公司事件点评报告：拓店节奏保持，关注团餐业务开展

Investment Rating - The report maintains a "Buy" investment rating for the company [2][21]. Core Views - The company is expected to continue its store expansion at a steady pace, with a focus on the development of its group meal business, which is anticipated to contribute to new performance growth [21]. - Revenue for 2023 reached 1.63 billion yuan, a 7% increase year-on-year, driven by an increase in store numbers and rapid growth in group meal business outside East China [21]. - The company plans to distribute a cash dividend of 4 yuan for every 10 shares, increasing the dividend payout ratio to 47% of net profit [21]. Financial Summary - The company's gross profit margin and net profit margin for 2023 were 26.35% and 13.21%, respectively, with slight year-on-year changes [21]. - The company reported a net profit of 214 million yuan for 2023, a decrease of 4% year-on-year, primarily due to rising labor costs and depreciation expenses [21]. - The forecast for 2024-2026 indicates expected earnings per share (EPS) of 1.02, 1.17, and 1.30 yuan, with corresponding price-to-earnings (PE) ratios of 16, 14, and 13 times [21]. Business Expansion and Product Segmentation - The company aims to open 1,000 new stores in 2024 while also expanding its semi-finished product business to cater to small B catering, providing a second growth curve for group meals [21]. - In 2023, revenue from different product categories was 662 million yuan for rice products, 414 million yuan for fillings, and 394 million yuan for purchased food, with year-on-year growth rates of 1%, 18%, and 4%, respectively [21]. - The company had a total of 5,043 franchise stores by the end of 2023, with a net increase of 570 stores, indicating a robust growth in the franchise channel [21].