aiyingshi(SH:603214) KAIYUAN SECURITIES·2024-04-28 00:32Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of performance that will exceed the market by over 20% [23][11]. Core Views - The company reported a revenue of 806 million yuan in Q1 2024, representing a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 6.31 million yuan, which is a significant increase of 135.3% [1][23]. - The company is a leader in the maternal and infant retail sector, with a strategy focused on "channels + brands + multi-industries" expected to strengthen its core competitiveness in the long term [1][3]. - The company plans to normalize its store opening strategy in 2024, with a focus on enhancing its e-commerce business and continuing to develop its own brand strategy [3][24]. Financial Performance Summary - In Q1 2024, revenue from different business segments was as follows: physical stores 589 million yuan (+3.0%), e-commerce 158 million yuan (+39.5%), maternal and infant services 7 million yuan (+3.8%), and supplier services 46 million yuan (-15.2%) [2]. - The revenue from milk powder products was 478 million yuan (+16.5%), while other product categories showed varied performance, with food and supplies increasing by 5.4% and decreasing by 2.6%, respectively [2]. - The gross profit margin was reported at 24.92%, a decline of 2.18 percentage points, with specific margins for various product categories [2]. - The company expects to see a recovery in net store openings, with 15 signed contracts for new stores anticipated to open in Q2 2024 [24]. Financial Forecasts - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 116 million yuan, 130 million yuan, and 143 million yuan, respectively, with corresponding EPS of 0.84, 0.94, and 1.03 yuan [1][5]. - The current price-to-earnings (P/E) ratios are projected to be 16.0, 14.4, and 13.0 for the years 2024, 2025, and 2026, respectively [1][5].