Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve revenue of 30-34 billion yuan in 2024, representing a year-on-year increase of 223%-266%, and a net profit of 240-300 million yuan, indicating a turnaround from losses [8] - The bulk snack business is projected to generate revenue of 30-33 billion yuan in 2024, with a year-on-year growth of 242.50%-276.75% [8] - The company is exploring new retail formats, such as hard discount stores, which may open new growth avenues [8] - The report revises the earnings forecast upwards, projecting revenues of 32 billion yuan in 2024, 48 billion yuan in 2025, and 57.55 billion yuan in 2026, with corresponding net profits of 280 million yuan, 660 million yuan, and 970 million yuan [8] Financial Summary - Total revenue for 2022 was 549.27 million yuan, with a forecast of 9.29 billion yuan for 2023 and 32 billion yuan for 2024, reflecting a significant increase [1] - The net profit for 2022 was 47.74 million yuan, with a forecasted loss of 82.93 million yuan for 2023, followed by a projected profit of 281.93 million yuan for 2024 [1] - The latest diluted EPS is expected to be 1.57 yuan per share in 2024, with a P/E ratio of 45.93 [1]
万辰集团：2024年业绩预告点评：量贩零食保持高增，布局硬折扣新业态