股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 基本面稳健，流动性改善 达势股份(1405) [Table_Industry] 社会服务业 [Table_Invest] 评级： 增持 ——达势股份公司更新 | --- | --- | --- | |----------|-------------------------------------|-----------------------------| | | | | | | [table_Authors] 刘越男 ( 分析师 ) | 宋小寒 ( 分析师 ) | | | 021-38677706 | 010-83939087 | | | liuyuenan@gtjas.com | songxiaohan026736@gtjas.com | | 登记编号 | S0880516030003 | S0880524080011 | 本报告导读： 公司维持高开店与同店正增，大股东减持后流动性有望释放。 投资要点 ...

达势股份（1405.HK）事件点评 股东结构有所更新，流动性有望进一步改善 2024 年 10 月 17 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：10 月 17 日达势股份发布公告，公司主要股东 Domino's Pizza LLC 以场外大宗交易方式出售 1000 万股股份，占总股本的 7.66%，股份买家包括机 构投资者。Domino's Pizza LLC 持股将从此次出售前的 13.87%下降至 6.21%， 并承诺其持有剩余股份将被禁售，禁售期自股份交割日（预期为 2024 年 10 月 21 日）起 90 天。 ➢ Domino's Pizza LLC 股份变化梳理：Domino's Pizza LLC 为达美乐品牌 方全资子公司，曾在 2020 年 5 月、2021 年 1 月各向达势投资 4000 万美元， 2021 年 12 月再度与独立第三方公司投资合计 5000 万美元为公司提供成长资 本，截至 24H1 Domino's Pizza LLC 为公司第二大股东。Domino's Pizza LLC 此次股份出售前持有达势约 1810 万股股份，占总股本 13.8 ...

. Domino's Pizza 达美乐比萨 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) B B ( S 11 中期報告 目錄 公司資料2 摘要4 業務概覽7 管理層討論及分析9 企業管治及其他資料 21 中期財務資料的審閱報告 34 簡明中期綜合全面收益表 35 簡明中期綜合資產負債表 37 簡明中期綜合權益變動表 39 簡明中期綜合現金流量表 41 簡明中期綜合財務資料附註 42 釋義 70 公司資料 | --- | --- | |-------------------------------------|------------------------------------| | | | | 董事會 | 聯席公司秘書 | | 執行董事 | 吳婷女士 | | 王怡女士 （首席執行官） | 何詠雅女士 | | 非執行董事 | 授權代表 | | Frank Paul Krasovec 先生 （董事長） | 王怡女士 | | James Leslie Marshall 先生 | 何詠雅女士 | | Zohar Ziv 先生 | | | Matthew James Rid ...

