Investment Rating - The report maintains a "Buy" rating for the company, with a current price of HKD 3.23 [2]. Core Insights - The company reported a turnaround in net profit for 2023, achieving a net profit of HKD 1.81 billion compared to a loss of HKD 16.01 billion in 2022. Adjusted net profit for 2023 stands at HKD 2.80 billion, recovering from a loss of HKD 2.41 billion in 2022 [1]. - The revenue for 2023 was HKD 12.09 billion, reflecting a year-on-year growth of 22.49%. The revenue decline was attributed to the company's transition to a platform-based, asset-light model and a reduction in the number of existing bars [1]. - The company has reduced its bar count from 767 at the end of 2022 to 479 by the end of 2023, with a significant decrease in direct-operated bars [1]. - The new "Hi Beer Partner" bar model has shown advantages, with daily sales in first and second-tier cities outperforming existing direct-operated and franchised bars [1]. Summary by Sections Financial Performance - The company achieved a net profit of HKD 1.81 billion in 2023, a significant recovery from a loss of HKD 16.01 billion in 2022. The adjusted net profit for 2023 is HKD 2.80 billion, compared to a loss of HKD 2.41 billion in 2022 [1]. - Revenue for 2023 was HKD 12.09 billion, with a year-on-year growth of 22.49% [1]. - The number of bars decreased to 479 from 767, with direct-operated bars dropping to 255 from 653 [1]. Business Model and Strategy - The company is transitioning to a platform-based, asset-light model, focusing on the "Hi Beer Partner" bar expansion [1]. - The new bar model has a lower breakeven point and higher profitability potential, with daily sales in first-tier cities reaching HKD 0.94 million, which is 25.33% higher than existing models [1]. - The report highlights three growth areas: optimizing the store matrix, expanding the "Hi Beer Partner" model, and targeting the lower-tier market with new store formats [1]. Future Projections - The company is expected to achieve profits of HKD 2.63 billion, HKD 4.10 billion, and HKD 4.93 billion in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 14x, 9x, and 8x [1].
2023年全年业绩公告点评：净利润扭亏为盈，嗨啤合伙人酒馆单店模型发力打开成长空间