aiyingshi(SH:603214) EBSCN·2024-04-28 03:02Investment Rating - The report maintains a "Buy" rating for the company [6][12][35] Core Views - The company achieved a revenue of 806.18 million yuan in Q1 2024, representing a year-on-year growth of 6.42% [3][12] - The net profit attributable to the parent company reached 6.31 million yuan, a significant increase of 135.29% year-on-year, primarily due to a decrease in minority shareholder earnings [3][12] - The overall gross margin for Q1 2024 was 24.92%, down 2.18 percentage points compared to the previous year [4][12] - The company continues to optimize its offline stores and enhance operational efficiency, closing 12 underperforming stores while opening 4 new ones [1][5] Summary by Sections Financial Performance - Q1 2024 revenue: 806.18 million yuan, up 6.42% year-on-year [3][12] - Q1 2024 net profit: 6.31 million yuan, up 135.29% year-on-year [3][12] - Q1 2024 gross margin: 24.92%, down 2.18 percentage points year-on-year [4][12] - Q1 2024 operating expenses ratio: 24.22%, down 3.13 percentage points year-on-year [12] Store Operations - The company opened 4 new stores and closed 12 in Q1 2024 [1][5] - A total of 15 new stores are signed and expected to open in Q2 2024 [1] - The company is focusing on enhancing operational efficiency by closing low-performing stores and optimizing store layouts [1][5] Product and Market Strategy - The company is enhancing its product offerings and brand competitiveness through better supply chain management and technology [1][12] - Continued efforts in online sales through platforms like Tmall, JD, and Pinduoduo have been emphasized [13]