DPC DASH LTD(01405.HK):POSITIVE SAME-STORE SALES GROWTH
DPC DASH LTD(01405.HK):POSITIVE SAME-STORE SALES GROWTH
DPC Dash Ltd reported 1H24 revenue of Rmb2.04bn (+48% YoY), profit attributable to owners of the company of Rmb10.9m (+25% YoY), and adjusted net profit of Rmb50.89m, higher than our expectation, mainly thanks to higher-than-expected same-store sales. We raise 2024E earnings per share forecast from Rmb0.33 to Rmb0.39, maintain 2025E forecast of Rmb1.41 and introduce 2026E forecast of Rmb1.97. We raise target price from HK$72.3 to HK$78, and with 22% upside potential, we maintain a Buy rating.
達世幣有限公司報告2024年上半年的營業收入爲20.4億元（同比增長48%），歸屬於公司所有者的淨利潤爲1090萬元（同比增長25%），調整後的淨利潤爲5089萬元，高於我們的預期，主要得益於超出預期的同店銷售額。我們將2024年預測每股收益從0.33元升至0.39元，保持2025年的預測爲1.41元，並引入2026年的預測爲1.97元。我們將目標價從72.3港元上調至78港元，上漲潛力爲22%，維持買入評級。
Steady store opening with healthy store payback. In 1H24, the company opened a net of 146 stores, including 12 in Beijing and Shanghai, and 134 in new growth markets. The total number of stores reached 914, of which 551 stores were in new growth markets, accounting for 60%. The company expanded to four new cities in 1H24, and as of the end of June, its stores were located in 33 cities, indicating upside potential. Of the 42 stores opened in the eight new cities at the end of last year and the four in the first half of this year, 18 stores have paid back, and the average payback period of the stores is expected to be within 9 months. The company plans to open 240 stores in 2024 and 300-350 stores in 2025 and 2026.
穩定的店鋪開業和健康的回本。2024年上半年，公司淨開設146家店鋪，其中包括北京和上海各12家，新的增長市場134家。店鋪總數達到914家，其中551家店鋪位於新的增長市場，佔比60%。公司在2024年上半年擴展到了四個新城市，截至6月底，其店鋪已遍佈33個城市，顯示出上漲潛力。去年底新開設的八個新城市的42家店鋪和今年上半年的四家店鋪中，已有18家實現了回本，預計店鋪的平均回本週期將在9個月內。公司計劃在2024年開設240家店鋪，2025年和2026年開設300-350家店鋪。
Consistent positive same-store sales growth. Same-store sales growth rate in 1H24 was 3.6%, which was the 28th consecutive quarter of positive same-store sales growth since 3Q17. The steady growth was due to continuous menu improvements, on-time delivery, and enhanced brand awareness, and we expect positive growth to continue in 2H24.
持續正增長的同店銷售額。2024年上半年，同店銷售額增長率爲3.6%，這是自2017年第三季度以來第28個季度出現同店銷售額增長。穩定的增長得益於持續改進菜單、準時交付和加強品牌知名度，我們預計2H24將繼續保持正增長。
Improved store-level operating margins. In 1H24, the operating profit margin at store level increased by 1ppt YoY to 14.5%, of which raw materials and consumables cost ratio decreased by 0.3ppt, advertising and promotion cost ratio decreased by 0.5ppt, depreciation and amortization cost ratio decreased by 0.4ppt, and lease-related cost ratio decreased by 0.3ppt, partially offset by the increase in staff compensation cost ratio, mainly due to the impact of more store-level staff for training in advance.
提高的門店層面營業利潤率。2024年上半年，門店層面的營業利潤率同比增加了1個百分點，達到14.5%，其中原材料和耗材成本比率減少了0.3個百分點，廣告和促銷成本比率減少了0.5個百分點，折舊和攤銷成本比率減少了0.4個百分點，租賃相關成本比率減少了0.3個百分點，部分抵消了員工薪酬成本比率的增加，主要是因爲門店層面的員工提前進行培訓的影響。
Maintain Buy. We are optimistic about the potential of DPC Dash to expand in China's pizza market and maintain our Buy rating.
維持買入評級。我們對DPC達世幣在中國披薩市場的潛力持樂觀態度，維持買入評級。
Risks: Same-store sales growth may fall short of expectations. Profit margins may decline due to the increase in staff compensation expenses.
風險：同店銷售增長可能低於預期。利潤率可能因員工補償支出的增加而下降。
譯文內容由第三人軟體翻譯。