业绩超预期，门店加速扩张 ——达势股份 23 年报点评 达势股份（1405.HK）/餐饮 证券研究报告/公司点评 2024年03月31日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：50.2港元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2,024 3,085 3,925 5,177 6,682 分析师：苏畅 增长率yoy% 25% 52% 27% 32% 29% 执业证书编号：S0740523110001 归母净利润（百万元） -223 -27 38 104 262 Email：suchang@zts.com.cn 增长率yoy% 53% 88% 241% 176% 152% 每股收益（元） -1.71 -0.20 0.29 0.80 2.01 每股现金流量 2.29 4.12 10.50 7.19 10.76 分析师：张友华 净资产收益率 -26% -2% 2% 5% 11% 执业证书编号：S0740523110006 P/E -26.6 -222.6 157. ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of HKD 67.38, compared to the current price of HKD 50.15 [1]. Core Insights - The company reported a revenue of RMB 3.05 billion for the fiscal year 2023, representing a year-on-year growth of 51%. In the second half of 2023, revenue reached RMB 1.674 billion, up 50.6% year-on-year. The adjusted net profit was RMB 8.78 million, recovering from a net loss of RMB 110 million in 2022 [1][2]. - The company opened 180 new stores in 2023, expanding into 13 new cities, bringing the total number of stores to 768 across 29 cities in mainland China by the end of 2023 [2]. - Same-store sales growth was strong at 8.9% during the period, with membership numbers increasing to 14.6 million from 8.6 million the previous year [2]. Financial Summary - Total revenue for 2023 was RMB 3,085 million, with a projected revenue of RMB 4,026 million for 2024, reflecting a growth rate of 31% [3]. - The adjusted net profit is expected to rise significantly, with projections of RMB 5 million for 2024 and RMB 138 million for 2025, indicating a growth rate of 118% and 2816% respectively [3]. - The company’s operating profit margin improved to 13.8% in 2023, up 3.7 percentage points from the previous year, with effective cost control across various expense categories [2].

Investment Rating - The report maintains an "Outperform" rating for DPC Dash [11][15]. Core Insights - DPC Dash reported a revenue of RMB 3.05 billion for 2023, representing a 51% year-on-year increase. The company achieved its first positive adjusted net profit of RMB 0.1 million [10][15]. - The gross profit margin was 72.6%, a slight decrease of 0.2 percentage points year-on-year, while the adjusted EBITDA reached RMB 300 million, up 118% year-on-year, with an EBITDA margin of 9.9%, an increase of 3 percentage points [10][15]. - The new growth market revenue was RMB 1.51 billion, a significant increase of 103% year-on-year, contributing to 49% of total revenue [10][15]. Revenue and Growth - Revenue from Beijing and Shanghai was RMB 1.55 billion, up 21% year-on-year, with 39 new stores added [10][15]. - The company plans to open 240 new stores in 2024 and 300-350 stores in 2025-2026, adjusting its previous guidance upwards [10][15]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are RMB 4.09 billion, RMB 5.22 billion, and RMB 6.58 billion, respectively, with adjusted net profits expected to be RMB 0.43 billion, RMB 1.19 billion, and RMB 2.64 billion [10][15]. - The report values the company at 2 times the 2024 price-to-sales ratio, resulting in a target price of HKD 74.6 [10][15]. Store Operations - The total number of stores reached 768, with 187 new openings and 7 closures in 2023 [10][15]. - The company’s store operating profit margin improved to 13.8%, an increase of 3.7 percentage points year-on-year [10][15]. Membership Growth - The membership base surpassed 14.6 million, reflecting a growth of approximately 70% year-on-year [10][15].

