公司信息更新报告：利润已实现扭亏，静待同店持续恢复

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3][17] Core Views - The company has achieved a turnaround in profit, with a focus on the recovery of same-store sales. The short-term operational pressure in the industry is acknowledged, but the company is expected to benefit from the increasing concentration in the industry [4][18] - The company reported a revenue of 460 million yuan in Q1 2024, a year-on-year decline of 10.6%, and a net profit attributable to the parent company of 33 million yuan, also down 10.1% year-on-year. The company maintains its profit forecast for 2024-2026, expecting net profits of 100 million, 130 million, and 170 million yuan, representing year-on-year growth of 44.5%, 27.4%, and 32.5% respectively [3][4] Financial Performance Summary - In Q1 2024, the company's gross margin was 35.6%, an increase of 6.5 percentage points year-on-year, primarily due to lower prices of raw materials such as duck and livestock [5] - The sales expense ratio increased by 2.4 percentage points year-on-year, attributed to higher promotional expenses on platforms like Douyin [5] - The company plans to open 2,000 new stores throughout the year, focusing on deepening its presence in established markets like Jiangxi and Guangdong, as well as expanding into new markets around Shaanxi and Chongqing [4][5] - The company aims to enhance its product diversity and marketing strategies, including the introduction of popular products like shredded sauce duck and the use of community stores and high-potential locations such as train stations and airports [4][5] Financial Projections - The company is projected to achieve revenues of 2,023 million yuan in 2024, with a year-on-year growth of 5.3%, and further growth in subsequent years [6] - The expected net profit for 2024 is 102 million yuan, with a year-on-year growth of 44.5% [6] - The company's price-to-earnings (P/E) ratio is projected to decrease from 44.9 in 2024 to 26.6 by 2026, indicating an improving valuation over time [6]