Investment Rating - The investment rating for the company is "Outperform the Market" [1][2] Core Insights - The company reported a revenue of 1.21 billion yuan for 2023, a year-on-year decrease of 22%, while the gross margin improved to 70.2%, an increase of 6.3 percentage points [2][3] - The company plans to distribute a final dividend of 0.3153 yuan per share, totaling approximately 400 million yuan [2] - The company is focusing on a platform transformation and accelerating the expansion of the "Hi Beer Partner" model, which is expected to enter a phase of rapid growth [2][3] Financial Performance Summary - Revenue for 2023 was 1.21 billion yuan, down 22% year-on-year [3][4] - Adjusted net profit for 2023 was 280 million yuan, with an adjusted net profit margin of 23.2% [3][4] - The gross margin for 2023 was 70.2%, up from 64.0% in 2022 [3][4] - The company plans to open 400 new bars in 2024, indicating a strong growth strategy [2][3] Revenue and Profit Forecast - Revenue forecasts for 2024 and 2025 have been adjusted downwards to 1.05 billion yuan and 1.49 billion yuan, respectively, reflecting a decrease of 34% and 20% [5][6] - The adjusted net profit for 2024 is projected to be 210 million yuan, down 55% from previous estimates [5][6] - The company aims for a revenue of 1.95 billion yuan by 2026, indicating a recovery trajectory [5][6] Valuation and Market Comparison - The estimated reasonable market value range for the company is between 4.6 billion and 5.7 billion HKD, translating to a share price range of 3.6 to 4.5 HKD [2][6] - The company is compared with peers in the industry, showing a P/E ratio of 18.6 for 2024, which is competitive within the sector [6][7]
公司年报：持续推进平台化转型，嗨啤合伙人模式扩张提速