同店逆势增长，关注入"通"机会 ——达势股份 24H1 点评 达势股份（1405.HK）/餐饮 证券研究报告/公司点评 2024 年 09 月 03 日 [Table_Title] 评级：买入（维持） 市场价格：69.95 港元 分析师：郑澄怀 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn [Table_Industry] 分析师：张友华 执业证书编号：S0740523110006 Email：zhangyh@zts.com.cn | --- | --- | |-----------------------|-------| | | | | 总股本 ( 百万股 ) | 130 | | | | | 流通股本 ( 百万股 ) | 130 | | 市价 ( 港元 ) | 69.95 | | 市值 ( 百万港元 ) | 9,125 | | 流通市值 ( 百万港元 ) | 9,125 | [Table_QuotePic] 股价与行业-市场走势对比 达势股份 恒生指数 -10% -5% 0% 5% 2024-07-18 2024-08-18 公司持有该股票比例 相关报告 1 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights strong performance in new growth markets, achieving annual profitability for the first time [1][3]. - The company reported a revenue of 2.04 billion yuan for the first half of 2024, representing a year-on-year growth of 48% [3]. - The adjusted net profit for the same period was 50 million yuan, with an adjusted net profit margin of 2.5%, an increase of 3.8 percentage points year-on-year [3]. - The report anticipates continued growth in store openings and sales, with a target of 240 new stores in 2024 and 300-350 stores in 2025-2026 [3]. Summary by Relevant Sections Financial Performance - Revenue for 1H24 was 2.04 billion yuan, up 48% year-on-year, with a gross margin of 72.7%, an increase of 0.3 percentage points [3]. - Adjusted EBITDA reached 230 million yuan, a year-on-year increase of 84%, with an EBITDA margin of 11.4%, up 2.2 percentage points [3]. - The company has maintained a strong same-store sales growth for 28 consecutive quarters, with a same-store revenue growth of 3.6% in 1H24 [3]. Store Expansion and Market Strategy - As of June 30, the total number of stores reached 914, with a net addition of 146 stores in 1H24 [3]. - The company has expanded into four new cities and plans to continue its aggressive expansion strategy [3]. - Membership growth has been significant, with a total of 19.4 million members, contributing 63.6% to revenue, an increase of 5.1 percentage points year-on-year [3]. Profitability and Cost Management - The report indicates a clear operating leverage effect, with a notable increase in profitability [3]. - The company’s adjusted net profit for 2024 is projected to be 110 million yuan, reflecting a year-on-year growth of 1203% [5]. - The report also provides updated revenue forecasts for 2024-2026, with expected revenues of 4.21 billion yuan in 2024, 5.28 billion yuan in 2025, and 6.76 billion yuan in 2026 [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in the next 6-12 months [1] Core Views - The company achieved a strong performance in 1H24 with revenue of RMB 2.04 billion, up 48% YoY, and a net profit of RMB 10.91 million, turning from a loss to profit [1] - The company's adjusted EBITDA reached RMB 230 million, an 84% increase YoY, indicating improved operational efficiency [1] - The company opened 146 new stores in 1H24, exceeding expectations and completing 61% of its annual store opening plan [1] - Same-store sales grew by 3.6% YoY, with daily sales per store reaching RMB 13,515, up 10.1% YoY, reflecting strong product and brand momentum [1] - The company's restaurant-level operating profit margin improved to 14.5%, up 1.0 percentage point YoY, driven by cost optimization and scale effects [1] Financial Performance - The company's revenue is expected to grow from RMB 4.28 billion in 2024E to RMB 6.95 billion in 2026E, with a CAGR of 28.01% [3] - Net profit is projected to increase from RMB 19 million in 2024E to RMB 199 million in 2026E, with a significant growth rate of 359.25% [3] - The company's adjusted net profit is forecasted to grow from RMB 110 million in 2024E to RMB 320 million in 2026E, with a CAGR of 95% [1] - The company's ROE is expected to improve from 0.91% in 2024E to 8.44% in 2026E, indicating enhanced profitability [3] Store Expansion and Operational Efficiency - The company expanded its store network to 914 stores by the end of 1H24, covering 33 cities, with 31 new stores opened and 29 under construction as of August 2024 [1] - The company's store-level operating profit margin improved to 14.5%, driven by cost control and scale effects, with key cost items such as raw materials and rent showing favorable trends [1] - The company's adjusted EBITDA margin increased to 11.4%, up 2.2 percentage points YoY, reflecting improved operational efficiency [1] Market Position and Growth Potential - The company holds a competitive advantage in the pizza category and is in a rapid store expansion phase, with strong growth potential in both existing and new markets [1] - The company's same-store sales growth and store-level profitability improvements demonstrate its ability to perform well even in a challenging market environment [1] - The company's expansion into new cities, such as Jiangmen, Taizhou, Jinhua, and Huizhou, is expected to further drive sales growth and market penetration [1]

