Investment Rating - The report assigns a rating of "Accumulate" to the company, down from a previous rating of "Buy" [4]. Core Views - The company continues to expand its restaurant network cautiously, facing challenges in store operations due to external environmental factors. Same-store sales have declined, impacting current performance [2][3]. - The company has reported a revenue of 3.064 billion yuan for H1 2024, a year-on-year increase of 6.4%, while the net profit attributable to shareholders decreased by 67.5% to 72 million yuan [1][3]. - The company is focusing on optimizing its brand portfolio and enhancing supply chain capabilities, with plans to accelerate expansion through franchise and partnership models [7]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 3.064 billion yuan, with a breakdown by brand showing Taier at 2.248 billion yuan (+2.7%), Jiamao at 0.292 billion yuan (-8.1%), Song Hotpot at 0.431 billion yuan (+22.7%), and other brands at 0.092 billion yuan (+328.2%) [1]. - The same-store sales for Taier, Song Hotpot, and Jiamao decreased by 15.5%, 34.7%, and 8.5% respectively, with operating profit margins declining [2][3]. Operational Insights - As of H1 2024, the number of Taier restaurants reached 614, an increase of 118 year-on-year, while Jiamao saw a decrease of 3 restaurants to 72 [2]. - The company is adjusting its expansion targets for 2024, planning to open 25 new Song Hotpot restaurants and 80-100 new Taier restaurants in mainland China [3][7]. Future Projections - Revenue projections for 2024-2026 are estimated at 6.405 billion yuan, 7.356 billion yuan, and 8.377 billion yuan respectively, with net profits expected to be 213 million yuan, 349 million yuan, and 478 million yuan [8][13]. - The current stock price corresponds to a price-to-earnings ratio (P/E) of 14.9x for 2024, 9.1x for 2025, and 6.6x for 2026 [7][8].
九毛九：门店持续审慎扩张，同店销售同比下降影响当期业绩