2023年年报点评：拓店积极，经营稳健

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved a revenue of 1.63 billion yuan in 2023, representing a year-on-year increase of 6.89%. However, the net profit attributable to shareholders decreased by 4.04% to 214 million yuan [1]. - The company plans to continue its national expansion and pursue a dual-driven strategy, aiming to open 1,000 new stores in 2024 [2]. - The projected revenues for 2024, 2025, and 2026 are expected to be 1.91 billion yuan, 2.19 billion yuan, and 2.48 billion yuan, respectively, with year-on-year growth rates of 17.4%, 14.4%, and 13.5% [2]. Financial Performance - In 2023, the company reported a gross profit margin of 26.35%, a decrease of 1.36 percentage points year-on-year. The gross profit margins for franchising, direct sales, and group meals were 26.97%, 59.93%, and 20.81%, respectively [1]. - The company’s net profit margin for 2023 was 13.11%, down by 1.49 percentage points compared to the previous year [1]. - The company opened a total of 1,319 new franchise stores in 2023, ending the year with 5,043 stores, which is a net increase of 570 stores [1]. Future Outlook - The company is set to complete the acquisition of a 51% stake in the breakfast brand "Zheng Quan Wei" by Q2 2024, which is expected to enhance its product offerings [2]. - The new factory in Dongguan is scheduled to commence operations by the end of March 2024, with another factory in Wuhan expected to start production by the end of 2024 [2].