Core Viewpoint - The restaurant industry has faced significant challenges over the past year, including product homogenization, price wars, and rising costs, leading to a sustained pressure on performance. However, Dashijia (01405), the exclusive franchisee of Domino's Pizza in mainland China, Hong Kong, and Macau, has successfully turned around its performance in FY2024, demonstrating resilience amid market turmoil [1][3]. Industry Overview - In 2024, China's total restaurant revenue is projected to reach 55,718 billion RMB, reflecting a growth of 5.3%, which is the lowest growth rate in the past decade excluding the pandemic impact. The number of restaurant openings and closures has both increased, with closures rising to 4.09 million and a closure rate of 61.2%, indicating intensified market competition [1]. Company Performance - Dashijia reported a significant turnaround in its financial performance for FY2024, achieving a revenue growth of 41.4% to 4.314 billion RMB and a net profit of 131.6 million RMB, marking a staggering year-on-year growth of 1,394.2%. The adjusted EBITDA also increased by 64.1% to 495.2 million RMB, with an EBITDA margin of 11.5% [3][4]. - The company has successfully expanded its store network, reaching a milestone of 1,008 stores across 39 cities in mainland China, with a net addition of 240 new stores in 2024. The new market revenue grew by 77.0% to 2.665 billion RMB, while existing market revenue increased by 6.8% to 1.650 billion RMB [6][7]. Market Position and Brand Strength - Dashijia has established itself as a leading brand in the pizza delivery market, ranking third in terms of store count within the Domino's global network and second in China's pizza sales. The company has maintained a strong brand presence through innovative product offerings and effective marketing strategies [8][9]. - The company has introduced over 100 new products since 2018, including regionally inspired pizzas, enhancing brand recognition and customer loyalty. The number of loyal members increased by 67.8% to 24.5 million, contributing to 64.5% of total revenue [9][10]. Future Outlook - The company is in a growth phase, with significant potential in lower-tier cities where pizza penetration remains low. The ongoing expansion and operational efficiency are expected to drive further revenue growth and enhance market valuation [11].

Group 1 - The company achieved revenue of 4.314 billion RMB for the year ending December 31, 2024, representing a year-on-year increase of 41.4% [1] - The profit attributable to the owners of the company was 55.195 million RMB, a turnaround from a loss of 26.603 million RMB in the same period last year [1] - The company reported a basic earnings per share of 0.42 RMB [1] Group 2 - The company expanded its store network by adding 240 new stores during the year, resulting in a total of 1,008 stores in 39 cities in mainland China [1] - The company has achieved positive same-store sales growth for 30 consecutive quarters since Q3 2017 [1] - Membership increased from 14.6 million as of December 31, 2023, to 24.5 million as of December 31, 2024, with membership revenue contributing 64.5% of total revenue [2] Group 3 - The company plans to open approximately 300 new stores in 2025, with 82 already opened from the beginning of 2025 to March 14, 2025, and 26 more under construction [2] - A total of 62 new stores have already been signed for future openings, indicating strong growth prospects [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表明概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 DPC Dash Ltd 達勢股份有限公司 （於英屬維爾京群島註冊成立的有限公司） （股份代號：1405） 截至2024年12月31日止年度年度業績公告 及更新所得款項用途預期時間表 達勢股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」）會 （「董事會」）欣然公佈本集團截至2024年12月31日止年度（「報告期間」或「2024年 財政年度」）的經審核綜合年度業績。該等年度業績已由本公司審核及風險委員會 審閱，而截至2024年12月31日止年度的綜合財務報表已由本公司核數師羅兵咸永 道會計師事務所（「核數師」）根據國際審計準則審計。 | 主要摘要 | | | | | --- | --- | --- | --- | | | | 截至12月31日止年度 | | | | | | 變動(%)╱ | | | 2024年 | 2023年 | 百分點變動 | | | （人民幣千元） | （人民幣千元 ...

