Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported a significant revenue growth of 247.9% year-on-year, achieving a total revenue of 32.33 billion yuan in 2024, and a net profit of 294 million yuan, marking a turnaround from losses [4][5] - The rapid expansion of store numbers, with a net increase of 9,470 stores in 2024, is expected to enhance scale effects and further boost revenue [5] - Future projections indicate continued growth in net profit, with estimates of 660 million yuan in 2025, 1.07 billion yuan in 2026, and 1.54 billion yuan in 2027, representing year-on-year growth rates of 124.5%, 61.8%, and 44.7% respectively [4][8] Revenue and Profit Growth - In Q4 2024, the company achieved a revenue of 11.72 billion yuan, a year-on-year increase of 166.7%, with a net profit of 209 million yuan [4][5] - The gross margin for 2024 was reported at 10.8%, with the snack wholesale business contributing a gross margin of 10.9% [6] - The company is expected to continue expanding its store network, particularly in northern and southern regions, which will likely lead to further revenue growth [5] Financial Summary and Valuation Metrics - The company’s revenue is projected to reach 63.58 billion yuan in 2025, with a year-on-year growth of 96.7% [8] - The estimated P/E ratios for 2025, 2026, and 2027 are 35.1, 21.7, and 15.0 respectively, indicating a favorable valuation trend as profits increase [8] - The return on equity (ROE) is expected to be 45.2% in 2025, reflecting strong profitability [8]
万辰集团：公司信息更新报告：规模效应释能，门店量质双升-20250424