Investment Rating - The report maintains a "Buy" rating for the company, with a current price of HKD 2.66 [3]. Core Insights - The company reported a total revenue of HKD 5.164 billion for 2023, representing a year-on-year increase of 20.33%. Adjusted net profit reached HKD 0.21 billion, a significant recovery from a loss of HKD 4.61 billion in the same period last year [2]. - The company's direct store revenue was HKD 4.692 billion, up 18.19% year-on-year, while bottled beverage revenue surged by 69.79% to HKD 0.267 billion. However, revenue from the lid business declined by 35.22% to HKD 0.053 billion [2]. - The company has expanded its store count significantly, adding 506 new direct stores in 2023, with a focus on first-tier and new first-tier cities [2]. - Despite a decline in average daily sales per store across all city tiers, the operating profit margin improved due to stable raw material costs and optimized labor and rental expenses [2]. Summary by Sections Financial Performance - Total revenue for 2023 was HKD 5.164 billion, with a growth rate of 20.33%. The net profit forecast for 2024-2026 is HKD 3.23 billion, HKD 4.92 billion, and HKD 6.31 billion, respectively [3][7]. - The company’s earnings per share (EPS) are projected to be HKD 0.01, HKD 0.19, HKD 0.29, and HKD 0.37 for 2023 to 2026, with corresponding price-to-earnings (P/E) ratios of 319, 13, 9, and 7 [3][9]. Store Expansion and Strategy - The company has opened 200 franchise stores as of February 2024, with a total of 1,230 first-class tea drink stores and 344 second-class tea drink stores by the end of 2023 [2]. - The franchise model is expected to accelerate store expansion and enhance profitability, with a more flexible store type and lower initial investment requirements [2]. Operational Efficiency - Average daily sales per store decreased across all city tiers, with first-tier cities seeing a decline of 11.81% to HKD 12,700. However, the operating profit margin improved, with first-tier cities achieving a margin of 19.6%, up 6.1 percentage points year-on-year [2]. - The company has optimized its cost structure, with labor costs and rent as a percentage of revenue decreasing by 3.2 percentage points and 1.0 percentage points, respectively [2].
2023年全年业绩公告点评：经营利润率优化明显，加盟门店扩张步入快车道