Investment Rating - The report maintains a "Recommended" rating for the company with a target price of HKD 67.38, compared to the current price of HKD 50.15 [1]. Core Insights - The company reported a revenue of RMB 3.05 billion for the fiscal year 2023, representing a year-on-year growth of 51%. In the second half of 2023, revenue reached RMB 1.674 billion, up 50.6% year-on-year. The adjusted net profit was RMB 8.78 million, recovering from a net loss of RMB 110 million in 2022 [1][2]. - The company opened 180 new stores in 2023, expanding into 13 new cities, bringing the total number of stores to 768 across 29 cities in mainland China by the end of 2023 [2]. - Same-store sales growth was strong at 8.9% during the period, with membership numbers increasing to 14.6 million from 8.6 million the previous year [2]. Financial Summary - Total revenue for 2023 was RMB 3,085 million, with a projected revenue of RMB 4,026 million for 2024, reflecting a growth rate of 31% [3]. - The adjusted net profit is expected to rise significantly, with projections of RMB 5 million for 2024 and RMB 138 million for 2025, indicating a growth rate of 118% and 2816% respectively [3]. - The company’s operating profit margin improved to 13.8% in 2023, up 3.7 percentage points from the previous year, with effective cost control across various expense categories [2].
2023年报点评：同店强劲，新市场占比持续提升