Investment Rating - The report maintains a "Buy" rating for Zhouheiya (1458 HK) [5] Core Views - Zhouheiya achieved revenue of RMB 2 744 million in 2023, a YoY increase of 17 1%, and net profit attributable to shareholders of RMB 116 million, a YoY surge of 357 1% [2] - The company strengthened its position in transportation hub stores, with single-store revenue showing moderate recovery [2] - Zhouheiya launched innovative "fresh-lock + hot braised" store formats, seeking new growth points [2] - Raw material prices gradually declined, leading to potential margin expansion [3] Financial Performance Revenue and Profit - 2023 revenue: RMB 2 744 million (+17 1% YoY) [2] - 2023 net profit: RMB 116 million (+357 1% YoY) [2] - 2023 gross margin: 52 4% (-2 6pcts YoY) [3] - 2023 net profit margin: 4 2% (+3 2pcts YoY) [3] Store Performance - Total stores: 3 816 (+11 3% YoY) [2] - New self-operated stores: 274 (+18 9% YoY) [2] - New franchised stores: 113 (+5 7% YoY) [2] - Average single-store revenue growth: 6 7% (self-operated), 6 9% (franchised) [2] Future Projections - 2024E revenue: RMB 3 262 million (+18 9% YoY) [4] - 2025E revenue: RMB 3 795 million (+16 3% YoY) [4] - 2024E net profit: RMB 211 million (+82 5% YoY) [4] - 2025E net profit: RMB 281 million (+33 1% YoY) [4] Business Strategy Product and Channel Development - Main product categories: duck and duck by-products (RMB 2 120 million, +17% YoY), other products (RMB 587 million, +18% YoY), franchising (RMB 35 million, +4 8% YoY) [2] - Focus on classic flavors and national trend braised food concept [2] Store Format Innovation - Launched two "fresh-lock + hot braised" combo stores in 2023 [2] - Hot braised products priced around RMB 20 [2] - Potential to attract both meal replacement and leisure snack consumers [2] Financial Ratios - 2023 ROE: 2 83% [4] - 2023 P/E: 33x [4] - 2024E P/E: 18x [4] - 2025E P/E: 14x [4] - 2026E P/E: 12x [4] Market Data - Current price: HKD 1 73 [5] - Market cap: HKD 4 1 billion [6] - 52-week range: HKD 1 61-3 79 [6] - 3-month turnover rate: 18 87% [6]
2023年年报业绩点评：巩固交通枢纽优势，新店型未来可期