23年实现减亏，关注后续渠道优化

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [3][2]. Core Views - The company achieved a reduction in losses in 2023, with a focus on channel optimization and transformation amidst a challenging retail environment [2][1]. - The company reported a revenue of 78.642 billion yuan in 2023, a year-on-year decrease of 12.71%, while the net profit attributable to shareholders was a loss of 1.329 billion yuan, but improved by 51.90% compared to the previous year [1][2]. - The company is actively optimizing its store network, closing 45 underperforming stores while opening 12 new ones, and has signed contracts for 10 additional stores [2][1]. Financial Data and Valuation - In 2023, the company's gross profit margin was 21.24%, an increase of 7.92 percentage points year-on-year, while the first quarter of 2024 saw a slight decrease to 22.85% [1]. - The company’s operating expenses ratio for 2023 was 23.15%, up 1.05 percentage points year-on-year, with sales expenses accounting for 18.67% [1]. - The projected net profits for 2024, 2025, and 2026 are 300 million yuan, 641.8 million yuan, and 1.01749 billion yuan respectively, with corresponding P/E ratios of 73, 34, and 22 times [2][1].