Core Viewpoint - The company maintains its profit forecast for 2025 and introduces a net profit estimate of approximately 204 million yuan for 2026, raising the target price by 47.1% to 2.5 HKD, corresponding to P/E ratios of about 27.3 and 24.5 for 2025 and 2026 respectively, while maintaining an outperform rating in the industry [1] Group 1: Financial Projections - The company is expected to generate revenue of 2.45 billion yuan and a net profit of 98.2 million yuan in 2024, aligning with market expectations [2] - The revenue structure for 2024 is projected to be approximately 1.39 billion yuan from self-operated stores, 612 million yuan from franchised stores, 334 million yuan from online sales, and 114 million yuan from other sources [3] - The gross profit margin for 2024 is anticipated to be 56.8%, an increase of 4.4 percentage points year-on-year, with a second-half gross margin expected to rise to 58.3% [3] Group 2: Store and Channel Strategy - In 2025, the company will focus on optimizing store structure and enhancing store quality, with initiatives to boost single-store revenue through store renovations and product upgrades [4] - The company has laid the groundwork for new channel development in 2024, with expectations to gradually expand in supermarkets, convenience stores, new retail, and specialty snack channels in 2025 [4] - The company plans to explore overseas markets, starting with Southeast Asia, leveraging distributor channels to sell long-shelf-life products abroad [4]
中金：维持周黑鸭(01458)跑赢行业评级 升目标价至2.5港元