Investment Rating - The investment rating for the company is "Hold" with a target price of 2.53 HKD, maintaining the current rating [1]. Core Views - The company reported a revenue of 5.16 billion HKD for 2023, representing a year-on-year increase of 20.3%. The net profit attributable to shareholders was 0.13 billion HKD, marking a turnaround from losses, with adjusted profit at 0.21 billion HKD, corresponding to a net profit margin of 0.4% and a year-on-year increase of 11.2 percentage points [1]. - The company opened a net of 506 new tea shops in 2023, with a breakdown of 334 first-category and 172 second-category tea shops, continuing to expand its network in high-tier cities [1]. - The average daily sales per tea shop in 2023 were 344 orders, remaining stable year-on-year, with an average sales value of 29.6 HKD per order, a decrease of 13.7% year-on-year [1]. - The company is expected to achieve profits of 1.3 billion, 1.8 billion, and 2.5 billion HKD in 2024-2026, with the current stock price corresponding to PE ratios of 31, 22, and 16 times respectively [1]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 5.16 billion HKD, with a breakdown of 2.59 billion HKD in the first half (up 26.8% year-on-year) and 2.57 billion HKD in the second half (up 14.4% year-on-year). The net profit for the first half was 0.66 billion HKD, while the second half saw a loss of 0.53 billion HKD [1]. - The company’s operating profit margin for tea shops was 17.7%, an increase of 5.8 percentage points year-on-year, with stable cost ratios across various categories [1]. Store Expansion - The total number of tea shops reached 1,574 by the end of 2023, with 81 franchise stores opened by the end of the year and approximately 200 franchise stores operational by the end of February 2024 [1]. Cost Structure - The cost structure showed that raw material costs accounted for 32.9% of total costs, employee costs for 27.2%, and rental expenses decreased due to improved negotiation capabilities and reduced new store sizes [1].
23H2业绩略承压，关注加盟店拓展及盈利能力改善