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Investment Rating - Maintain "Buy" rating [4] Core Views - The company's 24Q1 revenue reached 1.353 billion yuan, a year-on-year increase of 4.8%, while net profit attributable to the parent company was 250 million yuan, a year-on-year decrease of 2.1% [1] - The company's gross margin in 24Q1 was 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 [6] - The company is optimistic about the development of its multi-brand matrix and is focusing on optimizing channel structure and improving store operation quality [6][7] - The company adheres to a multi-brand strategy, promoting the steady development of mature brands, rapid growth of emerging brands, and low-cost trial and error for new brands [12][14] Financial Performance - The company's 24Q1 non-GAAP net profit attributable to the parent company was 235 million yuan, a year-on-year increase of 6.9%, with non-recurring gains mainly from government subsidies of 19 million yuan [1] - The company's intangible assets were 2.2433 billion yuan, 2.3642 billion yuan, 2.1654 billion yuan, 1.9666 billion yuan, and 1.7678 billion yuan over the past five years [3] - The company's investment income was 128.8 million yuan, 217.1 million yuan, 179.6 million yuan, 175.1 million yuan, and 190.6 million yuan over the past five years [3] - The company's accounts receivable and notes receivable were 6.1869 billion yuan, 6.6108 billion yuan, 8.7554 billion yuan, 4.9664 billion yuan, and 10.4446 billion yuan over the past five years [5] - The company's operating costs were 16.0709 billion yuan, 18.5412 billion yuan, 20.9541 billion yuan, 23.3094 billion yuan, and 25.9896 billion yuan over the past five years [5] Strategic Initiatives - The company is advancing a large-store plan, upgrading terminal store images, and optimizing channel structure by closing underperforming stores [7] - The company is actively expanding high-quality franchisees and accelerating channel penetration to expand its channel scale [7] - The company is focusing on improving single-store performance, controlling online discounts, and optimizing inventory structure [7] Financial Forecasts - The company's revenue is expected to grow from 5.96812 billion yuan in 2024E to 7.56611 billion yuan in 2026E, with a compound annual growth rate of 12.31% [15] - The company's net profit attributable to the parent company is expected to grow from 821.23 million yuan in 2024E to 1.09555 billion yuan in 2026E, with a compound annual growth rate of 15.03% [15] - The company's EPS is expected to grow from 0.56 yuan in 2024E to 0.75 yuan in 2026E [15] - The company's P/E ratio is expected to decrease from 10.75 in 2024E to 8.06 in 2026E [15] Valuation Metrics - The company's P/B ratio is expected to decrease from 1.97 in 2024E to 1.67 in 2026E [15] - The company's EV/EBITDA ratio is expected to decrease from 5.31 in 2024E to 3.91 in 2026E [15]