新渠道持续发力

Investment Rating - The investment rating for the company is "Buy" with a target price of 9 CNY, maintaining the "Increase" rating [1]. Core Views - The company reported a revenue of 403 million CNY in Q1 2024, representing a year-on-year increase of 15.9%. The net profit attributable to the parent company was 13 million CNY, up 5.4% year-on-year, while the non-recurring net profit surged by 426.1% to 5 million CNY [1]. - The overall revenue for 2023 was 2.265 billion CNY, down 19.8% year-on-year, with a net profit of 217 million CNY, a decrease of 49.6% [1]. - The company is actively pursuing cost reduction and efficiency improvement through lean management, technological innovation, and supply chain optimization [1]. - The company is expanding its global strategy, with new store layouts in Malaysia, Singapore, Oman, Dubai, Canada, Panama, and Australia, aiming to provide diverse and personalized lifestyle solutions [1]. Financial Data Summary - The company's revenue for 2022 was 2.823 billion CNY, which decreased to 2.265 billion CNY in 2023, with a projected increase to 2.505 billion CNY in 2024 [5]. - The net profit attributable to the parent company was 431 million CNY in 2022, dropping to 217 million CNY in 2023, with forecasts of 191 million CNY in 2024 [5]. - The earnings per share (EPS) were 1.38 CNY in 2022, reduced to 0.70 CNY in 2023, with expectations of 0.61 CNY in 2024 [5]. - The company plans to distribute 65.37 million CNY in dividends for 2023, with a dividend payout ratio of 30.09% [1].