一季度销售短期承压，全年高质量经营方针不变

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [28]. Core Insights - The company reported a 13% year-on-year decline in revenue for Q1 2024, amounting to 1.81 billion yuan, and a 27% decrease in net profit to 160 million yuan. The decline is attributed to high base effects from the previous year and delayed seasonal demand due to low temperatures in March [28]. - The company aims to adhere to a "high-quality development" strategy, focusing on brand image upgrades, core product competitiveness, retail operation quality, and supply chain improvements [28]. - Despite short-term sales pressure, the company expects to see a gradual recovery in demand as temperatures rise, with a projected net profit of 570 million yuan for 2024, corresponding to a PE ratio of 12 [28]. Financial Summary - Total revenue for 2022 was 8.602 billion yuan, with a projected revenue of 8.459 billion yuan for 2024, reflecting an 8.6% year-on-year growth [8][29]. - The gross profit margin for Q1 2024 decreased by 4.7 percentage points to 55.3%, primarily due to high base effects from Q1 2023 [28]. - The company’s net profit margin for Q1 2024 was 8.8%, showing improvement from 5.4% in the previous quarter [28]. Brand Performance - The women's clothing brand experienced a 13% revenue decline to 650 million yuan, while the men's clothing brand saw a smaller decline of 5.6% to 770 million yuan [28]. - The "Le Town" brand faced a significant revenue drop of 37.5% to 130 million yuan, indicating ongoing adjustments [28]. - Online sales decreased by 6.1% to 520 million yuan, accounting for approximately 29% of total revenue [28]. Cost Management - The sales expense ratio increased by 0.3 percentage points to 35.9%, while the management expense ratio (including R&D) decreased by 0.1 percentage points to 9.0% [28]. - The company’s inventory improved, with stock levels at 1.37 billion yuan, down 9.3% year-on-year due to reduced procurement [28].