2024年一季报点评：Q1团餐恢复，经营已在改善

Investment Rating - The report maintains a "Strong Buy" rating for the company [1]. Core Views - The company reported a revenue of 354 million yuan in Q1 2024, representing a year-on-year increase of 10.7%. The net profit attributable to shareholders was 40 million yuan, down 3.4% year-on-year, while the net profit excluding non-recurring items was 38 million yuan, up 87.1% year-on-year [1]. - The group meal segment showed a recovery in growth, while the store business faced some pressure. The company aims for double-digit growth for the full year, supported by the recovery in group meals and stable raw material prices [1]. - The company plans to continue expanding its franchise business, targeting 1,000 new stores, with a focus on regions like Hunan, Guangdong, and Beijing [1]. Financial Summary - Q1 2024 revenue: 354 million yuan, up 10.7% year-on-year - Q1 2024 net profit: 40 million yuan, down 3.4% year-on-year - Q1 2024 net profit excluding non-recurring items: 38 million yuan, up 87.1% year-on-year - Q1 2024 gross margin: 25.9%, up 1.7 percentage points year-on-year - Q1 2024 net profit margin: 10.2%, up 3.2 percentage points year-on-year [1][3]. Revenue and Profit Forecast - Projected total revenue for 2024: 1.853 billion yuan, with a year-on-year growth of 13.7% - Projected net profit for 2024: 253 million yuan, with a year-on-year growth of 18.5% - Projected EPS for 2024: 1.01 yuan, with a P/E ratio of 16 [9][10].