食品饮料行业 证券研究报告 |公司深度研究报告 2025/1/8 达势股份：比萨外送第一品牌， 高性价比连锁餐饮成长股 | 证券分析师： | 郭梦婕 | | --- | --- | | 分析师登记编号： | S1190500000001 | | 证券分析师： | 肖依琳 | | 分析师登记编号： | S1190500000001 | | 研究助理： | 林叙希 | | 一般证券业务登记编号： | S1190500000002 | P2 报告摘要 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 ◼ 达势股份：达美乐中国区特许经营商，迈入门店快速扩张期，盈利能力改善可期。达势背靠全球最大比萨品牌达美乐，是达美乐在中国内地及 中国香港、澳门的独家特许经营商。1997年达美乐进入中国市场，2017年公司扩大特许经营范围并新聘本土化管理团队，以"高效外送、高性 价比以及本土化改良"为主打特色。2023年公司实现收入30.5亿元，2019-2023年收入CAGR达38.2%。截止2024年底公司拥有超1000家门店，相 较2017年100+家门店来看扩店增长明显。2019-2023年达美乐同店增长CAGR为12 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 87.69 HKD per share, reflecting a strong growth potential in the market [68][198]. Core Insights - The company is positioned as a pizza delivery expert, with a clear path for profitability improvement and significant store expansion potential. The target for new store openings is set at 300-350 per year for the next two years, with a projected total of around 3,000 stores by 2030, nearly three times the current number [54][191][198]. - The company has demonstrated strong brand momentum, achieving continuous same-store sales growth for 29 consecutive quarters, even in a challenging market environment [68][145]. - The delivery model is a key differentiator, with a commitment to delivering within 30 minutes, which enhances customer satisfaction and brand loyalty [96][232]. Summary by Sections Industry Overview - The pizza market in China is expected to grow from 45.8 billion RMB in 2023 to 77.1 billion RMB by 2027, with a CAGR of 13.9% [39][171]. - The chain penetration rate for the pizza industry is significantly higher than other dining sectors, with a current rate of 90.1% expected to rise to 93.1% by 2027 [18][39]. Company Profile - The company is the exclusive master franchisee for Domino's Pizza in mainland China, Hong Kong, and Macau, having opened 1,000 stores across 33 cities as of November 2024 [68][80]. - The management team is experienced, with a focus on local market strategies and a commitment to enhancing operational efficiency [81][106]. Competitive Advantages - The company has a robust supply chain and a diverse menu, offering 33 different pizza options with customizable toppings, which enhances customer appeal [124][154]. - The brand has a strong global presence, being the leading pizza brand worldwide, which supports its growth in the Chinese market [157]. Future Outlook - Revenue is projected to grow significantly, with estimates of 42.9 billion RMB in 2024, 53.0 billion RMB in 2025, and 63.8 billion RMB in 2026, reflecting a strong growth trajectory [171][173]. - The company is expected to improve its operating profit margin (OPM) due to increased sales and optimized cost structures, with a target OPM of 14.5% by 2024 [164][171].

18 Oct 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update DPC Dash (1405 HK) Our view on placement by Domino's Pizza What is new? Sales of shares by the 2nd largest shareholder of DPC Dash (1405 HK). Domino's Pizza (DPZ US), the 2nd largest shareholder of DPC Dash (1405 HK), has sold 10mn shares (about 7.66% of total shares issued), at the price of HK$ 65.0 per share, with a 12.8% discount to last closing price of HK$ 74.55. After this trade, Domino's Pizza's ownership ...

