证券研究报告·海外公司点评·旅游及消闲设施(HS) 达势股份（01405.HK） 门店稳步扩张，盈利持续改善 2025 年 04 月 30 日 买入（维持） 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 邓洁 执业证书：S0600525030001 dengj@dwzq.com.cn 股价走势 -6% 5% 16% 27% 38% 49% 60% 71% 82% 93% 104% 2024/4/30 2024/8/29 2024/12/28 2025/4/28 达势股份 恒生指数 市场数据 | 收盘价(港元) | 95.00 | | --- | --- | | 一年最低/最高价 | 51.10/125.20 | | 市净率(倍) | 5.53 | | 港股流通市值(百万港 | 12,431.24 | | 元) | | 基础数据 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） ...

DPC Dash Ltd 达势股份有限公司 （於英屬維爾京群島註冊成立的有限公司） 股份代號 : 1405 2024 年度報告 目錄 | 公司資料 | 2 | | --- | --- | | 董事長及首席執行官致函 | 4 | | 摘要 | 6 | | 業務回顧及展望 | 9 | | 管理層討論及分析 | 12 | | 董事會報告 | 25 | | 董事及高級管理層 | 53 | | 企業管治報告 | 60 | | 獨立核數師報告 | 79 | | 綜合全面收益表 | 85 | | 綜合資產負債表 | 86 | | 綜合權益變動表 | 88 | | 綜合現金流量表 | 90 | | 綜合財務報表附註 | 91 | | 財務概要 | 179 | | 釋義 | 180 | 公司資料 董事會 執行董事 王怡女士 （首席執行官） 非執行董事 Frank Paul Krasovec先生 （董事長） James Leslie Marshall先生 Zohar Ziv先生 Matthew James Ridgwell先生 Joseph Hugh Jordan先生 （自2024年11月4日起獲委任） Arthur Patri ...

The. ? ? ? A. ¶¶ Ladies and gentlemen, welcome to DTC Dash Limited Full Year 2024 Earnings Conference Call. All participants will be in listen-only mode during management's prepared remarks, and there will be a question and answer session to follow. Today's conference call will be recorded. At this time, I would like to turn the call over to Kathy Zong, our director of DPC-DASH, who will share the process for today's call and provide some important disclosures. Please go ahead, ma'am. Thank you, operator. H ...

