Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [5]. Core Views - The company is facing pressure on its main brand's same-store sales recovery due to a decline in consumer spending power and brand momentum. However, the current valuation level is considered attractive after a significant correction since mid-2023, suggesting potential for upward valuation catalysts as the company returns to an upward trajectory [2][4]. - The report adjusts profit forecasts, lowering the expected net profit for 2024-2025 to 6.2 billion and 7.7 billion RMB, respectively, while maintaining a "Buy" rating despite the challenges faced by the company's main brands [2][4]. Financial Summary - Revenue for 2023 is projected at 5,994 million RMB, with a year-on-year growth rate of 49.4%. The forecast for 2024 is 7,872 million RMB, representing a growth rate of 31.5% [4]. - The net profit for 2023 is expected to be 453 million RMB, with a significant increase of 820.2% year-on-year. For 2024, the net profit is projected to be 617 million RMB, reflecting a growth rate of 36.0% [4]. - Earnings per share (EPS) is forecasted to increase from 0.32 RMB in 2023 to 0.43 RMB in 2024, and further to 0.54 RMB in 2025 [4]. Operational Insights - The company is actively adjusting its operational strategies to cope with the external environment, including lowering customer prices to enhance value and accelerating menu updates to boost customer traffic. The management team, with decades of experience in restaurant brand operations, is expected to effectively respond to these challenges and revitalize the brand [2][4].
23年报点评：积极调整经营策略，静待同店回升