达势股份（1405.HK）2023年度业绩点评 新市场成为增长驱动力量，经调整盈利迎来拐点 2024年03月29日 ➢ 事件：2024 年 3 月 27 日。达势股份（1405.HK）发布 2023 年度业绩， 推荐 维持评级 2023 年全年收入 30.51 亿元，yoy+51%；经调整净利润 878 万元，对应利润 当前价格： 50.15港元 率0.3%，上年同期经调整净亏损1.14亿元。2H 2023，公司实现收入16.74亿 元，yoy+51%；经调整净利润 0.26 亿元，对应利润率 1.6%，首次实现半年度 经调整层面利润转正。 [Table_Author] ➢ 新市场逐步成为增长驱动性力量，新门店表现亮眼。2023年公司进入13个 新城市，年末城市覆盖数达到29个，全年净增门店180家，其中北京及上海/新 市场分别净增 39/141 家；截止 2023 年末门店数达 768 家，北京及上海/新市 场分别为351/417家。2023年新增长市场收入增长102.9%达到15.06亿元， 占营收的49.4%；而北京及上海2023年收入增长20.8%达15.45亿元，占营收 的50.6%。新门店表现亮眼 ...

事件 2024 年 3月 27日，公司公告 23年业绩，收入 30.5 亿元/+51.0%， 经调整净利润878 万元、扭亏，经调整EBITDA 3.0 亿元/+118%。 点评 新市场、拓店、订单增长为收入增长主要驱动力。拓店维度，截 至23 年底，公司门店已覆盖29个城市/+13 个，门店总数768 家 /+30.6%，开店速度较 22 年（+25.6%）加快，全年净开门店 180 家，其中北京及上海市场净开店39 家，新增长市场净开141 家、 占净开店数 78%。单店维度，同店销售额增长 8.9%，每家门店日 均销售额 12580 元/+9.9%，其中北京及上海 12881 元/-5.1%、新 增长市场12285 元/+36.4%，日销主要由新增长市场的单量增长驱 港币(元) 成交金额(百万元) 动，23年北京及上海、新增长市场每家门店日均订单量分别为143 82.00 400 单/+2.1%、147 单/+42.7%；北京及上海、新增长市场客单价分别 74.00 350 300 为90 元/-7.1%、84元/-4.3%，主因同期团购订单占比高及新市场 66.00 250 58.00 200 初期堂 ...

股 票 研 究 [Table_industryInfo] 社会服务业 [ Table_Main[达I Tnaf 势bol]e 股_Ti份tle]（ 1405） [评Tab级le_：Inv est] 增持 当前价格（港元）： 53.50 新增长市场表现亮眼，门店扩张有望提速 2024.03.28 海 ——达势股份2023 年报点评 [ 交Ta易bl数e_M据a rket] 外 刘越男(分析师) 宋小寒(研究助理) 52周内股价区间（港元） 43.00-74.70 当前股本（百万股） 130 公 021-38677706 010-83939087 当前市值（百万港元） 6,968 司 liuyuenan@gtjas.com songxiaohan026736@gtjas.co 证书编号 S0880516030003 mS0 880122070054 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 业绩符合预告，门店经营利润率提升，门店扩张有望提速。 国 达势股份 恒生指数 香 63% 摘要： 港 45% [T able维_S持um增m持ar评y] 级。考虑公司上调2025-2026 ...

Investment Rating - The report maintains a "BUY" rating for DPC Dash with a target price of HK$73.05, reflecting a potential upside of 25.2% from the current price of HK$53.50 [6][8][17]. Core Insights - DPC Dash's FY23 results were in line with expectations, showing a 51% year-on-year revenue growth to RMB 3.1 billion, driven by strong same-store sales growth (SSSG) and increased sales per store in new growth markets [2][9]. - The company is optimistic about FY24E, expecting continued positive SSSG despite challenges such as a high base from FY23 and seasonal factors affecting sales [2][9]. - The management has reiterated its store opening plan, targeting 240 new stores in FY24E, with a more positive outlook for FY25E-26E, aiming for 300 to 350 new stores [9][10]. Financial Summary - Revenue is projected to grow from RMB 3,051 million in FY23A to RMB 4,118 million in FY24E, representing a 35% year-on-year increase [3][10]. - The adjusted net profit margin is expected to improve to 1.3% in FY24E, with net profit projected to turn positive at RMB 15 million [3][10]. - The company’s gross profit margin is forecasted to remain stable at around 72.6% for FY24E [10][11]. Sales and Growth Projections - DPC Dash's sales per store in Beijing and Shanghai are expected to grow by 3% and 5% respectively, while new growth markets are anticipated to see higher growth rates [2][10]. - The company has seen strong initial sales in new cities, with first-month sales exceeding RMB 5 million in locations like Xi'an and Changsha [2][9]. - The delivery mix in new growth markets remains low at 42%, indicating potential for future growth in SSSG [2][9]. Valuation Metrics - The report indicates that DPC Dash is currently trading at 1.5x FY24E P/S, which is higher than the peer average of 1.3x, but still considered attractive due to a projected 32% sales CAGR from FY23 to FY26E [2][6][13]. - A DCF valuation method supports a share price estimate of HK$73.14, aligning closely with the target price based on P/S multiples [17][18].

