业务聚焦优化，大店盈利改善

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock with expected returns exceeding 20% over the next six months [5][6][17]. Core Insights - The company reported a revenue of 5.49 billion, a year-on-year increase of 12.4%, and a net profit attributable to shareholders of 0.38 billion, up 13.9% year-on-year, reflecting stable performance in both revenue and profit [1]. - The traditional channel revenue reached 2.19 billion, growing 11.6% year-on-year, with significant contributions from writing tools and student stationery categories [1]. - The company is focusing on optimizing its product offerings and enhancing the quality of its stores, which has led to improved sales of essential and high-value products [1]. - The report highlights the successful expansion of the company's new channel businesses, including platforms like Pinduoduo and Douyin, with a notable revenue increase of 32.7% in the first quarter [1]. Financial Performance Summary - For Q1 2024, the company achieved a gross margin of 20.2%, a year-on-year increase of 0.5 percentage points, and a net margin of 7.4%, slightly down by 0.1 percentage points [4]. - The operating cash flow for Q1 2024 was 0.07 billion, a decrease of 0.07 billion year-on-year, primarily due to increased payment for goods [4]. - The report adjusts the profit forecast for 2024-2026, estimating net profits of 1.81 billion, 2.15 billion, and 2.55 billion respectively, with corresponding P/E ratios of 18, 15, and 13 [5][10].