Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company is facing performance pressure due to external environmental factors, with a cautious expansion strategy focusing on new stores and menu adjustments [2][3] - The company reported a revenue of 6.074 billion yuan for 2024, a year-on-year increase of 1.5%, but a significant decline in net profit attributable to shareholders, down 87.7% to 56 million yuan [1][3] - The company is optimizing its brand portfolio and enhancing supply chain capabilities, with new store formats and menu updates expected to drive future growth [8] Financial Performance - For 2024, the company achieved a revenue of 60.74 billion yuan, with a core operating profit of 2.52 billion yuan, reflecting a year-on-year decrease of 60.1% [1] - In the second half of 2024, the company reported a net profit of -16 million yuan, compared to 231 million yuan in the same period last year [3] - The company plans to achieve revenues of 67.61 billion yuan, 78.78 billion yuan, and 92.92 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 99 million yuan, 263 million yuan, and 411 million yuan [8][9] Store Expansion and Operations - The company opened 150 new stores in 2024, including 95 for the Taier brand and 28 for the Song Hotpot brand, while closing 69 stores [2] - As of the end of 2024, the total number of Taier stores reached 634, with a same-store sales decline of 18.8% [2] - The company is enhancing its supply chain capabilities with a new center expected to be operational by 2025, which will support core brand ingredient processing and sales [8]
九毛九（09922）：受外部环境影响业绩承压，关注新门店、新菜单调整转变