23年团餐收入承压，盈利能力逐季改善

Investment Rating - The investment rating for the company is "Outperform" [6]. Core Views - The company reported a revenue of 1.63 billion in 2023, a year-on-year increase of 6.9%, and a net profit attributable to shareholders of 214 million, a decrease of 4% year-on-year. The forecast for 2024-2026 shows expected net profits of 250 million, 293 million, and 339 million respectively, with growth rates of 17%, 17%, and 16% [6][10]. - The company plans to maintain a dividend payout of 4 yuan per 10 shares, resulting in a dividend rate of 46.8% [6]. - The company is expected to see gradual recovery in single-store revenue and orderly expansion of its store opening plan, with improved profitability anticipated due to increased capacity utilization [6]. - The company aims to enhance its revenue through a dual-driven approach of store expansion and group meal services, leveraging both internal growth and external partnerships [6]. Financial Summary - Total revenue for 2023 was 1,630 million, with a projected increase to 1,834 million in 2024, representing a growth rate of 12.5% [10]. - The gross profit margin for 2023 was 26.3%, a decrease of 1.4 percentage points year-on-year, but showed a quarterly improvement trend [6][10]. - The company’s net profit margin for 2023 was 10.9%, down 1.2 percentage points year-on-year, yet also showed a quarterly improvement [6][10]. - The earnings per share for 2023 was 0.86 yuan, with projections of 1.00 yuan, 1.17 yuan, and 1.36 yuan for 2024, 2025, and 2026 respectively [10].