24Q1扣非净利润增长7%，多品牌矩阵发展空间广阔

Investment Rating - The investment rating for the company is "Buy" with a maintained rating, expecting a stock price increase of over 15% relative to the industry index in the next six months [18]. Core Views - The company is expected to continue deepening brand development, channel expansion, and marketing efficiency, focusing on building a multi-brand matrix. The online channel is anticipated to grow steadily, while the offline channel will continue to optimize. The company's brand is developing steadily, and the expansion of the Haggis channel is expected to drive high growth. The multi-brand incubation is likely to reserve new growth curves. The company reported continuous revenue growth in Q1 2024, with further expansion in net profit after deducting non-recurring items, indicating broad future development space and steady growth in performance. The forecasted EPS for 2024-2026 is 0.56, 0.65, and 0.73 yuan, corresponding to P/E ratios of 10.7X, 9.1X, and 8.2X respectively [12]. Financial Summary - The company's revenue for 2022 was 4,313 million yuan, with a projected increase to 5,254 million yuan in 2023, and further growth to 6,110 million yuan in 2024, reflecting a year-on-year growth rate of 21.8% in 2023 and 16.3% in 2024 [1]. - The net profit attributable to the parent company for 2022 was 459 million yuan, expected to rise to 698 million yuan in 2023, and 816 million yuan in 2024, with a year-on-year growth rate of 52.1% in 2023 and 17.0% in 2024 [1]. - The company's return on equity (ROE) is projected to increase from 11.8% in 2022 to 16.3% in 2023, and further to 17.2% in 2024 [1]. - The latest diluted EPS is expected to grow from 0.31 yuan in 2022 to 0.48 yuan in 2023, and 0.56 yuan in 2024 [1]. Dividend Distribution - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares (before tax) to all shareholders based on the total share capital of 1.459 billion shares as of December 31, 2023, with a total dividend amount of 365 million yuan [2].