Investment Rating - The report maintains an OUTPERFORM rating for Nayuki Holdings [2][8]. Core Insights - Nayuki achieved a revenue of RMB 5.16 billion in 2023, representing a year-on-year growth of 20.3%, and turned a profit with an adjusted net profit of RMB 20.91 million, resulting in an adjusted net profit margin of 0.4% [8][9]. - The revenue from self-operated stores was RMB 4.69 billion, up 18.2% year-on-year, with daily sales per store averaging about RMB 10,000, a decrease of 14.7% year-on-year [8][9]. - The company plans to open 200 new self-operated stores in 2024, primarily in top-tier cities, and aims to expand its franchise stores to 2,000-3,000 within the next 2-3 years [8][9]. Financial Performance Summary - The company reported a gross profit margin of 67.1% in 2023, with a slight increase of 0.1 percentage points year-on-year [2][9]. - The adjusted net profit is projected to grow significantly in the coming years, with estimates of RMB 268 million in 2024, RMB 501 million in 2025, and RMB 683 million in 2026 [8][9]. - The report forecasts total revenue to reach RMB 7.38 billion in 2024, RMB 9.25 billion in 2025, and RMB 10.94 billion in 2026, reflecting growth rates of 42.9%, 25.4%, and 18.3% respectively [4][9]. Market Position and Strategy - Nayuki's strategy includes a focus on light-asset operations for future store expansions, which is expected to enhance profitability [8][9]. - The company has demonstrated a commitment to optimizing its cost structure, with labor costs, rental costs, and delivery costs showing a downward trend [9]. - Nayuki's market presence is expanding, with a total of 1,574 self-operated stores by the end of 2023, an increase of 506 stores year-on-year [8][9].
年报点评：全年实现扭亏为盈，轻资产运营加速发展