Investment Rating - The investment rating for the company is "Buy" [1][20]. Core Views - The company reported a revenue of 2.31 billion yuan in 2023, a year-on-year decrease of 27.76%, and a net profit attributable to shareholders of -173.72 million yuan, a decline of 160.60% [1][21]. - In Q1 2024, the company achieved a revenue of 582 million yuan, a year-on-year increase of 29.89%, and a net profit attributable to shareholders of 29 million yuan, a year-on-year increase of 197.73% [1][21]. - The company is focusing on optimizing inventory costs and implementing cost reduction and efficiency enhancement measures, leading to a recovery in gross margin to 46.52% in Q1 2024, up 4.83 percentage points from Q1 2023 [1]. - The company is expanding its product line and enhancing its brand presence through a three-pronged channel strategy, which includes independent websites, third-party e-commerce platforms, and offline retail [3][20]. Financial Summary - The company’s total assets are projected to increase from 6.99 billion yuan in 2023 to 8.74 billion yuan by 2026 [6]. - The operating income is expected to grow from 2.31 billion yuan in 2023 to 4.40 billion yuan in 2026, with a compound annual growth rate of approximately 21.08% [21]. - The net profit attributable to shareholders is forecasted to recover from -173.72 million yuan in 2023 to 249.51 million yuan in 2026 [21]. - The earnings per share (EPS) is expected to improve from -1.39 yuan in 2023 to 2.00 yuan in 2026 [21].
持续拓展线下渠道，2024Q1利润扭亏为盈