2024年一季报点评：传统核心业务延续向好，业绩稳增长

Investment Rating - The investment rating for the company is "Buy" [1][4][16] Core Views - The company's traditional core business continues to show positive trends, with stable growth in revenue and profit. In Q1 2024, the company achieved revenue of 5.485 billion (+12.37%) and a net profit attributable to shareholders of 380 million (+13.87%) [1] - The report highlights the resilience of the company's profitability, driven by structural adjustments and product category expansions, leading to a slight increase in gross margin [1] - The company is expected to maintain robust growth in its core business, with a focus on high-end products and scale effects enhancing profitability [1] Summary by Relevant Sections Financial Performance - In Q1 2024, the company reported revenue of 5.485 billion, a year-on-year increase of 12.37%, and a net profit of 380 million, up 13.87% [1] - The gross margin improved slightly to 20.2%, reflecting structural enhancements from product optimization and a focus on classic bestsellers [1] - The company anticipates net profits for 2024-2026 to be 1.821 billion, 2.149 billion, and 2.494 billion respectively, with year-on-year growth rates of 19%, 18%, and 16% [1][2] Product Performance - The writing tools segment generated revenue of 560 million (+15.7%) with a gross margin of 43.8%, while student stationery revenue reached 850 million (+17.1%) with a gross margin of 34.7% [1] - The office supplies segment saw slower growth, with revenue of 900 million (+6.4%) and a gross margin of 27.5% [1] - The company continues to enhance its product offerings and optimize sales strategies, contributing to the growth of its core products [1] Market Position and Strategy - The company is expanding its retail presence, with 678 retail stores nationwide, including 639 under the Jiwu brand, which is expected to enhance retail capabilities [1] - The report emphasizes the company's effective cost control, with a slight increase in the expense ratio to 12.0% [1] - The company is positioned to benefit from the growth of its direct sales and retail store segments, which are expected to develop rapidly [1]