Q1略超预期，门店持续扩张

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 46.63 [1] Core Views - The company reported a revenue of 22.588 billion yuan in 2023, a year-on-year increase of 13.59%, and a net profit of 1.412 billion yuan, up 11.90% year-on-year [2] - In Q1 2024, the company achieved a revenue of 5.971 billion yuan, growing 13.39% year-on-year, and a net profit of 407 million yuan, which is a 20.89% increase year-on-year [2] - The company has shown resilience in performance despite high base effects, with expectations for accelerated quarterly growth in 2024 due to ongoing policy implementations and store expansions [2][3] - The total number of stores reached 13,920 by Q1 2024, with a net increase of 670 stores, contributing to revenue growth across key regions [2][3] - The gross margin slightly declined to 38.21%, attributed to an increase in wholesale revenue share, while the company successfully optimized its expense ratios [2][3] Financial Forecast and Valuation - The company is projected to achieve revenues of 27.347 billion yuan, 32.858 billion yuan, and 39.463 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 21%, 20%, and 20% [2][3] - Net profit forecasts for the same years are 1.813 billion yuan, 2.207 billion yuan, and 2.671 billion yuan, reflecting year-on-year growth of 28%, 22%, and 21% [2][3] - The report highlights the company's internal efficiency improvements and external expansion strategies as key drivers for maintaining high growth [2][3]