Bestore(SH:603719) Huaxin Securities·2024-04-28 00:30Investment Rating - The report maintains a "Buy" rating for the company [9][12]. Core Insights - The company is experiencing short-term pressure on profits due to brand repositioning and pricing adjustments, but the new brand strategy "Natural Healthy New Snacks" is expected to revitalize growth in the long term [9][12]. - Revenue for 2023 and Q1 2024 showed a decline, primarily due to changes in the market and a decrease in online channel revenue, with total revenues of 8.046 billion, 0.8046 billion, and 0.2451 billion respectively, reflecting year-on-year changes of -15%, -16%, and +3% [9][12]. - The company is focusing on product stratification and expanding group purchasing channels, which are anticipated to drive stable growth in performance [11][12]. Financial Summary - The company's total revenue for 2023 is projected at 8,046 million, with a growth rate of -14.8%, and is expected to recover to 9,107 million in 2024 with a growth rate of 13.2% [21]. - The net profit for 2023 is estimated at 180 million, with a significant decline of -46.3%, but is projected to increase to 199 million in 2024, reflecting a growth rate of 10.5% [21]. - The diluted earnings per share (EPS) are forecasted to be 0.45 yuan for 2023, increasing to 0.50 yuan in 2024, and further to 0.59 yuan and 0.69 yuan in 2025 and 2026 respectively [21].