Investment Rating - The investment rating for the company is "Buy" and is maintained [4][6]. Core Insights - The company achieved a revenue of 5.986 billion in 2023, representing a year-on-year increase of 49%. The operating profit at the store level was 1.077 billion, up 108% year-on-year, and the net profit attributable to shareholders was 453 million, reflecting an increase of 820% year-on-year [5][6]. - For 2024, the company plans to open 80-100 new stores for the brand "Tai Er" in mainland China and 15-20 stores outside mainland China, along with 35-40 new stores for "Song Hotpot" in mainland China. The company aims to enhance its brand and explore franchise opportunities in various regions [6][7]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 5.986 billion, with a significant increase in net profit attributable to shareholders of 453 million, marking an 820% rise year-on-year. Adjusted net profit reached 501 million, up 623% year-on-year [5][6]. - The second half of 2023 saw a revenue of 3.106 billion, a 47% increase year-on-year, and a 4% increase quarter-on-quarter. The operating profit for the same period was 502 million, up 110% year-on-year [5][6]. Brand Performance - The "Tai Er" brand generated a revenue of 2.285 billion in the second half of 2023, with a year-on-year growth of 41%. The "Song Hotpot" brand saw a revenue increase of 155% year-on-year, reaching 453 million, primarily due to new store openings and improved product offerings [5][6]. - The same-store sales growth for "Tai Er," "Song," and "Jiu Mao Jiu" brands was 18.3%, 10.6%, and 7.4% respectively for the entire year of 2023 [5][6]. Future Outlook - The company is expected to achieve revenues of 7.673 billion, 9.314 billion, and 10.817 billion for the years 2024, 2025, and 2026 respectively, with net profits projected at 626 million, 793 million, and 937 million for the same years [6][7].
2023年业绩点评：与时俱进，成效渐显