第一季度高基数上收入增长5%，毛利率提升

Investment Rating - The investment rating for the company is "Buy" [13][15][41] Core Views - The company has shown steady revenue growth of 4.8% in Q1 2024, reaching 1.35 billion yuan, despite a high base effect. The net profit attributable to the parent company decreased by 2.1% to 250 million yuan, while the non-recurring net profit increased by 6.9% to 235 million yuan. The gross margin improved by 1.7 percentage points to 67.8% [15][21] - The company maintains a healthy inventory level, with inventory turnover days remaining stable at 241 days and total inventory decreasing by 0.6% to 1.07 billion yuan [15][21] - The long-term growth outlook remains positive, with expected net profits of 810 million, 920 million, and 1.04 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 15.8%, 14.4%, and 12.5% [16][21] Summary by Sections Financial Performance - The company reported a total market capitalization of 8.099 billion yuan and a circulating market capitalization of 6.532 billion yuan. The closing price was 5.55 yuan, with a reasonable valuation range of 8.00 to 8.50 yuan [13][15] - The company’s revenue for 2024 is projected to be 5.8 billion yuan, with a year-on-year growth of 10.4% [23][37] Profitability Metrics - The net profit for 2024 is estimated at 808 million yuan, with a net profit margin of 17.0% [23][37] - The company’s earnings per share (EPS) for 2024 is projected to be 0.55 yuan, with a price-to-earnings (P/E) ratio of 10.0 [23][37] Market Position - The company is positioned in the mid-to-high-end menswear market, with a focus on brand expansion and maintaining a competitive edge through effective marketing strategies [15][21] - The brand "Haggis" has shown a strong store expansion momentum, with a net increase of 9.6% in stores to 457 by the end of 2023 [22][21]