Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown significant improvement in profit margins and continues to expand its store presence in lower-tier markets [7] - For the fiscal year 2024, the company reported total revenue of 24.83 billion RMB, a year-on-year increase of 22.3%, and a net profit of 4.44 billion RMB, up 41.4% year-on-year [7] - The company has established a robust end-to-end supply chain system and is focusing on brand marketing to strengthen its market position [7] Financial Performance Summary - Total revenue projections for the company are as follows: 2023A: 20.30 billion RMB, 2024A: 24.83 billion RMB, 2025E: 28.28 billion RMB, 2026E: 31.99 billion RMB, 2027E: 35.90 billion RMB [1] - Net profit projections are: 2023A: 3.14 billion RMB, 2024A: 4.44 billion RMB, 2025E: 5.37 billion RMB, 2026E: 6.09 billion RMB, 2027E: 6.88 billion RMB [1] - The company’s earnings per share (EPS) are projected to increase from 8.26 RMB in 2023A to 18.12 RMB in 2027E [1] Store Expansion and Market Presence - As of the end of 2024, the company had 41,600 stores in mainland China, a 25% year-on-year increase, and 4,895 overseas stores, a 13% year-on-year increase [7] - The company opened 10,555 new stores in 2024 while closing 1,609, resulting in a net increase of 8,946 stores [7]
蜜雪集团（02097）：2024年业绩点评：利润率显著提升，继续下沉式开店