门店和集团层面的经济效益改善。上半年门店层面的经营利润率同比提升0.1 个百分点至14.6%。集团 层面的现金薪酬开支/折旧与摊销/管理费用占收入的比重分别同比下滑0.4 个百分点/0.3 个百分点/0.3 个 百分点至5.1%，1.1%，1.9%。 维持买入评级。我们看好达势股份在中国披萨市场的开店和单店提升潜力，维持买入评级。 风险提示：同店增速不及预期，人员成本上涨导致利润率下滑。 门店稳步扩张。上半年公司净开店190 家，其中一线城市市场6 家，非一线城市市场184家，门店总数达 到1198 家，其中一线城市市场515 家，非一线城市市场683 家，占比57%。 公司上半年新进入9 个城市，截至6 月底的门店位于48 座城市，还有很大的扩张空间。 同店收入具备韧性。一线城市的同店收入同比正增长，2022 年12 月前进入的市场的门店也实现同比正 增长，然而2022 年12 月后新进驻的新市场，由于初期业绩强劲，在达美乐全球销售系统中不断创造新 的销售记录，带来高的对比基数，同店收入同比下滑。公司上半年整体的同店收入同比下滑1%，仍然 具备韧性。 机构：申万宏源研究 研究员：贾梦迪 达势股份1H25 收 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to rising gold prices leading to increased store closures among franchisees, but maintains a high dividend policy [1][3]. Group 1: Financial Performance - For 2024, the company recorded revenue of 13.89 billion yuan, a year-on-year decrease of 14.7%, and a net profit attributable to shareholders of 1.01 billion yuan, down 23.25% year-on-year, slightly below expectations [1]. - In Q1 2025, revenue was 2.67 billion yuan, a significant year-on-year decline of 47.3%, with a net profit of 250 million yuan, down 26.1% year-on-year [1]. - The company plans to distribute a cash dividend of 6.5 yuan per 10 shares (tax included), with an annual total dividend of 0.95 yuan per share (tax included), resulting in a dividend yield of approximately 7% [1]. Group 2: Market Strategy - The company is enhancing its brand matrix to adapt to current consumer trends and capture market share, with four main brands focusing on different segments [2]. - The main brand "Zhou Dazheng" is improving store profitability through adjustments in store image and product structure [2]. - "Zhou Dazheng Classic" focuses on gold products blending Eastern culture with modern fashion, while "Zhou Dazheng National Treasure" targets high-end channels [2]. - "Zhuanzhuge" is positioned as a light asset, high-margin brand focusing on cultural jewelry products, with over 60 stores opened [2]. Group 3: Revenue Channels and Profitability - In Q1 2025, franchise business revenue was 1.58 billion yuan, down 58.6%, with a revenue share decrease of 16.3 percentage points to 59.3%, attributed to increased store closures [3]. - Offline self-operated and e-commerce channel revenues were 527 million yuan and 534 million yuan, down 16.3% and 6.7% year-on-year, respectively [3]. - The gross profit margin for Q1 2025 was 26.2%, an increase of 10.6 percentage points year-on-year, benefiting from rising gold prices [3]. - The net profit margin for Q1 2025 was 9.4%, up 2.7 percentage points year-on-year [3]. Group 4: Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025 and 2026 down by 12% and 11% to 1.1 billion yuan and 1.23 billion yuan, respectively, and introduced a 2027 forecast of 1.38 billion yuan, with growth rates of 9.3%, 11.2%, and 12.7% [4]. - The average PE ratio for comparable companies in 2025 is expected to be 14 times, reflecting improved consumer demand in the gold and jewelry sector [4]. - The company is assigned a 2025 PE of 17 times, leading to a target price of 17.2 yuan, up from a previous 14.8 yuan [4].