Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company achieved a revenue of 5.99 billion yuan in 2023, representing a year-on-year increase of 49.4%, and a net profit attributable to shareholders of 450 million yuan, up 820.2% year-on-year. The second half of 2023 saw a revenue of 3.1 billion yuan, with a year-on-year growth of 47.4% and a net profit of 230 million yuan, marking a return to profitability [2]. - The core brands, including Tai Er, Jiu Mao Jiu, and Song Hotpot, reported revenues of 4.48 billion, 630 million, and 810 million yuan respectively, with year-on-year growth rates of 44%, 210%, and 4%. The same-store sales for Tai Er and Jiu Mao Jiu increased by 20% and decreased by 3% compared to 2021, while Song Hotpot and Lai Mei Li saw increases of 11% and 42.3% compared to 2022 [2]. - The company opened 128 new stores in 2023, bringing the total to 578. The opening of new stores is expected to accelerate in 2024, particularly for Song Hotpot and the new brand Shan Wai Mian Hotpot, with plans to open 80-100 new Tai Er stores and 35-40 Song Hotpot stores domestically, and 15-20 Tai Er stores internationally [2]. Financial Projections - The company forecasts net profits attributable to shareholders of 560 million yuan, 730 million yuan, and 930 million yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 13.7X, 10.5X, and 8.3X [2][3].
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