Revenue and Profitability - Revenue for the six months ended June 30, 2024, was RMB 2,041,461 thousand, representing a 48.3% increase from RMB 1,376,370 thousand in the same period of 2023[2] - The company reported a net profit attributable to shareholders of RMB 10,907 thousand, a 24.6% increase from RMB 8,751 thousand in the same period of 2023[2] - The group's net profit for the six months ended June 30, 2024, was RMB 10.9 million, an increase from RMB 8.8 million for the same period in 2023, representing a growth of approximately 23.86%[25] - Adjusted net profit turned from a loss of RMB 17.4 million in the first half of 2023 to a profit of RMB 50.9 million in the first half of 2024[7] - The profit attributable to equity holders for the six months ended June 30, 2024, was RMB 10,907,000, an increase of 24.6% compared to RMB 8,751,000 for the same period in 2023[70] Store Operations and Growth - The number of stores increased to 914 as of June 30, 2024, from 672 a year earlier, with 363 stores in Beijing and Shanghai and 551 in emerging markets[4] - The number of new stores opened in the first half of 2024 was 146, bringing the total number of stores to 914 as of June 30, 2024[10] - The company plans to open approximately 240 new stores in 2024, with 31 stores already opened and 29 under construction as of August 20, 2024[8] - The number of cities entered increased to 33 as of June 30, 2024, from 20 a year earlier[4] Membership and Customer Metrics - The number of members reached 19.4 million as of June 30, 2024, compared to 10.9 million a year earlier[4] - Membership increased from 10.9 million as of June 30, 2023, to 19.4 million as of June 30, 2024, with member contributions to total revenue rising from 58.5% to 63.6%[6] - Average daily sales per store increased by 10.1% from RMB 12,275 to RMB 13,515, driven by an increase in average daily orders from 140 to 162[9][11] Financial Performance and Ratios - Adjusted EBITDA for the six months ended June 30, 2024, was RMB 233,387 thousand, an 83.7% increase from RMB 127,022 thousand in the same period of 2023[2] - Store-level EBITDA for the six months ended June 30, 2024, was RMB 393.9 million, compared to RMB 257.4 million for the same period in 2023, representing an increase of approximately 53.0%[29] - The adjusted EBITDA margin for the six months ended June 30, 2024, was 11.4%, up from 9.2% in the same period of 2023, indicating improved operational efficiency[28] - The diluted earnings per share for the six months ended June 30, 2024, was RMB 0.08, compared to RMB 0.07 in the same period of 2023, reflecting a 14.3% increase[2] Expenses and Cost Management - Employee compensation expenses for the six months ended June 30, 2024, amounted to RMB 711.9 million, an increase of RMB 166.1 million or 30.4% compared to RMB 545.8 million for the same period in 2023[13] - Rent expenses for the six months ended June 30, 2024, were RMB 201.7 million, an increase of RMB 62.3 million or 44.7% from RMB 139.4 million in 2023, despite a decrease in rent expenses as a percentage of revenue from 10.1% to 9.9%[15] - Advertising and promotion expenses rose to RMB 109.3 million, an increase of RMB 28.2 million or 34.8% from RMB 81.1 million in the previous year, with expenses as a percentage of total revenue decreasing from 5.9% to 5.4%[19] - The cost of raw materials and consumables for the six months ended June 30, 2024, was RMB 557.8 million, a 46.6% increase from RMB 380.4 million in the same period in 2023[12] Cash Flow and Liquidity - Cash and bank balances increased by 6.9% to RMB 1,089.3 million as of June 30, 2024, compared to RMB 1,019.2 million as of December 31, 2023, primarily due to cash inflows from operating activities[30] - Net cash flow from operating activities was RMB 376,809 thousand, significantly higher than RMB 174,758 thousand in the previous year, reflecting improved operational efficiency[51] - The current ratio as of June 30, 2024, was 1.01, down from 1.19 as of December 31, 2023, indicating a slight decrease in liquidity position[31] Corporate Governance and Compliance - The company has established an audit and risk committee, ensuring compliance with corporate governance standards[43] - The company has adopted corporate governance practices in line with the listing rules, maintaining high standards of accountability[41] - There are no major litigations or arbitrations involving the company as of June 30, 2024, indicating a low legal risk environment[45] Future Outlook and Strategic Plans - The company plans to continue expanding its store network in China, leveraging its exclusive rights under the franchise agreement with Domino's Pizza International Franchising Inc. until June 1, 2027[52] - Approximately 90% of the net proceeds from the global offering is intended for store network expansion, with a revised timeline for utilization by December 31, 2025[46]

本次电话会议仅供符合国海证券投资者适当性管理要求的客户以及受邀客户使用国海证券不会因接收人收到本次会议相关通知或参加本次会议而视其为客户本次会议内容不构成任何投资建议据此作出的任何投资决策与国海证券国海证券员工或者关联机构无关本次会议只是转发国海证券已发布研究报告的部分观点仅反映国海证券研究人员于发布完整报告当日的判断 相关内容请以研究所已公开发布报告为准会议严禁录音或转发 任何人不得对本次会议的任何内容进行发布复制编辑改编转载播放展示或以其他任何方式非法使用本次会议的部分或者全部内容否则将承担相应的法律责任国海证券就此保留一切法律权利在任何情况下国海证券及其员工对使用本次会议信息或内容所引发的任何直接或间接损失概不负责市场有风险投资需谨慎 各位投资人大家晚上好,我是国海商社的熊思宇。今天给大家汇报的主题主要是达市股份这个个股的深度汇报。那我们近期也是看到了达市股份,它被调整进入最新的恒生指数的成分股。 那可能他入通的这样的预期可能会相对更明确一些。那我们也是正在现在这个时点去做一下这个公司的一个基本面情况,以及他投资逻辑的这样的一个深度汇报。 首先其实达市股份它是达美乐品牌在中国国内唯一的一家特许经营商我们 ...

