Jinwu Financial News | According to the Guangfa Securities Research Report, Helens (09869) achieved operating income of 1.21 billion yuan for the full year of 23, down 22.5% from the previous year, mainly due to the company's continuous adjustment of stock stores; achieved net profit of 180 million yuan, turning a loss into a profit (loss of 1.6 billion yuan in '22), a record high since listing; adjusted net profit of 280 million yuan, which turned a loss into profit (loss of 240 million yuan in '22). The difference between net profit and net profit to the mother was mainly due to the adjustment of stock stores. The company's net return interest rate in '23 was 14.9%, up 0.9 pp from '19, and the adjusted net interest rate was 23.2%, up 9.2 pp from '19.
In '23, the company adjusted its strategy and transformed into an asset-light platform-based company. According to the company's financial reports, by the end of '23, there was a net decrease of 398/22 in '23, a net decrease of 398/22, and 236/84 as of March 19, '24; as of March 28, '24, a total of 383 Hi Beer partner stores had signed contracts, and 188 had opened, covering 136 cities, with 67 new markets in stock. The bank is expected to expand at an accelerated pace in '24.
The bank expects the company's net profit to be 2.0, 2.6 million yuan, and 340 million yuan respectively in 24-26, up 10.3%, 29.6%, and 30.6% respectively. Considering the new model, the company is expected to accelerate store expansion and cover a wider range of declining markets. Referring to comparable companies, the company is expected to continue to strengthen. Referring to comparable companies, the company will be given 20 times PE in 24 years, with a corresponding reasonable value of HK$3.41 per share, giving it an “increase in weight” rating.