书写及学生文具增速靓丽，办公及科力普短期承压

Investment Rating - The report maintains a "Buy" rating for the company, with an "Increase" suggestion for investment [6]. Core Views - The company reported a revenue of 5.485 billion yuan, a net profit attributable to shareholders of 380 million yuan, and a net profit excluding non-recurring items of 328 million yuan for Q1 2024, representing year-on-year growth of 12.37%, 13.87%, and 11.10% respectively [4][6]. - The revenue growth in Q1 2024 fell short of the annual guidance of 18%, primarily due to slower growth in traditional office supplies and a temporary slowdown in the KOLIP business, while writing tools and student stationery performed well [4][6]. - The gross margin improved year-on-year, with the overall gross margin at 20.17% and net margin at 6.92%, reflecting a slight increase of 0.49 percentage points and 0.09 percentage points respectively [4][6]. Summary by Sections Revenue Performance - Traditional core business saw online growth outperforming offline, with writing tools and student stationery showing strong revenue and profit performance. In Q1 2024, the growth rates for writing tools, student stationery, and office supplies were 15.74%, 17.12%, and 6.41% respectively [4]. - The KOLIP business generated revenue of 2.95 billion yuan in Q1 2024, with a year-on-year growth of 11.59%, although the growth rate has slowed due to short-term demand pressures [4]. Retail Business - The retail segment, particularly the Jiumu miscellaneous store, maintained profitability with a revenue increase of 25.05%, driven by store expansion [5]. - As of Q1 2024, the company operated 678 retail stores nationwide, with a 27% increase in store count [5]. Financial Projections - The company adjusted its earnings forecast, projecting revenues of 27.554 billion yuan and 31.408 billion yuan for 2024 and 2025, respectively, with corresponding net profits of 1.757 billion yuan and 1.987 billion yuan [6][7]. - The projected PE ratios for 2024 and 2025 are 18.0 and 15.9 times, respectively [6].