Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company achieved a revenue of 3.051 billion RMB in 2023, representing a year-over-year growth of 51%. Adjusted net profit reached 8.78 million RMB, with a profit margin of 0.3%, compared to an adjusted net loss of 114 million RMB in the previous year [2][3]. - New markets have become a significant growth driver, with the company entering 13 new cities in 2023, resulting in a total of 768 stores by year-end. Revenue from new markets grew by 102.9% to 1.506 billion RMB, accounting for 49.4% of total revenue [2][3]. - The company plans to open approximately 240 new stores in 2024, with an upward revision of the store opening plan for 2025-2026 to 300-350 stores [3]. Financial Performance - In 2023, the company reported a same-store sales growth of 8.9%, with a store operating profit margin (OPM) of 13.8%, an increase of 3.7 percentage points year-over-year [2]. - The overall daily sales per store were 12,580 RMB, with new market stores showing a significant increase of 36.4% year-over-year [2]. - The adjusted net profit forecasts for 2024-2026 are 0.46 million RMB, 1.30 million RMB, and 2.84 million RMB, with corresponding profit margins of 1.1%, 2.5%, and 4.3% [3]. Store Expansion and Supply Chain - The company is set to establish a central kitchen in Wuhan in Q4 2024 to strengthen its supply chain [3]. - The performance of new stores has been promising, with an expected average investment return period of 9 months for newly opened stores in cities like Jinan, Wuhan, and Chengdu [2][3].
2023年度业绩点评：新市场成为增长驱动力量，经调整盈利迎来拐点