高基数下表现略承压，数字化零售稳步推进

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company experienced slight pressure on performance due to a high base in the previous year, but digital retail is steadily advancing [1] - The company's Q1 2024 gross margin was 58.96%, a year-on-year decrease of 0.5 percentage points, while the net profit margin was 8.5%, down 3.6 percentage points year-on-year [2] - The company achieved revenue of 296 million yuan in Q1 2024, a year-on-year decrease of 4.5%, and a net profit of 25 million yuan, down 32.9% year-on-year [11] - The company is focusing on optimizing its product structure and enhancing online and offline integration to drive growth [11][15] Financial Performance - The company’s revenue is projected to grow from 1.36 billion yuan in 2024 to 1.82 billion yuan in 2026, with corresponding net profits of 151 million yuan, 182 million yuan, and 210 million yuan respectively [12][16] - The company’s gross profit margin is expected to remain stable around 62.2% in 2024, with a net profit margin of 11.1% [16] - The company’s earnings per share (EPS) is projected to increase from 0.87 yuan in 2024 to 1.20 yuan in 2026 [16] Business Strategy - The company is enhancing its digital retail system and steadily advancing its franchise model, with significant growth in functional lens sales [15] - The company has established new departments to optimize data analysis and improve service management, contributing to a 43.1% year-on-year increase in functional lens sales [15] - The company is expanding its local life service platforms, with a total of 3,795.31 million yuan in revenue from local life services in Q1 2024, despite a decline in revenue from the Douyin local life platform [25]