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company achieved a revenue of 4.314 billion yuan in 2024, representing a year-on-year growth of 41.4%, with a significant increase in net profit [1][5] - The company continues to expand its store network, adding 240 new stores in 2024, and has maintained positive same-store sales growth for 30 consecutive quarters since Q3 2017 [1][4] - The company is expected to maintain a strong average daily sales level, with a projected opening of around 300 new stores in 2025, primarily in new growth markets [4] Revenue and Profitability - In 2024, the company achieved a gross margin of 72.9%, an improvement of 0.3 percentage points year-on-year, and an adjusted net profit margin of 3.0%, reflecting its profitability potential [2] - The average daily sales per store reached 13,100 yuan in 2024, a year-on-year increase of 4.3%, driven mainly by new store openings [3] Financial Forecast - The company is projected to achieve revenues of 5.394 billion yuan, 6.521 billion yuan, and 8.160 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits expected to reach 0.76 billion yuan, 1.03 billion yuan, and 2.79 billion yuan in the same years [6][5]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 4.314 billion yuan in 2024, representing a year-on-year growth of 41% [4] - The gross margin improved to 72.9%, an increase of 0.3 percentage points year-on-year [6] - Adjusted net profit reached 131 million yuan, with an adjusted net profit margin of 3.0%, up by 2.7 percentage points year-on-year [6] - Adjusted EBITDA was 500 million yuan, showing a year-on-year increase of 64%, with an EBITDA margin of 11.5%, up by 1.6 percentage points [6] Summary of Relevant Sections Market Performance - The company's stock showed an absolute increase of 31.59% over the last three months [3] Store Performance - Same-store sales grew by 2.5% for the year, marking 30 consecutive quarters of positive growth [5] - The average daily sales per store were 13,100 yuan, a 4% increase year-on-year, with a decline in average transaction value by 5% [5] - The total number of stores reached 1,008 by the end of 2024, with a net addition of 240 stores during the year [5] Profitability and Cost Management - The operating profit margin for the company was 14.5%, an increase of 0.7 percentage points year-on-year [6] - Employee costs accounted for 27.5% of revenue, up by 0.6 percentage points due to the expansion of new market stores [6] Valuation Forecast - Revenue estimates for 2025 and 2026 have been raised to 5.437 billion yuan and 7.033 billion yuan, respectively, with year-on-year growth rates of 26% and 29% [7] - The adjusted net profit for 2025 is projected to be 188 million yuan, reflecting a 43.6% year-on-year increase [7] - The company is assigned a price-to-sales (PS) valuation of 2.5-3 times for 2025, resulting in a fair value range of 111.2 to 133.5 HKD per share [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 4.314 billion yuan in 2024, representing a year-on-year growth of 41.41%, and a net profit of 55.20 million yuan, marking a turnaround from a loss [7] - The company is expanding its store network, with a total of 1,008 stores by the end of 2024, an increase of 240 stores or 31.25% year-on-year [7] - The new growth markets are showing strong momentum, contributing to 61.76% of total revenue, up 12.41 percentage points year-on-year [7] - The company plans to open approximately 300 new stores in 2025, with 82 already opened by mid-March 2025 [7] Financial Summary - Revenue projections for 2025-2027 are 55.44 billion yuan, 70.13 billion yuan, and 87.41 billion yuan, with year-on-year growth rates of 28.52%, 26.48%, and 24.65% respectively [1][7] - Net profit forecasts for the same period are 132.55 million yuan, 241.18 million yuan, and 416.12 million yuan, with growth rates of 140.15%, 81.95%, and 72.54% respectively [1][7] - The company's gross margin is expected to improve, with a projected gross margin of 72.9% in 2024 [7]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved a revenue of 4.314 billion yuan in 2024, representing a year-on-year growth of 41.41%, and a net profit of 55.20 million yuan, marking a turnaround from a loss [7] - The company is expanding its store network, with a significant increase in new growth markets, which contributed to a revenue share increase of 12.41 percentage points to 61.76% [7] - The company plans to open approximately 300 new stores in 2025, with 82 already opened by mid-March 2025, indicating strong growth momentum [7] Revenue and Profit Forecast - Revenue is projected to grow from 55.44 billion yuan in 2025 to 87.41 billion yuan in 2027, with year-on-year growth rates of 28.52%, 26.48%, and 24.65% respectively [7] - Net profit is expected to increase significantly, from 132.55 million yuan in 2025 to 416.12 million yuan in 2027, with growth rates of 140.15%, 81.95%, and 72.54% respectively [7] Financial Metrics - The company’s earnings per share (EPS) is forecasted to rise from 1.01 yuan in 2025 to 3.18 yuan in 2027 [7] - The price-to-earnings (P/E) ratio is projected to decrease from 94.05 in 2025 to 29.96 in 2027, indicating improving valuation as earnings grow [7]

