公司信息更新报告：Q1扣非归母高增，关注“同心圆”加速拓展

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company reported a significant increase in non-recurring net profit for Q1 2024, with a year-on-year growth of 37.61% [3] - The company's revenue for Q1 2024 reached 999.7 million yuan, representing a year-on-year increase of 11.19% [3] - The report maintains profit forecasts for 2024-2026, expecting net profits of 1.58 billion, 1.74 billion, and 1.96 billion yuan, with respective year-on-year growth rates of 10.3%, 10.0%, and 12.9% [3] Financial Performance - The gross profit margin for Q1 2024 was 41.48%, an increase of 4.3 percentage points year-on-year [4] - The total operating income for 2024 is projected to be 7.25 billion yuan, with a year-on-year growth of 13.7% [6] - The company has maintained a strong cash position with no long-term debt, and short-term borrowings are only 1 million yuan [4] Strategic Initiatives - The company is focusing on deepening its retail presence and accelerating the expansion of its "Concentric Circle" strategy, which has led to a market share increase of over 3 percentage points in 2023 [5] - The international business is also progressing well, with operations in Thailand and Singapore showing positive development [5]