DSL(603233) 东吴证券·2025-04-28 14:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 26.497 billion yuan in 2024, representing an 8.01% year-on-year increase, while the net profit attributable to shareholders was 914.76 million yuan, a decrease of 21.58% year-on-year. The first quarter of 2025 saw a revenue of 6.956 billion yuan, up 3.02% year-on-year, and a net profit of 460 million yuan, an increase of 15.45% year-on-year, exceeding expectations [8] - The company has optimized its store structure, which is expected to drive profit growth. As of the first quarter of 2025, the company had 16,622 stores across 21 provinces, with a net increase of 69 stores in the quarter [8] - The report highlights a decline in various expense ratios in the first quarter of 2025, indicating effective cost control measures [8] Financial Performance Summary - Total revenue projections for the company are as follows: 2023A: 24.531 billion yuan, 2024A: 26.497 billion yuan, 2025E: 29.587 billion yuan, 2026E: 32.673 billion yuan, and 2027E: 35.861 billion yuan [1] - The net profit attributable to shareholders is projected to be 1.1665 billion yuan in 2023A, 914.76 million yuan in 2024A, 1.08432 billion yuan in 2025E, 1.25219 billion yuan in 2026E, and 1.44462 billion yuan in 2027E [1] - The earnings per share (EPS) are forecasted to be 1.02 yuan in 2023A, 0.80 yuan in 2024A, 0.95 yuan in 2025E, 1.10 yuan in 2026E, and 1.27 yuan in 2027E [1] Store Expansion and Structure Optimization - The company has been actively optimizing its store layout, with a total of 16,622 stores as of the first quarter of 2025, including 6,239 franchise stores. The company closed 174 stores during the quarter, which is part of its strategy to enhance profitability [8] - The report indicates that the company plans to continue its store expansion, albeit at a slower pace, with a total of 2,479 new stores added in 2024 [8] Profitability Metrics - The gross profit margin for 2024 was reported at 34.33%, a decrease of 1.57 percentage points year-on-year, while the net profit margin was 3.70%, down 1.32 percentage points year-on-year [8] - The company expects to achieve a net profit of 1.084 billion yuan in 2025, reflecting an 18.54% growth compared to the previous year [1]