公司事件点评报告：营收增速平稳，团餐业务加速推进

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Insights - The company has shown steady revenue growth, with Q1 2024 total revenue reaching 354 million yuan, an increase of 11% year-on-year. The net profit attributable to shareholders was 40 million yuan, down 3% [1][4] - The decline in raw material prices, such as pork, flour, and oils, has positively impacted the company's gross margin, which increased by 2 percentage points to 25.92% in Q1 2024 [1][4] - The company is focusing on expanding its catering business, which has seen a revenue increase of 21% in Q1 2024, reaching 83 million yuan [1][3] Summary by Sections Revenue and Profitability - In Q1 2024, the company reported total revenue of 354 million yuan, with a year-on-year growth of 11%. The gross margin improved to 25.92%, benefiting from lower raw material costs [1][4] - The company's net profit margin decreased by 1 percentage point to 11.39% in Q1 2024, while operating cash flow turned positive at 13 million yuan compared to a negative 11 million yuan in the same period last year [1][4] Business Expansion - The company has maintained a stable pace of store openings, with a total of 5,094 franchise stores as of Q1 2024, netting an increase of 51 stores since the beginning of the year. The company aims to enhance store efficiency through menu adjustments and new store models [1][3] - The catering segment is expected to contribute significantly to future growth, with plans to deepen partnerships with convenience chains and new retail platforms [1][3] Regional Performance - Revenue from the East China region reached 291 million yuan in Q1 2024, an increase of 8%. The company is working on optimizing store models and introducing new business formats to enhance performance in this region [1][3] - South China saw accelerated store openings, contributing to a 38% revenue increase to 30 million yuan, primarily driven by market development in Hunan [1][3] Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 1.02 yuan in 2024, with expected growth rates of 19.8% and 14.4% for net profit in 2024 and 2025, respectively [4][6]