业绩短期承压，门店快速扩张

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced short-term pressure on performance, but rapid store expansion is ongoing [1] - In 2023, the company achieved operating revenue of 24.531 billion yuan, a year-on-year increase of 15.45%, and a net profit attributable to shareholders of 1.166 billion yuan, up 12.63% year-on-year [1] - The company has expanded its store network significantly, covering 19 provinces with a total of 14,074 stores, including 9,909 direct-operated and 4,165 franchised stores [1] - The company has a strong membership base with 93.94 million members, including 50.36 million active members [1] Summary by Sections Financial Performance - In Q1 2024, the company reported revenue of 6.752 billion yuan, a year-on-year increase of 13.54%, while the net profit attributable to shareholders was 398 million yuan, down 19.79% year-on-year [1] - The overall gross margin for 2023 was 35.90%, a decrease of 1.90 percentage points year-on-year, with a total operating cash flow of 3.174 billion yuan, down 15.51% year-on-year [1][2] Store Expansion - As of March 31, 2024, the company had 14,915 stores, including 4,610 franchised stores, with a total operating area of 877,827 square meters [2] - In the first quarter of 2024, the company added 841 stores, including 396 new stores and 445 franchised stores [2] Future Projections - Revenue projections for 2024, 2025, and 2026 are 29.551 billion yuan, 35.936 billion yuan, and 43.477 billion yuan, respectively, with year-on-year growth rates of 20.5%, 21.6%, and 21.0% [3] - Net profit attributable to shareholders is expected to be 1.423 billion yuan, 1.732 billion yuan, and 2.107 billion yuan for the same years, with growth rates of 22.0% for 2024 and 21.7% for 2025 and 2026 [3]