Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved revenue of RMB 2.744 billion in 2023, a year-on-year increase of 17.1%, slightly exceeding the previous guidance of RMB 2.700 to 2.750 billion. The net profit attributable to shareholders was RMB 116 million, a significant year-on-year increase of 357.1%, surpassing the guidance of RMB 100 to 115 million [5]. - The total number of stores reached 3,816 by the end of 2023, with 1,720 self-operated stores and 2,096 franchised stores, covering 331 cities across 28 provinces, autonomous regions, and municipalities in China [5]. - The company is actively embracing the value-for-money consumption era by launching products priced between RMB 9.9 and 14.9, which has led to a more than 20% year-on-year increase in customer transactions [5]. Summary by Sections Revenue and Profitability - The company's revenue growth was driven by a 26.9% increase in self-operated stores and a 13.0% increase in franchised stores, while online sales declined by 5.1%. The product mix showed a 17.0% increase in duck and duck by-products and an 18.1% increase in other products, with the latter's proportion rising by approximately 0.2 percentage points to 21.4% [5]. - The gross profit margin decreased by approximately 2.6 percentage points to 52.4% due to rising raw material costs, but the overall net profit margin improved to 4.2% [6]. Store Expansion and Strategy - The company added 387 new stores in 2023, with a net increase of 277 in the first half and 110 in the second half. The proportion of franchised stores slightly decreased, with franchised stores accounting for 54.9% of the total [5]. - The company plans to explore new store formats that combine fresh-keeping and hot-marinated products to enhance store efficiency [5]. Dividends and Share Buyback - The company plans to distribute a dividend of HKD 0.05 per share, totaling approximately RMB 108 million, which represents about 93.5% of the annual net profit. Additionally, the board intends to utilize up to HKD 400 million for share buybacks, representing about 10% of the current market capitalization [6]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is RMB 229 million, RMB 280 million, and RMB 316 million, respectively, corresponding to a price-to-earnings ratio of 16, 13, and 12 times based on the current stock price [6].
2023年度业绩点评：业绩略超指引，分红回购推进