Gelonghui, April 25 | Shanxi Securities Research Report pointed out that China Finance (601888.SH) 2024Q1's revenue declined slightly, and net profit to mother remained basically the same as the same period last year. The main reason is that the company began cracking down on proxy purchasing practices in April 2023, updating membership point rules, adjusting discount levels, improving product structure, and gradually increasing customer unit prices and profit margins. Procurement costs increased during the same period last year due to fluctuations in the RMB exchange rate, which put pressure on gross margins. Exchange rate fluctuations in the current period were well controlled, and profitability improved year-on-year. The company's inventory during the period was 1,759 billion yuan, down 16.45% month-on-month, and inventory improved significantly. Inbound and outbound customers are recovering in an orderly manner, and there is room for improvement in airport rents, port channel profitability, and price competitiveness. Continue to be optimistic that the company, as a leading travel retail leader, will benefit from the recovery in inbound and outbound passenger flow and the city's duty-free shop policy to maintain a high industry growth rate in the consumer circuit. Maintain a “buy-B” rating.