Investment Rating - The investment rating for the company is "Buy" [2][8] Core Insights - The company is experiencing strong brand momentum, maintaining high growth in store openings, and continuously optimizing profitability [3][8] - The 2024 performance slightly exceeded expectations, with adjusted net profit forecasts for 2025 and 2026 raised to 185 million and 278 million RMB respectively, and a new forecast for 2027 set at 368 million RMB [8] Financial Summary - Revenue for 2024 is projected at 4.314 billion RMB, representing a year-on-year increase of 41.4% [7][8] - The operating profit from stores is expected to reach 624 million RMB, with a year-on-year growth of 48.7% and a store operating profit margin of 14.5%, up 0.7 percentage points [8] - The adjusted net profit for 2024 is forecasted at 1.31 billion RMB, a significant increase of 1394.2% year-on-year, with an adjusted net profit margin of 3.04%, up 2.75 percentage points [8] - The company plans to open approximately 300 new stores in 2025, with a capital expenditure of about 570 million RMB [8] Store Expansion and Sales Performance - The total number of stores is expected to reach 1,008 by the end of 2024, reflecting a year-on-year increase of 31.25% [8] - Same-store sales growth for 2024 is projected at 2.5%, with a daily average sales per store of 13,100 RMB, an increase of 4.3% year-on-year [8] - The average payback period for new stores opened in 2024 is estimated at 12 months [8] Profitability and Cost Structure - The gross profit margin for 2024 is expected to be 72.88%, an increase of 0.31 percentage points year-on-year [8] - Employee costs as a percentage of revenue decreased to 34.99%, down 3.65 percentage points year-on-year [8] - Advertising and promotion expenses accounted for 5.04% of revenue, a decrease of 0.17 percentage points year-on-year [8]

Investment Rating - The report maintains an "Outperform" rating for DPC Dash [2][6][13] Core Views - DPC Dash reported a revenue of RMB 4.31 billion for 2024, representing a year-on-year increase of 41% [3][12] - The company achieved a same-store sales growth (SSSG) of 2.5%, marking 30 consecutive quarters of positive growth [4][12] - The gross profit margin (GPM) stood at 72.9%, up 0.3 percentage points year-on-year, while the operating profit margin (OPM) was 14.5%, an increase of 0.7 percentage points [5][12] - Adjusted net profit reached RMB 131 million, with an adjusted net profit margin of 3.0%, up 2.7 percentage points year-on-year [5][12] Financial Performance Summary - Revenue projections for 2025-2027 are RMB 5.44 billion, RMB 7.03 billion, and RMB 8.78 billion, respectively, with year-on-year growth rates of 26%, 29%, and 25% [6][11] - Adjusted net profit forecasts for the same period are RMB 188 million, RMB 340 million, and RMB 492 million, with growth rates of 44%, 80%, and 45% respectively [6][11] - The company plans to open 300 new stores in 2025, following a net addition of 240 stores in 2024, bringing the total to 1,008 stores [4][12] Valuation and Target Price - The target price is set at HKD 125.9, reflecting a valuation of 2.5-3 times the price-to-sales (PS) ratio for 2025 [2][6][13] - The current market capitalization is approximately HKD 14.95 billion (USD 1.92 billion) [2][6]

Investment Rating - The report maintains an "Outperform" rating for DPC Dash [2][6][13] Core Views - DPC Dash reported a revenue of RMB 4.31 billion for 2024, representing a 41% year-on-year increase, with a gross profit margin of 72.9% [3][12] - The company achieved a same-store sales growth (SSSG) of 2.5%, marking 30 consecutive quarters of positive growth [4][12] - The adjusted net profit for 2024 was RMB 131 million, with an adjusted net profit margin of 3.0%, up 2.7 percentage points year-on-year [5][12] Financial Performance Summary - Revenue projections for 2025-2027 are RMB 5.44 billion, RMB 7.03 billion, and RMB 8.78 billion, respectively, with adjusted net profits of RMB 188 million, RMB 340 million, and RMB 492 million [6][11][13] - The company plans to open 300 new stores in 2025, following a net addition of 240 stores in 2024, bringing the total to 1,008 stores [4][12] - Membership program growth is notable, with a total of 24.5 million members by the end of 2024, contributing 64.5% to revenue [4][12] Valuation and Target Price - The target price is set at HKD 125.9, reflecting a valuation of 2.5-3 times the price-to-sales ratio for 2025 [2][6][13] - The report indicates a significant increase in target price from a previous estimate of HKD 79.4, highlighting the company's strong growth potential [6][13]