看好多品牌矩阵发展

Investment Rating - The report maintains a "Buy" rating for the company with a target price set above the current price of 6.05 CNY [12]. Core Insights - The company reported a Q1 2024 gross margin of 67.8%, an increase of 1.7 percentage points year-on-year, while the net profit margin was 19.0%, a decrease of 1.1 percentage points year-on-year [1]. - The company's revenue for Q1 2024 was 1.353 billion CNY, representing a year-on-year growth of 4.8%, while the net profit attributable to the parent company was 250 million CNY, a decrease of 2.1% [7]. - The company is focused on a multi-brand strategy, emphasizing the development of mature brands and the rapid growth of emerging brands, while maintaining a low-cost trial and error approach for new brands [8][9]. Financial Performance - The company’s operating costs for Q1 2024 were reported at 1.607 billion CNY, with sales, management, R&D, and financial expense ratios at 36.1%, 6.2%, 1.6%, and -0.8% respectively, showing year-on-year changes of +1.3, +0.2, -0.1, and -0.7 percentage points [1]. - The forecast for net profit attributable to the parent company for 2024-2026 is 821.23 million CNY, 952.40 million CNY, and 1.09555 billion CNY respectively, with corresponding EPS of 0.56 CNY, 0.65 CNY, and 0.75 CNY [10][11]. Strategic Initiatives - The company is optimizing its channel structure by upgrading store images and closing underperforming stores to enhance overall store quality [2]. - The company is committed to enhancing product development, brand image, channel layout, and operational management efficiency to achieve high-quality and sustainable growth [10].