Investment Rating - The report maintains an "Outperform" rating for DPC Dash [11][15]. Core Insights - DPC Dash reported a revenue of RMB 3.05 billion for 2023, representing a 51% year-on-year increase. The company achieved its first positive adjusted net profit of RMB 0.1 million [10][15]. - The gross profit margin was 72.6%, a slight decrease of 0.2 percentage points year-on-year, while the adjusted EBITDA reached RMB 300 million, up 118% year-on-year, with an EBITDA margin of 9.9%, an increase of 3 percentage points [10][15]. - The new growth market revenue was RMB 1.51 billion, a significant increase of 103% year-on-year, contributing to 49% of total revenue [10][15]. Revenue and Growth - Revenue from Beijing and Shanghai was RMB 1.55 billion, up 21% year-on-year, with 39 new stores added [10][15]. - The company plans to open 240 new stores in 2024 and 300-350 stores in 2025-2026, adjusting its previous guidance upwards [10][15]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are RMB 4.09 billion, RMB 5.22 billion, and RMB 6.58 billion, respectively, with adjusted net profits expected to be RMB 0.43 billion, RMB 1.19 billion, and RMB 2.64 billion [10][15]. - The report values the company at 2 times the 2024 price-to-sales ratio, resulting in a target price of HKD 74.6 [10][15]. Store Operations - The total number of stores reached 768, with 187 new openings and 7 closures in 2023 [10][15]. - The company’s store operating profit margin improved to 13.8%, an increase of 3.7 percentage points year-on-year [10][15]. Membership Growth - The membership base surpassed 14.6 million, reflecting a growth of approximately 70% year-on-year [10][15].
点评报告： 新增长市场表现强劲，首次实现年度盈利