Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has turned profitable year-on-year, with the "Hi Beer Partner" model expected to accelerate store openings [3]. - The performance in 2023 was slightly below previous expectations, leading to a downward adjustment of net profit forecasts for 2024 and 2025 [3]. - The revenue structure shows a significant increase in franchise income, indicating a shift towards a more asset-light model [3]. Financial Summary - In 2023, the company reported revenue of 1.209 billion RMB, a year-on-year decrease of 22.5%, with a net profit of 181 million RMB, achieving a net profit margin of 14.9% [3]. - Adjusted net profit for 2023 was 280 million RMB, with an adjusted net profit margin of 23.2% [3]. - The company closed 288 stores in 2023 but opened 24 new stores by March 19, 2024, with a total of 383 "Hi Beer Partner" stores signed, of which 188 are operational [3]. Operational Insights - The average daily sales per store for direct-operated and franchise locations were 7.3k RMB and 7.1k RMB respectively, with the overall average sales per square meter at 21 RMB, while "Hi Beer Partner" locations achieved a higher efficiency of 34 RMB per square meter [3]. - The gross margin improved to 70.2%, an increase of 6.2 percentage points, with employee costs reduced by 39.7% [3]. - The company aims to further optimize costs and expenses through improved labor efficiency and adjustments in store structure [3].
2023年报点评：同比扭亏为盈，嗨啤合伙人有望加速开店