Shanxi Securities Research News pointed outspinrealcash, China Free (601888spinrealcash.SH) In 2024Q1, the company's revenue declined slightly, and its net profit attributable to the parent company was basically the same as the same period last yearspinrealcashThe main reason is that since April 2023, the company has cracked down on purchasing behavior, updated member point rules, adjusted discounts, improved product structure, and gradually increased customer unit prices and profit margins. In the same period last year, procurement costs increased due to fluctuations in the RMB exchange rate, which put pressure on gross profit margins. Exchange rate fluctuations in the current period were well controlled and profitability improved year-on-year. Company inventories during the period 17spinrealcash.59 billion yuan, down 16.45% month-on-month, and inventories improved significantly. Entry and exit customers have recovered in an orderly manner, while airport rents have been reduced, and there is room for improvement in port channel profitability and price competitiveness. Continue to be optimistic that the company, as a leader in tourism retail, will benefit from the restoration of inbound and outbound passenger flow and the city's duty-free shop policy, and maintain a higher industry growth capacity on the consumption track. Maintain the "Buy-B" rating.