Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has released a positive earnings forecast for 2023, expecting revenue of no less than 3 billion yuan, representing a year-on-year increase of 48.5%, and a net loss of no more than 29 million yuan [2][3] - The company is in a high momentum development phase, with significant growth potential in the rapidly expanding pizza market in China, projected to reach 77.1 billion yuan by 2027 [3] - The company plans to expand its store network significantly, with expectations to add 180, 240, and 300 new stores in 2023, 2024, and 2025 respectively, aiming for a total of 1,308 stores by the end of 2025 [3] Financial Performance Summary - Total revenue (in million yuan) is projected to grow from 2,021 in 2022 to 3,010 in 2023, with a year-on-year growth rate of 48.9% [2] - The adjusted net profit is expected to turn positive in the second half of 2023, with a projected revenue of no less than 1.62 billion yuan and an adjusted net profit of no less than 25.4 million yuan [3] - The company’s operating efficiency is improving, with expectations for the operating profit margin of new market stores to gradually align with mature markets [3] Market Data - The closing price of the stock is 60.25 HKD, with a market capitalization of approximately 7.84 billion HKD [6] - The price-to-book ratio is 3.71, indicating the market's valuation of the company's equity [6] Basic Data - The company has a total share capital of 130.07 million shares, with a net asset value per share of 16.23 HKD [7] - The debt-to-asset ratio stands at 45.97%, reflecting the company's financial leverage [7]
2023年业绩预告点评：业绩超预期，看好中长期成长性