DSL(603233) 中邮证券·2025-04-28 07:27Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company has shown rapid growth in Q1 2025, with a revenue of 6.956 billion yuan, representing a 3.02% increase year-on-year, and a net profit of 460 million yuan, which is a 15.45% increase [4] - The company is optimizing its store layout, which is expected to enhance profit potential [8] - The company is actively embracing AI technology to improve operational efficiency and revenue generation [10] - The company is projected to have significant profit release potential, with expected revenues of 29.168 billion yuan, 32.144 billion yuan, and 35.400 billion yuan for 2025, 2026, and 2027 respectively [11] Company Overview - The latest closing price of the company's stock is 16.84 yuan, with a total market capitalization of 19.2 billion yuan [3] - The company has a total of 16,622 stores as of Q1 2025, including 6,239 franchise stores [8] - The company reported a gross profit margin of 34.98% in Q1 2025, with a net profit margin of 6.61% [5] Financial Performance - In 2024, the company reported a total revenue of 26.497 billion yuan, an increase of 8.01%, and a net profit of 915 million yuan, a decrease of 21.58% [4][13] - The company’s EBITDA for 2025 is projected to be 1.52369 billion yuan, with a corresponding PE ratio of 17.35 [13][11] - The company’s cash flow from operations for 2024 was 3.106 billion yuan, a decrease of 2% [6]