Investment Rating - The investment rating for the company is "Outperform the Market" [4] Core Insights - The company has shown strong performance in new growth markets and has achieved annual profitability for the first time [4] - Revenue is projected to grow significantly, with estimates of 40.9 billion, 52.2 billion, and 65.8 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 34%, 28%, and 26% [5][6] - Adjusted net profit is expected to reach 0.4 billion, 1.2 billion, and 2.6 billion yuan for the same years, with substantial year-on-year growth rates of 389%, 177%, and 122% [5][6] Financial Summary - Revenue (in million yuan): 2021: 3,051; 2022: 4,086; 2023: 5,223; 2024E: 6,577 [4] - Adjusted net profit (in million yuan): 2022: 9; 2023: 43; 2024E: 119; 2025E: 264 [4] - Comprehensive diluted EPS (in yuan): 2023: 0.07; 2024E: 0.35; 2025E: 0.98; 2026E: 2.17 [4] - Gross margin: 72.6% in 2023, expected to remain stable around 73% in the following years [4] - Return on equity: 0.6% in 2023, projected to increase to 11.7% by 2026 [4] Store Expansion and Sales Performance - The company plans to open 240, 300, and 325 new stores from 2024 to 2026 [5] - Average daily sales per store are expected to be 12.8 thousand yuan in 2024, with slight declines in subsequent years [5][6] - The number of stores in Beijing and Shanghai is projected to increase from 351 in 2023 to 491 by 2026 [6] Cost Structure and Profitability - Operating expenses are expected to decrease as a percentage of sales due to scale effects, with labor costs projected to be 36.6%, 34.4%, and 32.6% from 2024 to 2026 [5] - Rent costs are expected to stabilize around 12.3% to 12.7% over the same period [5] - Adjusted net profit margin is projected to improve from 1.1% in 2024 to 4.0% in 2026 [5][6]
公司年报点评：新增长市场表现强劲，首次实现年度盈利