狠抓高质量发展，新业态持续扩张

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and market position [16][19]. Core Insights - The company reported a revenue of 17.763 billion yuan in 2023, a decrease of 2.31% year-on-year, while the net profit attributable to shareholders increased by 127.04% to 136 million yuan [16]. - The company is focusing on high-quality development and expanding new business formats, including the opening of 110 new stores in 2023, with a total of 1,049 stores by year-end [16]. - The gross margin improved to 23.9% in 2023, with a stable expense ratio of 22.40% [16]. - The company plans to distribute a cash dividend of 0.19 yuan per share for 2023, totaling 120 million yuan, with a payout ratio of 88% [16]. Financial Performance Summary - 2023 Financials: Revenue was 17.763 billion yuan, with a net profit of 136 million yuan. The company experienced a revenue decline of 2.31% but a significant profit increase [17]. - 2024 Projections: Expected revenue for 2024 is 18.631 billion yuan, with a projected net profit of 223 million yuan, reflecting a growth rate of 63.3% year-on-year [17][26]. - Key Ratios: The P/E ratio for 2023 is 48.7, with projections of 29.8 for 2024, indicating a favorable valuation trend [17]. Business Strategy and Market Position - The company is enhancing its store layout in Shandong while also focusing on quality development in other provinces, including Hebei and Anhui [16]. - The new business formats, such as snack stores and discount stores, are becoming increasingly important, with plans for rapid expansion in these areas [16]. - The company is leveraging its strong supply chain capabilities and fresh product offerings to maintain its leading position in the Shandong retail market [16].