Jiajiayue(SH:603708) Changjiang Securities·2025-05-20 05:15Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 18.26 billion yuan in 2024, representing a year-on-year growth of 2.8%. The net profit attributable to the parent company was 130 million yuan, a decline of 3.3% year-on-year, while the net profit excluding non-recurring items was 120 million yuan, an increase of 17.2% [2][6]. - In the first quarter of 2025, the company achieved a revenue of 4.94 billion yuan, a year-on-year decline of 4.8%, with a net profit attributable to the parent company of 140 million yuan, down 3.6% year-on-year, and a net profit excluding non-recurring items of 140 million yuan, up 3.9% [2][6]. - The company is focusing on high-quality transformation and optimizing its network layout and resource allocation, with a total of 1,095 stores as of the first quarter of 2025, including 945 direct-operated stores and 150 franchise stores [12][12]. - The company is enhancing its supply chain strategy, with a gross margin of 24.3% in the first quarter of 2025, reflecting a year-on-year increase of 0.2 percentage points [12][12]. - The company aims to shift from scale retail to quality retail, ensuring the quality of new store openings and enhancing product competitiveness through optimized procurement strategies [12][12]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 18.26 billion yuan, with a gross profit margin of 23.3%, a decrease of 0.6 percentage points year-on-year. The net profit attributable to the parent company was 130 million yuan, down 3.3% year-on-year [2][12]. - For the first quarter of 2025, the company reported a revenue of 4.94 billion yuan, with a gross margin of 24.3%, showing signs of stabilization [12][12]. Store Operations - As of the first quarter of 2025, the company had 1,095 stores, including various formats such as community fresh food supermarkets and discount stores. The company is actively optimizing its store network and resource allocation [12][12]. - The company has closed 46 direct-operated stores since the end of 2023 to improve operational efficiency and profitability [12][12]. Supply Chain and Product Strategy - The company is strengthening its supply chain, with a focus on enhancing logistics efficiency and product development capabilities. The proportion of self-owned and customized products reached 13.63% in 2024, a steady increase of 0.1 percentage points year-on-year [12][12]. - The company is implementing a strategy of "product optimization, reasonable structure, and extreme cost performance" to enhance overall product competitiveness [12][12].