Investment Rating - The investment rating for the company is "Outperform the Market" [1][8] Core Views - The report highlights a recovery in revenue and a significant increase in profit, with total revenue reaching 2.744 billion HKD, a year-on-year increase of 17.1%, and a net profit of 116 million HKD, reflecting a year-on-year growth of 357.1% [5][8] - The company is actively pursuing a "self-operated + franchising" dual-drive model to enhance the quality of its offline stores, with a total of 3,816 stores as of 2023 [5][6] - The report anticipates continued revenue growth, projecting total revenues of 3.141 billion HKD in 2024, 3.547 billion HKD in 2025, and 3.938 billion HKD in 2026 [8][10] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 2.744 billion HKD, up 17.08% year-on-year, while the gross profit margin decreased by 2.61 percentage points to 52.42% due to rising raw material costs [5][6] - The net profit margin increased by 3.13 percentage points, resulting in a net profit of 116 million HKD [5][10] Business Model and Strategy - The company continues to implement a dual-drive model of "self-operated + franchising," with self-operated stores generating 1.466 billion HKD (53.4% of total revenue) and franchised stores contributing 783 million HKD (28.5%) [5][6] - The company is focusing on optimizing store locations and improving operational efficiency, particularly in high-demand areas [5][6] Product Development - The company has diversified its product offerings, introducing new flavors and price ranges to attract a broader consumer base, with a notable sales contribution from lower-priced products [8][10] Future Projections - The report forecasts a steady increase in revenue and net profit over the next few years, with expected earnings per share (EPS) of 0.08 HKD in 2024, 0.11 HKD in 2025, and 0.14 HKD in 2026 [8][10]
营收回暖，线下门店提升经营质量