Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company achieved a revenue of 32.33 billion RMB in 2024, representing a year-over-year increase of 247.86%, and a net profit of 294 million RMB, marking a turnaround from losses [1] - The rapid expansion of the company's snack business and improved operational efficiency are expected to drive future growth [2] - The company is focusing on new business formats and has established 50 warehousing centers nationwide to support its expansion [4] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 11.72 billion RMB, a year-over-year increase of 166.68% and a quarter-over-quarter increase of 20.81%, with a net profit of 209 million RMB [1] - The gross profit margin for 2024 reached 10.8%, an increase of 1.46 percentage points year-over-year [3] - The company’s net profit margin in Q4 2024 was 1.8%, reflecting a quarter-over-quarter increase of 0.9 percentage points [3] Business Expansion - The snack business generated a revenue of 31.8 billion RMB in 2024, up 263% year-over-year, with the number of stores increasing to 14,196, a net addition of 9,470 stores [2] - The estimated annual revenue per store is 3.36 million RMB, slightly down year-over-year due to accelerated store openings [2] Profitability and Valuation - The company’s net profit for 2025 is projected to be 660 million RMB, with an upward revision of 22% from previous estimates [5] - The target price for the company is set at 128.33 RMB, based on a price-to-earnings ratio of 35 times for 2025 [5] - The expected net profits for 2025-2027 are 660 million RMB, 820 million RMB, and 920 million RMB respectively [5]
万辰集团（300972）：2024年量贩拓店提速，经营效率改善