证 券 研 究 报 告 达势股份（01405.HK）重大事项点评 推荐（维持） 势能上升期，流动性加强 目标价：92.30 港元 当前价：69.00 港元 事项： 公司主要股东之一 Domino's Pizza LLC 告知，于 2024 年 10 月 17 日交易时段 前，其已同意以场外大手交易方式出售合共 1000 万股本公司股份，大约占公 司已发行股本总额 7.66%，23 年上市至本次交易前，Domino's Pizza LLC 持股 13.87%，此次交易完成后仍然持股 6.21%。 评论： 此次交易完成后，Domino's Pizza LLC 持有的剩下 6.21%股份将被禁售，禁售 期为 10 月 21 日（预计）起计 90 天。我们预计本次交易将为公司提供更多流 动性。 经营层面，公司与 Domino's Pizza LLC 于 2017 年 6 月签订长期总特许经营协 议，公司认为此次交易不会对签订的特许经营协议有影响（Domino's Pizza LLC 由 Domino's, Inc.全资拥有）。 24Q3 达美乐中国门店数量已成功扩展至 978 家，并计划在今年 11 月突破 1,00 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expectations of significant growth in adjusted net profit from 2024 to 2026 [1] Core Views - The company's brand momentum is strong, with leading same-store sales and store expansion performance, indicating a positive fundamental outlook [1] - The company is in a rapid store expansion phase, with a plan to open 240 new stores in 2024, aiming to surpass 1,000 stores by the end of the year, representing a year-over-year growth rate of over 30% [1] - The company's 1H24 revenue reached RMB 2.04 billion, a 48% increase year-over-year, with adjusted net profit turning positive at RMB 50.89 million and adjusted EBITDA growing by 84% to RMB 230 million [1] - Despite industry pressures, the company achieved a 3.6% year-over-year growth in same-store sales in 1H24 [1] Financial Performance and Projections - Revenue is projected to grow from RMB 4.282 billion in 2024E to RMB 6.945 billion in 2026E, with a compound annual growth rate (CAGR) of 28.01% [3] - Net profit attributable to the parent company is expected to increase significantly from RMB 19 million in 2024E to RMB 199 million in 2026E, with a CAGR of 359.25% [3] - Adjusted net profit is forecasted to grow from RMB 1.1 billion in 2024E to RMB 3.2 billion in 2026E, with a CAGR of 95% [1] - The company's ROE (Return on Equity) is expected to improve from 0.91% in 2024E to 8.44% in 2026E [3] Store Expansion and Market Position - The company is on track to reach the milestone of 1,000 stores by the end of 2024, reflecting a strong expansion strategy [1] - The company's competitive advantage in the pizza category is highlighted, with a focus on rapid store expansion and market penetration [1] Shareholder and Brand Relationship - Domino's Pizza LLC, a major shareholder, sold 10 million shares (7.66% of the company's equity) but remains supportive of the company's long-term growth, holding a 6.21% stake post-sale [1] - The sale is seen as a liquidity improvement measure, with no impact on the company's master franchise agreement with Domino's Pizza, Inc [1] Financial Ratios and Valuation - The company's P/E ratio is expected to decrease from 426.82 in 2024E to 41.29 in 2026E, indicating improving profitability and valuation [3] - The P/B ratio remains stable at 3.89 from 2024E to 2026E, reflecting consistent asset valuation [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 78.47 [7][8]. Core Insights - The company is expected to achieve a milestone of 1,000 stores by Q4 2024, indicating strong growth potential and improved profitability due to economies of scale [2][4]. - The major shareholder, Domino's Pizza LLC, is selling 10 million shares, which is 7.66% of the issued share capital, but this is not expected to negatively impact the company's operations or franchise relationships [2][3]. - The company has shown resilience with a positive same-store sales growth for 29 consecutive quarters, and the membership base has reached 21.7 million, contributing to demand growth [4]. Summary by Sections Company Overview - As of September 30, 2024, the company operates 978 stores, with a net increase of 210 stores in the year and 64 stores in Q3 [4]. - The company has achieved a turnaround in profitability with positive adjusted and net profit in the first half of 2024 [2]. Financial Projections - Revenue projections for 2024-2026 are estimated at RMB 40.80 billion, RMB 53.69 billion, and RMB 68.24 billion respectively, with a significant growth rate of 33.73% in 2024 [6][12]. - The adjusted EPS is forecasted to be RMB 0.81, RMB 1.40, and RMB 2.54 for 2024-2026 [5][12]. Valuation Metrics - The report uses a price-to-sales (PS) ratio of 2.3x for 2024, reflecting a premium due to the company's strong growth prospects [5]. - The company’s market capitalization is approximately HKD 9.003 billion, with a closing price of HKD 69.00 as of October 17, 2024 [8].

来源：公司年报、国金证券研究所 达势股份 (01405.HK) 事件 10 月 17 日，公司自愿公告主要股东出售股份情况，公司主要股东 之一 Domino's Pizza LLC 于 2024 年 10 月 17 日开盘前以场外大 手交易方式出售合计 1000 万股公司股份、占公司股本 7.66%。 点评 品牌方减持释放流动性，仍看好公司长期发展。品牌方附属公司 Domino's Pizza LLC 于 2020 年 5 月首次成为公司股东（4.62 美 元/股，总金额约 4000 万美元），并于 2021 年 1 月及 12 月增持公 司（每股成本分别为 4.91/6.95 美元，总金额分别约 4000 万美元 /5000 万美元），本次减持后持股比例为 6.21%，余下股份禁售期 为 90 天（预期按照交割日 2024 年 10 月 21 日起计算）。根据美联 社2024年10月17日报导，达美乐比萨首席执行官Russell Weiner 表示"对达势股份的股权投资一直是我们的一项强劲投资，但更 重要的是，我们为达势股份提供了成长资本，同时也帮助其管理 团队保持专注，推动他们的业务发展，他们在这方面做得 ...