Jiajiayue(603708) Guoxin Securities·2024-04-22 02:30Investment Rating - The investment rating for the company is "Buy" [34] Core Views - The company achieved a net profit of 136 million yuan in 2023, representing a year-on-year increase of 127.04%, while revenue decreased by 2.31% to 17.763 billion yuan [1][4] - In Q1 2024, the company reported a revenue growth of 5.73% and a net profit growth of 7.10% year-on-year, indicating stable performance [1][4] - The company plans to distribute a cash dividend of 0.19 yuan per share, which accounts for 88% of the annual net profit [1] - The company is expanding its store network, with a net increase of 44 stores in 2023 and 16 stores in Q1 2024 [10] - Online sales grew by 23.9% in 2023, with online business accounting for 5.98% of total sales [1][9] Financial Performance - The company's gross margin improved by 0.62 percentage points to 23.88% in 2023, while the gross margin for Q1 2024 was 24.04% [10] - Operating cash flow for 2023 was 1.614 billion yuan, a year-on-year increase of 20.5%, and for Q1 2024, it was 702 million yuan, up 22.1% year-on-year [10] - The company has adjusted its net profit forecasts for 2024 and 2025 to 224 million yuan and 247 million yuan, respectively, due to short-term costs associated with new business formats [19] Regional Performance - Revenue from outside Shandong province grew by 4.49% in 2023, accounting for 15.35% of total revenue [9] - In Q1 2024, revenue from Shandong province increased by 8.63%, while revenue from outside Shandong rose by 9.81% [9] Business Segments - In Q1 2024, the main business revenue from comprehensive supermarkets grew by 10.96%, while other formats, including snack stores and discount supermarkets, saw revenue growth of 46.66% [9][10] - The company is actively exploring multi-format layouts to adapt to consumer trends [8]