Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [4][6]. Core Views - The company has shown stable profit performance in Q1 2025, with a revenue of 4.276 billion yuan, down 11.85% year-on-year, while net profit attributable to shareholders increased by 9.23% to 475 million yuan [1][4]. - The company is actively reducing its automotive business segment, which has led to a decline in overall revenue, particularly in the automotive sector, which saw a 35.26% drop [2][3]. - The company is accelerating the transformation of its existing business formats and has entered the convenience store sector, opening its first community convenience store in Chongqing [3][4]. - Cost control measures have been effective, with a slight increase in the expense ratio to 19.21%, while all expense categories saw a year-on-year decline due to reduced revenue [3][4]. - The gross margin improved to 29.64%, primarily due to the reduced proportion of low-margin automotive business [3][4]. Financial Summary - The company forecasts revenues of 17.846 billion yuan, 18.467 billion yuan, and 19.136 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.381 billion yuan, 1.458 billion yuan, and 1.530 billion yuan for the same years [5][11]. - The projected PE ratios for the next three years are 10 times for 2025 and 2026, and 9 times for 2027 [4][11]. - The company’s total market capitalization is approximately 13.94 billion yuan, with a total share count of 441 million [6][11].