Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 5.49, maintaining the rating [1]. Core Views - The company is expected to achieve a net profit of no less than RMB 450 million for the fiscal year 2023, which aligns with expectations, and is anticipated to continue steady expansion in 2024 [1]. - The projected revenue for the fiscal year 2023 is approximately RMB 5.99 billion, representing a year-on-year increase of 49.4% [1]. - The net profit for 2023 is expected to be no less than RMB 450 million, reflecting a year-on-year increase of at least 812.8%, with a corresponding net profit margin of approximately 7.5% [1]. - For the second half of 2023, the company is expected to achieve revenue of RMB 3.11 billion, a year-on-year increase of 47.7%, and a net profit of no less than RMB 230 million, indicating a return to profitability [1]. Summary by Relevant Sections Financial Performance - The company’s revenue and performance growth for the fiscal year 2023 is primarily attributed to the expansion of its restaurant network, which increased from 556 restaurants as of December 31, 2022, to 726 restaurants as of December 31, 2023 [1]. - Same-store sales growth and increased operating days and table turnover rates contributed to the financial performance [1]. Business Expansion - The company is opening franchise opportunities for its brands, including locations in Xinjiang, Tibet, Taiwan, and international markets such as Australia and New Zealand [1]. - The benefits of the franchise and partnership model include accelerated brand expansion, effective utilization of local expertise, and reduced operational risks compared to self-operated models [1]. Profit Forecast and Investment Recommendation - The core competitiveness of the company stems from its leading brand power and high profitability during challenging times, with potential for significant growth from its hot pot brand [1]. - The projected net profits for the years 2023, 2024, and 2025 are RMB 450 million, RMB 570 million, and RMB 720 million respectively, with the current stock price corresponding to PE ratios of 16X, 13X, and 10X [1].
23年归母净利润不低于4.5亿元符合预期，预期24年持续稳健扩张