Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company has achieved a robust revenue growth of 10.4% year-on-year, reaching 4.13 billion yuan in Q1 2024, with a net profit of 130 million yuan, reflecting a 28.2% increase [6][21]. - The company is positioned as a "gold medal service provider for famous liquor manufacturers," focusing on brand credibility through a strict authenticity system and management [2][7]. - The company is expanding its store network and upgrading its product matrix, with a focus on high-end boutique wines and targeted marketing strategies to enhance consumer conversion rates [2][7]. Financial Performance - The gross profit margin improved to 10.48% in Q1 2024, up by 0.21 percentage points year-on-year and 0.84 percentage points quarter-on-quarter, with a gross profit of 430 million yuan, a 12.7% increase [21]. - The company expects EPS to reach 0.69, 0.84, and 0.97 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 25.9, 21.4, and 18.5 times [2][21]. - The company has successfully opened 201 new 3.0 version stores in key cities, enhancing store quality and brand visibility [7][21]. Market Strategy - The company is focusing on diversifying its sales channels and enhancing its marketing efforts, particularly during peak sales seasons like the Spring Festival [21]. - The introduction of strategic products and collaborations with famous liquor manufacturers is aimed at enriching the product matrix and driving sales growth [7][21].
华致酒行2024Q1季报点评：收入稳健增长，盈利同比改善