Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has significantly improved customer order numbers, with a focus on enhancing store operations [1] - The company has expanded its product price range and categories, leading to a 20% increase in customer orders despite a 1.73% decrease in average transaction value [4] - The company is actively integrating online and offline channels, with notable sales in late-night delivery and in-store promotions [4] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 2.744 billion RMB, a year-on-year increase of 17.1%, and a net profit of 116 million RMB, up 357.1% [4] - The company plans to repurchase up to 400 million HKD of its shares to boost shareholder confidence [5] Store Expansion and Quality - The company increased its store count by 387 to a total of 3,816 stores in 2023, with a strong focus on key transportation hubs [4] - The number of stores in transportation hubs rose to 319, an increase of 141 stores year-on-year [4] Cost Management and Profitability - The company's gross margin was 52.42%, a decrease of 2.61 percentage points due to rising raw material costs [5] - The company improved its net profit margin to 4.21%, an increase of 3.13 percentage points year-on-year, aided by better cost management [5] Earnings Forecast - The company expects EPS of 0.08, 0.10, and 0.13 RMB for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 21, 16, and 12 [6][7]
客单数提升显著，门店运营提质为先