Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 32.33 billion yuan in 2024, representing a year-on-year increase of 247.86% [7] - The net profit attributable to shareholders reached 2.94 billion yuan, a significant recovery from a loss of 0.8 billion yuan in the previous year [7] - The rapid growth in store numbers, reaching 14,196 in 2024 from 4,726 in 2023, indicates strong expansion [7] - The company is exploring new business models, including a "discount supermarket" format, which may broaden its product offerings [7] Financial Performance Summary - Total revenue projections for 2025-2027 are 50.81 billion yuan, 56.43 billion yuan, and 59.84 billion yuan, respectively, with growth rates of 57.15%, 11.06%, and 6.04% [1][8] - The net profit attributable to shareholders is forecasted to be 7.0 billion yuan in 2025, 9.7 billion yuan in 2026, and 12.3 billion yuan in 2027, with year-on-year growth rates of 139%, 39%, and 27% [7][8] - The company's earnings per share (EPS) are expected to rise to 3.90 yuan in 2025, 5.41 yuan in 2026, and 6.85 yuan in 2027 [1][8] - The price-to-earnings (P/E) ratio is projected to decrease from 28.92 in 2025 to 16.48 in 2027, indicating improving valuation [1][8] Operational Insights - The gross margin for 2024 was 10.8%, an increase of 1.5 percentage points year-on-year, driven by scale effects in the snack retail business [7] - The company reported a net profit margin of 1.9% for 2024, with expectations for continued improvement [7] - The company’s operating cash flow is projected to reach 2.89 billion yuan in 2025, reflecting strong operational efficiency [8]
万辰集团：2024年报点评：门店数量高增，盈利能力提升-20250421