Investment Rating - The report maintains an "Outperform" rating for the company, indicating a relative strength compared to market performance [2][6][16]. Core Views - The company is expected to stabilize its main business in 2025 after a period of store closures and efficiency improvements, with a focus on new products and channels [6][7]. - The company reported a revenue of 2.451 billion RMB for 2024, a decrease of 10.7% year-on-year, and a net profit of 98 million RMB, down 15% year-on-year, aligning with market expectations [6][7]. - The company plans to optimize its store count, with a reduction of 20.6% in the number of stores by the end of 2024, which is expected to enhance operational efficiency [6][7]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 2,744 million RMB - 2024: 2,451 million RMB - 2025E: 2,396 million RMB - 2026E: 2,523 million RMB - 2027E: 2,767 million RMB - The expected growth rates for revenue are -11% in 2024, -2% in 2025, 5% in 2026, and 10% in 2027 [5][6]. - Net profit forecasts are: - 2023: 116 million RMB - 2024: 98 million RMB - 2025E: 137 million RMB - 2026E: 163 million RMB - 2027E: 191 million RMB - The projected net profit growth rates are 357% in 2023, -15% in 2024, 40% in 2025, 19% in 2026, and 17% in 2027 [5][6][7]. Market Data - As of April 22, 2025, the closing price of the company's stock is 2.53 HKD, with a market capitalization of 54.64 billion HKD [2][6]. - The stock has experienced a price change of -16% over the past year compared to the HSCEI index, which has increased by 34% [3][6].
周黑鸭（01458）：关店提效主业有望企稳，关注新品新渠道表现