2024年一季报点评：营收成本共振，扣非大超预期

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of over 20% outperformance against the benchmark index within the next six months [36]. Core Insights - The company achieved a remarkable revenue growth of 36.39% year-on-year in Q1 2024, driven by strong sales of gift boxes and increased consumer traffic during the Spring Festival [36]. - The gross margin improved to 30.43%, reflecting a 1.92 percentage point increase year-on-year, aided by a reduction in procurement costs and scale effects from higher revenue [36]. - The company is focusing on brand strength and product structure optimization, with plans to increase investment in high-margin products while controlling the scale of lower-end products [36]. Financial Summary - Total revenue (in million) is projected to grow from 6,806 in 2023 to 9,610 in 2026, with year-on-year growth rates of -1.1%, 13.1%, 12.3%, and 11.2% respectively [1]. - Net profit attributable to the parent company (in million) is expected to rise from 803 in 2023 to 1,438 in 2026, with growth rates of -17.8%, 32.8%, 17.3%, and 15.0% respectively [1]. - Earnings per share (in yuan) are forecasted to increase from 1.58 in 2023 to 2.84 in 2026, with corresponding price-to-earnings ratios decreasing from 22 to 12 [1]. Market Performance - The company's current market capitalization is approximately 179.73 billion yuan, with a total share capital of 50,700.23 million shares [3]. - The stock price has fluctuated between a high of 44.05 and a low of 30.18 over the past 12 months [3].