Revenue and Growth - Revenue for the year ended December 31, 2023, was RMB 3,050,715 thousand, representing a 51.0% increase from RMB 2,020,789 thousand in 2022[2] - Total revenue for the fiscal year 2023 reached RMB 3,050.7 million, a year-on-year increase of 51.0% from RMB 2,020.8 million in 2022[6] - Total revenue for 2023 reached RMB 3,050.7 million, a 50.9% increase from RMB 2,020.8 million in 2022[12] - The group's revenue for the year ended December 31, 2023, was RMB 3,050,715 thousand, an increase from RMB 2,020,789 thousand in 2022, representing a growth of approximately 50.9%[64] Store Expansion and Operations - The number of stores in Beijing and Shanghai increased to 351 as of December 31, 2023, up from 312 as of December 31, 2022[4] - The company expanded into 29 cities by December 31, 2023, compared to 16 cities at the end of 2022[4] - The company opened a net total of 180 new stores in 2023, bringing the total number of stores to 768 across 29 cities by December 31, 2023[6] - Average daily sales per store in newly entered cities reached RMB 32,354, with an expected investment payback period of approximately 9 months[6] - The company plans to open approximately 240 new stores in 2024, with total capital expenditures expected to be around RMB 370 million[9] - The company plans to continue expanding its store network in China, leveraging its exclusive franchise rights until June 2027[58] Financial Performance - Adjusted EBITDA for the year was RMB 301,736 thousand, reflecting a substantial increase of 117.7% from RMB 138,618 thousand in 2022[2] - Adjusted EBITDA for the fiscal year 2023 increased by 117.7% to RMB 301.7 million, compared to RMB 138.6 million in 2022[8] - The adjusted net profit for the year was RMB 8,778 thousand, a turnaround from a loss of RMB 113,818 thousand in 2022[2] - The company achieved a positive adjusted net profit of RMB 8.8 million for the fiscal year 2023, a significant turnaround from an adjusted net loss of RMB 113.8 million in 2022[8] - The net profit before tax was RMB 2,275 thousand, a turnaround from a loss of RMB 200,883 thousand in the previous year[53] - The company recorded a net loss of RMB 26.6 million in fiscal year 2023, a significant improvement compared to a net loss of RMB 222.6 million in 2022[14] Cost and Expenses - Cost of materials and supplies rose by 52.2% to RMB 836.8 million, accounting for 27.4% of total revenue[16] - Employee compensation expenses increased by 50.1% to RMB 1,178.7 million, representing 38.6% of total revenue[17] - Rent expenses grew by 42.1% to RMB 307.7 million, constituting 10.1% of total revenue[20] - Depreciation of property and equipment increased by 31.9% to RMB 159.2 million, accounting for 5.2% of total revenue[21] - Advertising and promotional expenses for fiscal year 2023 were RMB 159.2 million, up RMB 42.4 million or 36.3% from RMB 116.8 million in 2022, driven by increased spending to enhance revenue[24] - Store operating and maintenance expenses rose to RMB 188.9 million in fiscal year 2023, an increase of RMB 59.1 million or 45.6% from RMB 129.8 million in 2022, primarily due to store network expansion[25] Cash Flow and Financial Health - The company's cash and bank balances increased by 87.2% to RMB 1,019.2 million from RMB 544.5 million on December 31, 2022, primarily due to net proceeds from a global offering in March 2023 and cash inflows from operating activities[34] - The company's operating cash inflow for the fiscal year 2023 was RMB 536.1 million, compared to RMB 298.2 million in the fiscal year 2022[34] - The current ratio as of December 31, 2023, improved to 1.19 from 0.87 on December 31, 2022, indicating better short-term financial health[34] - The company's debt-to-equity ratio decreased to approximately 9.5% as of December 31, 2023, down 17.1 percentage points from 26.6% on December 31, 2022, due to an increase in total equity from the global offering[36] Employee and Workforce - The total employee cost for the fiscal year 2023 was RMB 1,178.7 million, up from RMB 785.0 million in 2022[42] - The company employed 6,536 full-time employees as of December 31, 2023, a significant increase from 3,916 full-time employees in the previous year[40] Corporate Governance and Compliance - The audit and risk committee consists of two non-executive directors and three independent non-executive directors[48] - The company has adopted and complied with the corporate governance code since its listing date[45][46] - The company has confirmed compliance with the standard code for securities transactions by directors and relevant employees[46] Future Plans and Investments - A new central kitchen is planned to be opened in Wuhan in Q4 2024 to support operations in the central region, with capital expenditures estimated between RMB 20 million and RMB 25 million[9] - Approximately 90% of the net proceeds from the global offering are intended for expanding the store network, with plans to utilize these funds by December 31, 2025[51][52] - The remaining 10% of the net proceeds is allocated for general corporate purposes, also expected to be utilized by December 31, 2025[51][52] Dividends and Shareholder Returns - No final dividend recommended for the fiscal year ending 2023[44] - The company did not declare or pay any dividends for the year ended December 31, 2023, consistent with 2022[79]

