Investment Rating - The report maintains an "Outperform" rating for the company, indicating an expected price increase of 10-20% from the current level [4]. Core Insights - The company reported a revenue of CNY 2.744 billion for 2023, a year-on-year increase of 17.1%, and a net profit attributable to shareholders of CNY 116 million, reflecting a significant growth of 357.1% [2][3]. - The company plans to focus on enhancing store efficiency in 2024, with projected store counts of 4,036 and 4,346 for 2024 and 2025, respectively, down from previous estimates of 4,666 and 5,476 [2]. - The forecasted net profits for 2024-2026 are CNY 207 million, CNY 254 million, and CNY 308 million, representing year-on-year growth rates of 79%, 23%, and 21% respectively [2][3]. Financial Data and Profit Forecast - Revenue and profit forecasts for the company are as follows: - 2024E Revenue: CNY 3.137 billion, 14% growth - 2025E Revenue: CNY 3.511 billion, 12% growth - 2026E Revenue: CNY 3.871 billion, 10% growth - 2024E Net Profit: CNY 207 million, 79% growth - 2025E Net Profit: CNY 254 million, 23% growth - 2026E Net Profit: CNY 308 million, 21% growth [3][8]. Operational Highlights - The company has accelerated the expansion of its transportation hub stores, with a total of 3,816 stores at the end of the reporting period, including 1,720 self-operated and 2,096 franchised stores [2]. - The average revenue per self-operated store increased by 7.9% year-on-year, while franchised stores saw a decline of 2.5% [2]. - The company is diversifying its consumer reach through delivery services and e-commerce platforms, with a focus on late-night dining scenarios [2].
强化交通枢纽店优势，24年注重门店提效