会议要点 1、公司的市场地位与扩张策略 公司是达美乐品牌在中国的唯一特许经营商。尽管达美乐在国际上是成熟的披萨龙头品牌 但在中国市场仍处于早期阶段，未来成长空间巨大。达势股份正处于门店加速扩张和同店 增长韧性强的黄金时期，基本面表现优秀。 自 2017 年管理层换血后，达势股份的扩张步伐加快。新任 CEO 王怡具备丰富的本土化管 理经验，并在上任后扩大了特许经营区域至整个中国大陆及港澳地区。这一战略调整使得 达势股份从 2018 年开始门店数量迅速增加，从 188 家增至 2023 年底的 768 家。 2、披萨行业的市场现状与竞争格局 国内披萨市场规模约为四五百亿元，并以双位数年化增长率扩张。疫情加速了外卖市场的 渗透，披萨外卖市场规模自 2020 年起反超堂食，且在一线和新一线城市的消费占比达到 63.5%。低线城市的披萨渗透率较低，未来增长潜力大。 披萨行业的连锁化率已达 90%，形成了必胜客为主导的"一超多强"格局。由于披萨行业 投资回收期较长，个体经营难以实现大规模连锁化，导致连锁品牌较少。头部品牌如必胜 客、尊宝、达美乐每年仍在快速拓展门店，市场份额向头部品牌集中。 3、公司的财务表现与未来展望 ...

Investment Rating - The report assigns an "Accumulate" rating for the company with a target price of 72 HKD, reflecting a potential upside from the current price of 70 HKD [4]. Core Insights - The pizza delivery market in China is expected to grow significantly, with a projected CAGR of 15.5% from 2022 to 2027, reaching a market size of approximately 771 billion CNY by 2027. This growth is driven by increasing penetration rates and a rising acceptance of cheese and sweet flavors among younger consumers [1][2]. - The company, as the largest pizza brand franchisee of Domino's in China, has shown strong revenue growth, achieving a revenue of 30.5 billion CNY in 2023, with a CAGR of 38% from 2019 to 2023. The company has also maintained positive same-store sales growth for 27 consecutive quarters [1][3]. - The company is positioned as a pizza delivery expert, focusing on rapid store openings and same-store sales growth, with plans to open 180 to 240 new stores in 2023 and 2024, aiming for a total of 1,408 to 1,608 stores by 2026 [3][4]. Summary by Sections Company Overview - The company has been operating in China since 1997 and has rapidly expanded its store network since 2017, with a focus on major cities like Beijing and Shanghai, which contribute over 50% of its revenue [1][3]. - The company has introduced over 120 new menu items since 2018, enhancing its product offerings and maintaining competitive pricing [2][3]. Industry Analysis - The pizza industry in China has a high level of chain concentration, with leading brands focusing on high-tier cities, indicating significant growth potential for the company [1][2]. - The report highlights the increasing demand for pizza delivery services, particularly in non-dine-in scenarios, which aligns with the company's operational model [2][3]. Competitive Advantages - The company benefits from a strong supply chain and a centralized kitchen model, which supports efficient delivery and product quality [2][3]. - The management team, led by experienced professionals from the fast-food industry, has successfully implemented strategies that have resulted in consistent sales growth and operational improvements [2][3]. Growth Prospects - The company is expected to continue its expansion, with revenue forecasts of 39.8 billion CNY, 51.4 billion CNY, and 65.7 billion CNY for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 30.6%, 28.9%, and 27.9% [3][4]. - The adjusted net profit is projected to turn positive in 2023, with significant growth expected in the following years, indicating improving profitability as the company scales [3][4].