短期因素干扰业绩，多业态门店扩张稳步推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - Short-term factors have impacted performance, but the expansion of multi-format stores is progressing steadily [1] - The company experienced a net profit decline in 2023 due to tax-related issues, with a significant drop in net profit of 141.03% year-on-year in Q4 2023 [1] - The company has a robust store layout and continues to expand across various formats, with over 10,000 stores by the end of 2023 [1] Financial Summary - In 2023, the company achieved a revenue of 17.38 billion yuan, a slight decrease of 0.29% year-on-year, and a net profit attributable to shareholders of 549 million yuan, down 45.60% year-on-year [5] - The gross margin for 2023 was 33.00%, a decrease of 2.05 percentage points year-on-year, while the operating cash flow was 21.15 billion yuan, down 15.29% year-on-year [1][5] - For Q1 2024, the company reported a revenue of 5.10 billion yuan, an increase of 14.96% year-on-year, and a net profit of 242 million yuan, up 1.03% year-on-year [1] Store Expansion - The company opened 1,381 new stores in 2023, with a total of 10,255 stores by the end of the year, including 5,397 stores in Yunnan province [1] - As of Q1 2024, the total number of stores increased to 10,746, with 5,455 in Yunnan, representing 50.76% of the total [1] Future Projections - The company expects revenues of 20.18 billion yuan, 23.68 billion yuan, and 27.72 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 16.1%, 17.3%, and 17.1% [12] - The projected net profit for the same years is 984 million yuan, 1.18 billion yuan, and 1.39 billion yuan, with growth rates of 79.2%, 19.8%, and 17.8% respectively [12]