开店稳健，利润修复

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index over the next 6 to 12 months [10][5]. Core Insights - The company is projected to achieve revenue of 19.59 billion, 22.94 billion, and 25.86 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 2.48 billion, 2.93 billion, and 3.38 billion yuan for the same years [2][12]. - The company has shown steady growth in revenue, with a year-on-year increase of 10.74% in Q1 2024, despite a slight decline in net profit [12]. - The company is focusing on expanding its store network, with a net increase of 51 franchise stores in Q1 2024, and is expected to accelerate its expansion in new markets [2][12]. Financial Performance Summary - Revenue for 2022 was 1,525 million yuan, with a projected growth rate of 11% year-on-year. By 2026, revenue is expected to reach 2,586 million yuan, with a growth rate of 13% [1]. - Net profit decreased from 222 million yuan in 2022 to 214 million yuan in 2023, but is expected to recover to 338 million yuan by 2026, reflecting a growth rate of 15% [1]. - The company's earnings per share (EPS) is projected to increase from 0.89 yuan in 2022 to 1.35 yuan in 2026 [1]. Operational Highlights - The company has successfully diversified its revenue streams, with significant contributions from franchise operations, direct stores, and group meal services [2]. - The gross margin improved to 25.92% in Q1 2024, attributed to a decrease in raw material costs, particularly pork [13]. - The company is exploring a fourth-generation store model, which is expected to enhance revenue per store [2].