图表内容
图表34：公司分渠道盈利预测
单位：百万元
2022E
2023E
2024E
直营店
销售收入
1
029.50
1
177.90
1
263.07
1
914.08
2
054.29
2
347.45
2
704.57
YOY
32.70%
14.41%
7.23%
51.54%
7.33%
14.27%
15.21%
门店数量
净增
YOY
24.10%
20.80%
10.20%
9.47%
4.70%
8.98%
7.91%
店效
3.1
3.1
2.8
3.8
3.8
4.1
4.4
YOY
14.30%
-6.50%
-6.80%
37.76%
-0.80%
8.00%
6.00%
毛利率
63.80%
71.90%
72.20%
81.11%
82.00%
82.50%
82.70%
占比
69.80%
64.50%
65.20%
70.37%
67.33%
65.89%
64.38%
加盟店
销售收入
446.2
631.5
576.3
683.3
819.1
941.3
1082.8
YOY
60.30%
41.50%
-8.70%
18.58%
19.86%
14.92%
15.03%
门店数量
净增
YOY
11.50%
13.50%
8.80%
15.21%
7.92%
9.79%
8.92%
店效
1.2
1.5
1.2
1.4
1.4
1.5
1.6
YOY
45.30%
25.70%
-17.80%
16.67%
1.00%
6.00%
5.00%
毛利率
62.10%
60.20%
67.70%
68.90%
71.00%
72.00%
73.00%
占比
30.20%
34.60%
29.70%
25.12%
26.84%
26.42%
25.78%
线上销售
销售收入
16.2
98.25
122.6
177.7
273.7
413.3
YOY
508.00%
24.76%
45.00%
54.00%
51.00%
毛利率
60.40%
37.59%
50.93%
55.00%
59.00%
60.00%
占比
0.90%
5.10%
4.51%
5.83%
7.68%
9.84%
合计
销售收入
1
475.75
1
825.52
2
303.33
2
719.99
3
051.09
3
562.43
4
200.64
YOY
40.00%
23.70%
6.10%
18.09%
12.17%
16.76%
17.91%
毛利率
63.30%
67.80%
69.10%
76.68%
77.47%
77.92%
77.97%
源：wind
国金证券研究所测算
