Investment Rating - The investment rating for the company is "Buy" with a maintained rating [2][7]. Core Views - The company's revenue for 2023 reached 3.05 billion RMB, representing a growth of 51.0% year-on-year, with an adjusted net profit of 8.78 million RMB, marking a turnaround from losses [2]. - Key drivers for revenue growth include new market expansion, store openings, and increased orders. By the end of 2023, the company had expanded to 29 cities with a total of 768 stores, a 30.6% increase [2]. - Same-store sales increased by 8.9%, with average daily sales per store at 12,580 RMB, up 9.9% [2]. - The company plans to open approximately 240 new stores in 2024 and has already opened 55 new stores as of March 22, 2024 [2]. Financial Summary - Revenue for 2022 was 2.02 billion RMB, and it is projected to reach 3.98 billion RMB in 2024, with a growth rate of 30.57% [5]. - The adjusted net profit is expected to improve significantly from -79 million RMB in 2024 to 264 million RMB in 2026, reflecting a growth rate of 147% [5]. - The adjusted EBITDA margin for 2023 was 9.9%, an increase of 3.0 percentage points [2]. - The company’s operating profit margin improved to 13.8% in 2023, up 3.7 percentage points [2]. Operational Efficiency - The company has improved its operational efficiency, with employee compensation as a percentage of revenue decreasing to 26.9% in 2023, down 0.7 percentage points [2]. - Marketing expenses as a percentage of revenue also decreased to 5.2%, down 0.6 percentage points [2]. - Rental expenses as a percentage of revenue fell to 10.1%, benefiting from revenue growth and improved negotiation capabilities [2].
门店盈利能力改善，新市场开拓顺畅