报喜鸟2024Q1点评：高基数下业绩稳健，底部正值布局时

Investment Rating - The investment rating for the company is "Buy" and is maintained [24]. Core Views - In Q1 2024, the company's revenue increased by 4.8% year-on-year to 1.35 billion, while the net profit attributable to the parent company decreased by 2.1% to 250 million. The net profit excluding non-recurring items increased by 6.9% to 230 million [24][25]. - The overall gross margin improved by 1.7 percentage points year-on-year to 67.8%, marking the best performance for the same period since the company went public, indicating steady brand strength and operational capability [25]. - The company’s inventory decreased by 1% year-on-year and 7% quarter-on-quarter, with a net operating cycle shortening to nearly the best level in the same period, reflecting good asset quality for future stable development [25][26]. - The outlook for April shows a slight improvement in retail growth due to high base effects and fewer public holidays, while May is expected to benefit from lower bases and extended holiday consumption time, leading to a positive catalyst for retail [26]. Financial Summary - The company forecasts net profits attributable to the parent company for 2024, 2025, and 2026 to be 800 million, 910 million, and 1.04 billion respectively, with price-to-earnings ratios of 11, 9, and 8 times [26].