Jiajiayue(603708) 海通证券·2024-05-30 06:31Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 17.763 billion yuan in 2023, a year-on-year decrease of 2.31%, while the net profit attributable to the parent company was 136 million yuan, a year-on-year increase of 127.04% [2] - In Q1 2024, the company achieved a revenue of 5.189 billion yuan, a year-on-year increase of 5.73%, and a net profit of 147 million yuan, a year-on-year increase of 7.10% [21][22] - The company is focusing on optimizing store structure and enhancing supply chain capabilities, which is expected to drive future growth [27] Financial Performance Summary - In 2023, the company opened 110 new stores, including 81 direct-operated and 29 franchised stores [22][23] - The gross profit margin for 2023 was 23.88%, an increase of 0.62 percentage points from the previous year, while the gross profit margin for Q1 2024 was 24.04%, a decrease of 0.62 percentage points [9][24] - The company’s operating cash flow for 2023 was 16.14 billion yuan, a year-on-year increase of 20.50% [2] Revenue and Profit Breakdown - In 2023, revenue from fresh produce was 7.049 billion yuan, a year-on-year decrease of 7.49%, while revenue from food and daily necessities was 8.687 billion yuan, a year-on-year increase of 2.46% [8] - The company’s net profit forecast for 2024-2026 is 273 million yuan, 306 million yuan, and 334 million yuan, representing year-on-year growth of 100%, 12%, and 9% respectively [14] Market Position and Strategy - The company is enhancing its logistics and supply chain capabilities, which has improved delivery efficiency and inventory management [13][26] - The introduction of new business models, such as the snack chain brand "Yueji Snacks," is expected to accelerate market expansion [27]