事件 2024 年 3月4日，公司公告23年业绩预告，预计23年收入不低 于30 亿元、同比增长不低于48%，归母净亏损不高于2900 万元、 同比减亏不少于87%，经调整净利不低于800 万元、同比扭亏。 点评 全年净开180 家，门店扩张速度加快。根据公司公告，截至2023 年底，门店总数 768 家/+30.6%，开店速度较 2022 年（+25.6%） 加快，全年净开门店180 家，上/下半年分别净开84/96 家，下半 年开店较上半年加快。 港币(元) 成交金额(百万元) 新增长市场新店表现强劲，运营效率提升，盈利能力改善。2H23 82.00 400 公司收入预计不低于 16.2 亿元，经调整净利预计不低于 2545 万 74.00 350 300 元、对应经调整净利率预计约 1.6%（收入、经调整净利均按下限 66.00 250 58.00 200 计算），环比 1H23 盈利能力有较明显改善（1H23 经调整净利-1745 150 50.00 万元、经调整净利率-1.3%）。我们推测盈利能力提升主要源于1） 100 42.00 50 门店收益持续增长，尤其是新增长市场的新店销售表现强劲；2） ...

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） 2023 年业绩预告点评：业绩超预期，看好中 2024 年 03月 05日 长期成长性 证券分析师 孙瑜 买入（维持） 执业证书：S0600523120002 suny@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2021A 2022A 2023E 2024E 2025E 证券分析师 李昱哲 执业证书：S0600522090007 营业总收入（百万元） 1,611 2,021 3,010 3,932 5,147 liyzh@dwzq.com.cn 同比 45.9% 25.4% 48.9% 30.6% 30.9% 归母净利润（百万元） -471 -223 -29 35 150 股价走势 同比 - - - 181.6% 76.4% 达势股份 恒生指数 EPS-最新摊薄（元/股） -3.62 -1.71 -0.22 0.27 1.15 P/E（现价&最新摊薄） - - - 201 47 54% 45% 36% [关Ta键bl词e_：Ta#g业] 绩超预期 #产能扩张 27% 18% 9% [Table_ ...