Investment Rating - The report maintains a "Buy" rating for Wancheng Group [1] Core Views - In 2024, the company achieved a revenue of 32.33 billion yuan, a year-on-year increase of 247.9%, and a net profit of 6.0 billion yuan, recovering from a loss of 1.5 billion yuan in the previous year [7] - The rapid growth in store numbers and stable single-store revenue despite increased store density are highlighted, with 14,196 stores in 2024 compared to 4,726 in 2023 [7] - The company is expected to continue improving its profitability, with a projected net profit of 7.0 billion yuan in 2025, reflecting a year-on-year growth of 139% [7] Financial Performance Summary - Total revenue for 2023 was 9.29 billion yuan, with a forecast of 32.33 billion yuan for 2024, and expected to reach 50.81 billion yuan by 2025 [1][8] - The net profit for 2023 was a loss of 82.93 million yuan, turning into a profit of 293.52 million yuan in 2024, and projected to grow to 702.75 million yuan in 2025 [1][8] - The earnings per share (EPS) is expected to rise from -0.46 yuan in 2023 to 1.63 yuan in 2024, and further to 3.90 yuan in 2025 [1][8] Operational Highlights - The gross margin for 2024 is reported at 10.8%, an increase of 1.5 percentage points year-on-year, driven by the scale effect of the snack retail business [7] - The company is exploring new business models, including a "discount supermarket" format, which may broaden its product offerings [7] - The net profit margin is expected to continue rising, with a net profit margin of 1.9% in Q4 2024, up by 3.4 percentage points year-on-year [7]
万辰集团（300972）：2024年报点评：门店数量高增，盈利能力提升