一季报表现平稳

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 23.46 CNY per share, compared to the current price of 18.49 CNY [5]. Core Views - The company reported a stable performance in its Q1 results, achieving revenue of 1.7 billion CNY, a year-on-year increase of 23.0%. The net profit attributable to shareholders was 80 million CNY, up 7.7% year-on-year, while the non-recurring net profit also reached 80 million CNY, reflecting a 6.7% increase [1][2]. - The company is actively exploring new platforms and channels, and is continuously working on incubating its own brands, which is expected to positively impact its performance this year [2]. - In February 2024, a board member's spouse increased their stake in the company by purchasing 3.085 million shares for a total of 50.9 million CNY, indicating management's confidence in the company's future performance [2]. Financial Summary - The company’s revenue is projected to grow from 8.578 billion CNY in 2024 to 13.309 billion CNY in 2026, with year-on-year growth rates of 31.6%, 25.8%, and 23.3% respectively [2][3]. - The net profit attributable to shareholders is expected to rise from 450 million CNY in 2024 to 630 million CNY in 2026, with growth rates of 36.2%, 18.8%, and 18.0% respectively [2][3]. - The company’s gross margin for Q1 was 36.5%, a decrease of 1.54 percentage points year-on-year, while the net margin was 4.8%, down 0.69 percentage points year-on-year [1][2].