Glonghui, May 19 丨According to the Daimo Development Research Report, the recovery in demand for Gao Xin (6808.HK) since March fell short of management's expectations, leading to weak sales and profit guidelines for fiscal year 2024. The bank believes that the decline in same-store sales will narrow in the next few months, until the next split point, and it is unlikely that Gaoxin's stock price will improve. The target price of Daimoyu Gaoxin is HK$2.4, and the rating is “in sync with the market”. According to the report, Gaoxin's revenue for fiscal year 2023 fell 5% year on year to RMB 89.2 billion; B2C business increased 20% year on year, offsetting the weakness in offline business. Same-store sales remained flat from the 1st to the 3rd quarter, but the fourth quarter fell 12%, dragging down the entire fiscal year by 4%. Mainly due to the slowdown of the epidemic, consumers switched to eating out and focusing more on entertainment activities. Gross margin increased 0.2 percentage points year over year to 24.6% due to reduced discounts and continuous product upgrades. The share is currently reported at HK$223, with a total market value of HK$21.3 billion.