因市而谋，逆势扩张

东吴证券研究所1/242025年06月30日证券分析师苏铖执业证书：S0600524120010such@dwzq.com.cn证券分析师邓洁执业证书：S0600525030001dengj@dwzq.com.cn收盘价(港元)104.60一年最低/最高价62.00/125.205.56港股流通市值(百万港12,492.60每股净资产(元)17.18资产负债率(%)54.00总股本(百万股)130.88流通股本(百万股)130.88《达势股份(01405.HK:)：门店稳步扩张，盈利持续改善》2025-04-30《达势股份(01405.HK:)：2024年业绩公告点评：新增长市场势能强劲，经营效率持续提升》2025-03-312024/10/302025/2/272025/6/27达势股份恒生指数 股价走势市场数据市净率(倍)基础数据相关研究2024/7/2 -7%1%9%17%25%33%41%49%57%65% 元) 内容目录1.日拱一卒，功不唐捐..........................................................................................................................51.1.风霜雨霁，玉汝于成.................................................................................................................51.2.境外控股，境内运营.................................................................................................................61.3.逆势扩张，盈利拐点已现.........................................................................................................82.因市而谋，比学赶超........................................................................................................................102.1.国内连锁比萨业态市场空间可观...........................................................................................102.2.全球龙头，比学赶超...............................................................................................................122.3.因市而谋，外送基因及面饼技术具备差异化.......................................................................133.拓店红利延续，单均金额修复在望................................................................................................173.1.拓店红利期，下沉与加密并进...............................................................................................173.2.新城新店进入稳态，单均金额修复在望...............................................................................183.3.打磨会员体系，挖潜优质客群...............................................................................................194.盈利预测及风险提示........................................................................................................................204.1.盈利预测...................................................................................................................................204.2.估值与投资建议.......................................................................................................................215.风险提示............................................................................................................................................22 请务必阅读正文之后的免责声明部分东吴证券研究所2/24 图表目录图1：达美乐产品矩阵丰富，大众化比萨性价比出众.......................................................................5图2：达美乐及达势股份历史复盘.......................................................................................................6图3：境外控股，境内运营（截至2024年底）.................................................................................7图4：核心管理层背景梳理（截2024年底）.....................................................................................7图5：2020-2024年营收CAGR高达41%...........................................................................................8图6：同店销售连续30个季度保持正增长.........................................................................................8图7：新增长市场门店数量加速扩容...................................................................................................8图8：2024年底新增长市场销售额占比达62%.................................................................................8图9：门店层面各项成本占收入比重...................................................................................................9图10：门店经营利润及利润率.............................................................................................................9图11：总特许经营协议涉及的相关费用...........................................................................................10图12：特许经营费用及占比...............................................................................................................10图13：公司盈利能力持续增强...........................................................................................................10图14：比萨为西式快餐重要分支.......................................................................................................11图15：全球比萨市场增速稳健...........................................................................................................11图16：2010-2024年各地区比萨零售额CAGR对比.......................................................................11图17：全球连锁比萨店销售额及增速...............................................................................................12图18：中国比萨餐厅市场规模及增速...............................................................................................12图19：2021年每百万人比萨门店数量（家）..................................................................................12图20：全球比萨连锁店市占率...........................................................................................................13图21：全球主要连锁比萨店对比.......................................................................................................13图22：2022年中国比萨连锁店市占率（按收益计算）..................................................................13图23：国内主要连锁比萨店对比.................................................................