the company had a total of 726 stores, with a net increase of 170 stores year-on-year, indicating steady multi-brand national expansion [3] - The company anticipates opening 80-100 new stores for its main brand in 2024, along with a trial franchise model for certain brands and regions [4] Profitability Outlook - The net profit margin for the second half of 2023 was 7.4%, slightly down from the first half, primarily due to increased promotional discounts and a higher proportion of new stores [3] - The company has adjusted its net profit forecasts for 2023-2025 to 450 million, 590 million, and 710 million yuan respectively, with a compound annual growth rate (CAGR) of 25.4% [4]
2023年业绩预告点评：业绩符合预期，积极探索品牌赋能新模式