Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Insights - The company's performance forecast meets expectations, with store expansion and efficiency optimization leading to accelerated profitability [3]. - The company anticipates total revenue of at least RMB 3 billion in 2023, representing a year-on-year growth of no less than 48% [3]. - The adjusted net profit for 2023 is expected to be at least RMB 8 million, indicating a turnaround from previous losses [3]. Financial Summary - Revenue growth from 2020 to 2025 is projected as follows: RMB 1,104 million (2020), RMB 1,611 million (2021), RMB 2,021 million (2022), RMB 3,007 million (2023E), RMB 4,007 million (2024E), and RMB 5,224 million (2025E), with respective growth rates of 32.0%, 45.9%, 25.4%, 48.8%, 33.3%, and 30.4% [1]. - Gross profit is expected to increase from RMB 794 million in 2020 to RMB 3,788 million in 2025 [1]. - The company projects a narrowing net loss from RMB 274 million in 2020 to a profit of RMB 39 million by 2025 [1]. Business Growth Drivers - The company plans to expand its store network from 588 stores at the end of 2022 to 768 stores by the end of 2023, adding 180 new stores [3]. - New market openings in cities like Wuhan, Jinan, and Chengdu have shown strong sales performance, breaking global sales records for the first 30 days [3]. - Operational efficiency improvements at both the store and corporate levels are expected to enhance profit margins [3].
2023年业绩预告点评：成长动能强劲，盈利能力加速提升