Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within the next six months [8][14]. Core Insights - The company achieved impressive financial results in 2024, with total revenue reaching 32.33 billion yuan, a year-on-year increase of 247.86%. The net profit attributable to shareholders was 294 million yuan, reflecting a staggering growth of 453.95% [4][8]. - The rapid expansion of the bulk snack business is a key driver of growth, with the number of stores increasing significantly. The company opened 9,776 new stores in 2024, ending the year with a total of 14,196 stores [5][6]. - The gross margin improved to 10.76% in 2024, up 1.46 percentage points year-on-year, primarily due to the increased share of snack business and enhanced supply chain negotiation capabilities [6][8]. Financial Performance Summary - For 2024, the company reported total revenue of 32.33 billion yuan, with a net profit of 294 million yuan. The fourth quarter alone saw revenue of 11.72 billion yuan, a year-on-year increase of 166.68% [4][10]. - The company forecasts revenue growth to 52.57 billion yuan in 2025 and 63.52 billion yuan in 2026, representing year-on-year growth rates of 62.6% and 20.84%, respectively [8][10]. - The earnings per share (EPS) are projected to be 3.75 yuan in 2025 and 4.73 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 36 and 29 times [8][10].
万辰集团（300972）：四季度业绩亮眼，量贩零食拓店与业态升级并行