Core Viewpoint - The company achieved significant revenue and profit growth in 2024, driven primarily by its snack business, despite challenges in the mushroom segment [1][2][3]. Financial Performance - In 2024, the company reported total revenue of 32.33 billion yuan, a year-on-year increase of 247.86%, and a net profit attributable to shareholders of 294 million yuan, up 453.95% [1]. - For Q4 2024, total revenue reached 11.72 billion yuan, reflecting a year-on-year growth of 166.68%, with net profit attributable to shareholders at 209 million yuan, a staggering increase of 894.27% [1]. Business Segments - The snack business generated revenue of 31.79 billion yuan in 2024, marking a year-on-year increase of 262.94%, while the mushroom segment saw a slight increase of 0.73% to 5.39 billion yuan [2]. - The company opened 9,776 new stores in 2024, bringing the total to 14,196, despite closing 242 stores due to operational reasons [2]. Profitability and Cost Management - The company's gross margin improved to 10.76% in 2024, up 1.46 percentage points year-on-year, driven by the increased share of the snack business and enhanced supply chain negotiation capabilities [3]. - In Q4 2024, the gross margin was 11.35%, reflecting a year-on-year increase of 0.96 percentage points [3]. Future Outlook - The company plans to continue focusing on the snack business as its core growth driver, with strategies including store expansion and supply chain optimization [3]. - A new store model, "Come to You Supermarket," will be rapidly replicated in 2025, focusing on snacks while expanding essential categories [3]. Dividend Policy - The company announced a cash dividend of 4.00 yuan per 10 shares for 2024, totaling approximately 108 million yuan, which represents 36.79% of the net profit attributable to shareholders [4]. - For the mid-2025 dividend, the company plans to distribute up to 50% of the net profit for that period [4]. Earnings Forecast - Revenue forecasts for 2025 and 2026 have been adjusted to 52.57 billion yuan and 63.52 billion yuan, respectively, with corresponding net profit estimates of 676 million yuan and 851 million yuan [5]. - The company maintains a "buy" rating, with projected EPS of 3.75, 4.73, and 5.86 yuan for 2025, 2026, and 2027, respectively [5].
万辰集团(300972)：四季度业绩亮眼 量贩零食拓店与业态升级并行