Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has demonstrated confidence in its long-term operations by announcing a share buyback plan of up to HKD 100 million, representing approximately 1.5% of its latest market value [3][4] - The same-store sales growth has been impacted by high base effects from the previous year, with specific brands showing varying performance metrics [3][4] - The company is focusing on enhancing operational efficiency and expanding its market presence in key regions [4] Financial Performance Summary - Total revenue for 2022 was RMB 4,006 million, with a significant increase to RMB 5,986 million in 2023, and projected revenues of RMB 7,547 million in 2024, reflecting a year-on-year growth of 26.1% [2] - The net profit attributable to shareholders was RMB 49 million in 2022, soaring to RMB 453 million in 2023, with an expected net profit of RMB 623 million in 2024, indicating a growth rate of 37.3% [2] - The latest diluted EPS is projected to be RMB 0.43 for 2023, increasing to RMB 0.52 in 2025 and RMB 0.60 in 2026 [2] Operational Insights - As of Q1 2024, the company operates 584 stores for its brand "Tai Er," with a same-store sales growth rate of -13.9% [3] - The "Song Hot Pot" brand has 66 stores, showing a same-store sales decline of -34.8% [3] - The "Jiu Mao Jiu" restaurant brand has 75 stores, with a same-store sales growth of -4.1% [3] Market Position and Strategy - The company plans to focus on existing stores to improve profitability and will introduce diverse marketing strategies to attract a broader customer base [4] - The company is also expanding its presence in the sour soup segment, which has gained popularity in the restaurant industry [4]
2024Q1经营点评：基数扰动同店，股份回购彰显信心