Zhongtong Finance APP learned that sinolink Securities issued a research report stating that it maintains a 'buy' rating on dpc dash (01405). The bank believes that the company has a prominent competitive advantage in the pizza category, is currently in a period of rapid store expansion, and is expected to have a net income of 0.019/0.043/0.199 billion yuan for 2024E~2026E, adjusted net income of 0.11/0.16/0.32 billion yuan, with a year-on-year increase of +1145%/+50%/+95%.

The report states that dpc dash's brand momentum is strong, leading in same-store and new-store performance, with a good underlying situation. The company's revenue in the first half of 2024 was 2.04 billion yuan, a growth of +48%, adjusted net income of 50.89 million yuan, adjusted EBITDA of 0.23 billion yuan, a growth of +84%. In a situation where the dining industry is under pressure, the company's same-store sales in the first half of 2024 increased by +3.6% year-on-year, showing growth against the trend. As of the end of the third quarter of 2023, the total number of company stores was 978. According to the plan of opening 240 new stores throughout the year, it is expected that the number of stores will exceed 1,000 by the end of 2024, with a year-on-year growth rate expected to exceed 30%.