Core Viewpoint - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 3.233 billion and net profit attributable to shareholders at 290 million, marking a year-on-year growth of 248% and a recovery from losses in 2023, aligning with the upper limit of its earnings forecast [1] Group 1: Financial Performance - In Q4 2024, the company achieved revenue of 1.172 billion and a net profit of 210 million, representing a year-on-year increase of 167% compared to the loss in Q4 2023 [1] - The gross margin for Q4 2024 was 11.3%, up by 1.0 percentage points quarter-on-quarter, while the sales expense ratio was 4.6%, an increase of 0.4 percentage points year-on-year due to significant business expansion costs [2] - The net profit margin for the snack retail business for the entire year was 2.7%, falling within the upper limit of the earnings forecast, with quarterly net profit margins showing a consistent upward trend [2] Group 2: Business Expansion and Strategy - The company expanded its store count to 14,196 by the end of 2024, with a net addition of 9,470 stores throughout the year, indicating aggressive market penetration in the snack retail sector [2] - The average revenue per store was 3.36 million, with a decline in apparent revenue per store attributed to increased store density, which is not expected to hinder the long-term growth trend of the snack retail format [2] - The company is exploring new store models that combine snacks with other categories, positioning itself to capitalize on the ongoing retail transformation [2] Group 3: Future Outlook - In the short term, Q1 2025 is expected to see a slight decrease in revenue compared to Q4 2024 due to seasonal factors and pre-holiday inventory buildup [2] - Long-term prospects remain positive, with expectations for revenue and net profit growth in 2025 and 2026, driven by the competitive advantages established in the snack category and potential improvements in profitability [2]
万辰集团(300972)：跑马圈地 盈利向上