Northeast Securities released a research report stating that it covered the GUOQUAN (02517) for the first time and gave it a “buy” rating. EPS is expected to be 0.08, 0.10, and 0.12 yuan in 2024-2026. As the company expands and deepens offline store sales channels, innovates and diversifies new sales channels, strengthens R&D and upstream supply chain capabilities, consolidates the core competitive advantage of products, improves supply chain digitalization, promotes membership system construction, enhances operational efficiency and revenue, continues to increase investment in brand building and marketing, and enhances consumer reach and stickiness, it is expected that stores and revenue will grow steadily.