Jiajiayue(SH:603708) Changjiang Securities·2024-05-14 05:02Investment Rating - The report maintains a "Buy" rating for the company [19]. Core Views - The company reported a revenue of 17.76 billion yuan in 2023, a year-on-year decline of 2.3%, while the net profit attributable to the parent company was 136 million yuan, a significant increase of 127% [14][15]. - In Q1 2024, the company achieved a revenue of 5.19 billion yuan, representing a year-on-year growth of 5.7%, with a net profit of 147 million yuan, up 7.1% [14][16]. - The company continues to optimize its main business, with a total of 1,049 stores by the end of 2023, a net increase of 44 stores [15]. - The gross profit margin for 2023 increased by 0.6 percentage points to 23.9%, with a gross profit amounting to 4.24 billion yuan [15]. - The company has strengthened its logistics and supply chain capabilities, with online sales growing by 23.9% year-on-year, accounting for 5.98% of total sales [17]. Financial Summary - The total revenue for 2023 was 17.76 billion yuan, with a gross profit of 4.24 billion yuan, resulting in a gross profit margin of 24% [14][15]. - The operating profit for 2023 was 227 million yuan, with a net profit of 136 million yuan [14][15]. - The company expects EPS to reach 0.38, 0.48, and 0.58 yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 27.2, 21.4, and 17.9 [17].