控费效果显著，B端业务占比有望提升

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [33][27]. Core Insights - The company reported Q1 2024 revenue of 294 million RMB, a year-on-year decline of 14.92%. However, the net loss narrowed to 53 million RMB from 86 million RMB in the same period last year, indicating improved cost management and a reduction in employee numbers by 11.70% [1][6]. - The gross margin for Q1 2024 was 68.51%, an increase of 5.36 percentage points year-on-year, with total expenses decreasing by 15.30% [6]. - The company is focusing on increasing its B-end business revenue, with a 41% year-on-year growth in registered users for its app and a significant increase in transaction segments on its electronic trading platform [38]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 2.69 billion RMB, a growth of 10.26% year-on-year, and a net profit of 310 million RMB, representing a 59.18% increase [33][35]. - The earnings per share (EPS) are expected to be 0.94 RMB for 2024, with further growth anticipated in subsequent years [33][35]. - The company has shown a commitment to digital transformation, enhancing budget management and performance evaluation systems, which has led to significant cost control [6][38].