Investment Rating - The report maintains a "Buy" rating for the company [3][5] Core Insights - The company achieved significant improvement in performance, with 2023 revenue reaching 5.99 billion yuan, a year-on-year increase of 49.4%, and a net profit of 450 million yuan, up 820.2% year-on-year [3][5] - The core brands showed growth in key operating metrics, with operating profit margins improving significantly [3][5] - The company is opening a franchise model in 2024, which is expected to accelerate brand expansion and reduce operational risks [5] Summary by Sections Revenue Performance - In 2023, the company reported a revenue of 5.99 billion yuan, with a growth rate of 49.4% year-on-year [3][6] - The net profit for 2023 was 450 million yuan, marking a turnaround from losses in the previous year [3][6] Brand Performance - The main brands, including 太二, 九毛九, and 怂火锅, reported revenues of 4.48 billion, 630 million, and 807 million yuan respectively, with year-on-year growth rates of 44.0%, 210.4%, and 4.0% [3][4] - Operating profit margins for 太二, 九毛九, and 怂火锅 improved to 19.3%, 12.2%, and 17.6%, reflecting increases of 5.0, 14.1, and 4.7 percentage points respectively [3][4] Store Expansion - The company added 128 stores for 太二, bringing the total to 578, with an average table turnover rate of 3.0 times per day [3][4] - 九毛九 added 1 store, with a turnover rate of 1.8 times per day, while 怂火锅 increased its store count by 35 [3][4] Cost Structure - The company optimized its cost structure, achieving a gross margin of 64.2%, an increase of 0.3 percentage points year-on-year [4][5] - Employee and rental costs as a percentage of revenue decreased by 1.5 and 1.7 percentage points respectively [4][5] Future Outlook - The company plans to maintain a rapid pace of store openings in 2024, with a focus on franchise expansion [5] - The net profit forecasts for 2024 and 2025 are 661 million and 832 million yuan respectively, with corresponding P/E ratios of 12x and 9x [5][6]
2023年年报点评：业绩显著改善，建议关注加盟进展