业绩稳健增长，盈利能力提升

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 20% in the next six months [16][26]. Core Insights - The company has shown steady revenue growth, with a reported revenue of 57.8 billion yuan in Q1 2024, reflecting an 8.3% year-over-year increase, and a net profit of 3 billion yuan, up 15% [38]. - The wholesale business continues to dominate, contributing 81.8% of total revenue, while the retail and industrial segments also show significant growth [1]. - The company is expanding its market presence in the Guangxi region and enhancing its product offerings, particularly in traditional Chinese medicine [16]. Financial Performance Summary - For 2023, the company achieved a total revenue of 208.1 billion yuan, a 9.2% increase, and a net profit of 8.5 billion yuan, up 21.1% [38]. - The forecast for 2024-2026 indicates continued growth, with expected net profits of 10.2 billion yuan, 12.4 billion yuan, and 14.9 billion yuan, corresponding to year-over-year growth rates of 20.2%, 21.1%, and 20.5% respectively [26][44]. - The wholesale segment is projected to grow at rates of 9%, 8%, and 8% over the next three years, while the retail segment is expected to grow at 20%, 15%, and 15% [18][43]. Business Segment Analysis - The wholesale business generated 47 billion yuan in Q1 2024, a 6.2% increase, while the retail segment achieved 7.8 billion yuan, growing by 20% [1]. - The industrial segment reported 2.7 billion yuan in revenue, reflecting an 8.7% increase, with a stable gross margin of 45% expected through 2026 [5][44]. - The company has successfully opened 105 new stores in 2023, increasing its total to 814, with a focus on enhancing its competitive edge in the retail market [27].