Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][7]. Core Insights - The company forecasts a revenue of no less than 3 billion yuan for 2023, representing a year-on-year growth of at least 48%, with a net loss attributable to shareholders not exceeding 29 million yuan, marking a reduction in losses of no less than 87% [2]. - The company opened a net of 180 new stores in 2023, accelerating its expansion pace compared to 2022 [2]. - The performance of new stores in emerging markets is strong, leading to improved operational efficiency and profitability [2]. - The company expects a significant improvement in profitability in the second half of 2023, with adjusted net profit projected to be no less than 25.45 million yuan, translating to an adjusted net profit margin of approximately 1.6% [2]. - The company is positioned as a pizza expert, with a focus on fresh dough and a high degree of customization, which enhances its competitive edge [2]. - The brand benefits from being the largest international pizza brand in terms of store count, with a strong emphasis on its own membership system [2]. Financial Summary - Revenue is projected to grow from 3 billion yuan in 2023 to 5.225 billion yuan by 2025, with a compound annual growth rate (CAGR) of approximately 33.12% [5]. - The adjusted net profit is expected to turn positive by 2024, reaching 14 million yuan, and further increasing to 149 million yuan by 2025 [5]. - The company’s return on equity (ROE) is projected to improve from -3.09% in 2023 to 13.39% by 2025 [5].
H2盈利能力持续改善，坚定看好成长