Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a record high revenue of 3.72 billion HKD in Q1 2024, representing a year-on-year growth of 26% [1] - The gross margin reached a historical high of 43.4%, an increase of 4.1 percentage points year-on-year, driven by the expansion of overseas direct sales [1] - Adjusted profit for the quarter was 620 million HKD, up 28% year-on-year, with an adjusted net profit margin of 16.6%, an increase of 0.2 percentage points [1] - Overseas direct sales accounted for 32.8% of total revenue, growing by 5.7 percentage points year-on-year, with same-store sales increasing approximately 21% [1] - The company continues to expand its store network aggressively, with a total of 6,630 stores as of the end of Q1, a net increase of 217 stores in the quarter [1] Financial Performance Summary - Revenue for 2024 is projected to be 13.839 billion HKD, with a year-on-year growth rate of 26% [2] - The net profit attributable to shareholders is expected to reach 2.275 billion HKD in 2024, reflecting a 23% increase [2] - Adjusted net profit is forecasted at 2.357 billion HKD, also a 23% increase year-on-year [2] - The company anticipates continued revenue growth, with projections of 17.431 billion HKD in 2025 and 21.028 billion HKD in 2026 [2] Store Expansion and Market Strategy - The company has maintained a rapid store expansion pace, with a net increase of 217 stores in Q1 2024, nearly tripling the net increase compared to the same period last year [1] - The overseas market's contribution to revenue is expected to continue growing, enhancing overall profitability [1] - The company aims to optimize its market structure, particularly in overseas direct sales, to further boost profits [1]
24Q1业绩点评：毛利率创历史新高，直营占比扩大