Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is positioned as a leading player in the pizza delivery market, focusing on high cost-performance and efficient delivery, with plans for aggressive expansion into high-potential cities [2][11]. - The report highlights the company's strong brand recognition and operational efficiency, which are expected to improve profitability as scale and brand effects take hold [2][11]. Summary by Sections Company Overview - The company has successfully expanded its franchise rights across mainland China, Hong Kong, and Macau since 2017, with a significant increase in store count, surpassing 672 stores by mid-2023 [11][14]. - The management team is experienced, with a stock incentive plan implemented to retain key talent and support business expansion [14][17]. Pizza Industry Insights - The Chinese pizza market has been growing rapidly since 2010, with a projected CAGR of 15.5% from 2022 to 2027, reaching a market size of 771 billion RMB [2][30]. - The delivery segment is expected to grow significantly, with projections indicating it will account for 67% of the pizza market by 2027 [2][30]. Future Growth Potential - The company plans to continue expanding its store network, particularly in first-tier and emerging cities, with a focus on optimizing single-store performance and improving profit margins through economies of scale [2][4][30]. - The report forecasts revenue growth of 26.4%, 31.8%, and 29.0% for the years 2024 to 2026, with net profit expected to recover significantly during this period [2][4]. Financial Projections and Valuation - Revenue projections for the company are set at 38.56 billion RMB in 2024, 50.84 billion RMB in 2025, and 65.60 billion RMB in 2026, with corresponding net profits of 0.53 billion RMB, 1.57 billion RMB, and 2.53 billion RMB [2][4]. - The report suggests a valuation premium based on comparable companies in high-growth phases, supporting the "Buy" rating [2][4].
达势股份：外卖披萨赛道龙头，新城新店扩张提速