Jiajiayue(SH:603708) EBSCN·2025-04-25 09:36Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company experienced a revenue decline of 4.77% year-on-year in Q1 2025, with a net profit decrease of 3.59% [1] - The company is focusing on the development of snack store formats and optimizing its offline store operations [4][3] - The overall competitive landscape in offline retail remains intense, leading to a downward adjustment in profit forecasts for 2025 and 2026 [4] Financial Performance - In Q1 2025, the company achieved a revenue of 4.941 billion yuan, down 4.77% year-on-year, and a net profit of 142 million yuan, down 3.59% year-on-year [1] - For the full year 2024, the company reported a revenue of 18.256 billion yuan, up 2.77%, and a net profit of 1.32 billion yuan, down 3.26% [1] - The company's comprehensive gross margin in Q1 2025 was 24.29%, an increase of 0.25 percentage points year-on-year [2] Store Development and Channel Strategy - As of Q1 2025, the company had a total of 1,095 stores, including 945 direct-operated and 150 franchised stores [3] - The company opened 140 new stores in 2024, with 92 of them being snack stores, indicating a rapid development in this segment [3] - The company is leveraging its offline store network and online platforms to create a multi-channel collaborative platform for services such as home delivery and live streaming [3] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been adjusted downwards by 2% and 1% respectively, with new estimates of 1.23 billion yuan and 1.29 billion yuan for net profit [4] - The report includes a profit and valuation summary, projecting revenues and net profits for the years 2025 to 2027 [5][9]