Investment Rating - The investment rating for the company is "Buy" [1][5]. Core Views - The company is expected to benefit from domestic recovery and sustained high growth in overseas direct sales, leading to rapid performance growth. The IP strategy is anticipated to enhance brand momentum, with continued expansion in both domestic and overseas markets [5][6]. Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 3.724 billion yuan, representing a year-over-year increase of 26.0%. Overseas revenue was 1.222 billion yuan, up 52.6%, while domestic revenue reached 2.502 billion yuan, growing by 16.2%. Adjusted net profit for the same period was 617 million yuan, reflecting a year-over-year increase of 27.7% [5][6]. - The adjusted net profit margin was 16.6%, an increase of 0.2 percentage points year-over-year. The gross profit margin improved from 35.7% in Q3 2022 to 43.4% in Q1 2024, marking a year-over-year increase of 4.1 percentage points [6]. Growth Projections - The company forecasts revenues of 17.356 billion yuan, 20.980 billion yuan, and 25.101 billion yuan for 2024, 2025, and 2026, respectively. Adjusted net profits are projected to be 2.869 billion yuan, 3.448 billion yuan, and 4.132 billion yuan for the same years [5][7]. - The target price is set at 60.30 HKD for 2024, based on a price-to-earnings ratio of 24.1x [5]. Store Expansion - In Q1 2024, the company added a net of 108 stores domestically and 109 stores overseas, with a target of 350-450 new stores in China and 550-650 overseas for the full year. The company aims to increase the number of TOPTOY stores from a target of 50-80 to 100 for the year [6].

Investment Rating - The investment rating for the company is "Buy" with a target price of 30.45 CNY, maintaining the previous rating of "Buy" [4][10]. Core Views - The company has shown steady growth in 2023, with revenue reaching 9.40 billion CNY, an increase of 5.94% year-on-year, and a net profit of 1.46 billion CNY, up 35.21% [4][10]. - The report emphasizes the company's strategy of expanding product lines and enhancing brand presence to achieve stable growth, despite facing pressure from downstream demand [4][10]. - The forecast for EPS has been adjusted to 1.83/2.09 CNY for 2024-2025, with a new estimate of 2.34 CNY for 2026 [4][10]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 9.40 billion CNY, with a net profit of 1.46 billion CNY, reflecting a 35.21% increase [4][10]. - The first quarter of 2024 saw a revenue of 0.89 billion CNY, marking a 3.22% increase year-on-year [4][10]. - The gross margin for 2023 was 36.19%, with a net profit margin of 15.53%, indicating improved profitability [4][10]. Earnings Forecast - The earnings per share (EPS) for 2024 is projected at 1.83 CNY, increasing to 2.09 CNY in 2025, and 2.34 CNY in 2026 [4][10]. - The company is expected to maintain a steady growth trajectory, supported by its brand strength and diversified product offerings [4][10]. Valuation Metrics - The report assigns a PE ratio of 16.63 for 2024, based on comparable companies, leading to a target price of 30.45 CNY [10][11]. - The company’s valuation metrics indicate a favorable outlook, with a projected net profit growth rate of 19% for 2024 [4][10]. Market Position - The company is positioned in the energy-efficient aluminum-wood window industry, with a strong focus on customized solutions and a well-established marketing network [4][10]. - The report highlights the potential for market share growth due to the company's established brand reputation and ongoing product innovation [4][10].

股 票 研 究 [Table_industryInfo] 食品饮料/必需消费 [ Table_Main[ 东TIna 鹏fbole] 饮 _T 料itle (] 6 05499) [评Tab级le_：Inv est] 增持 上次评级： 增持 全国化扩张激进，品类扩张蓄势未来 目标价格： 274.22 上次预测： 234.76 公 ——东鹏饮料（605499）更新报告 当前价格： 228.50 司 訾猛(分析师) 徐洋(分析师) 2024.05.12 更 021-38676442 021-38032032 [交Ta易bl数e_据M arket] 新 zimeng@gtjas.com xuyang022481@gtjas.com 证书编号 S0880513120002 S0880520120008 52周内股价区间（元） 158.59-229.68 报 总市值（百万元） 91,402 告 本报告导读： 总股本/流通A股（百万股） 400/159 流通B股/H股（百万股） 0/0 短期公司强化冰冻化布局，旺季动销有望显著提振；中长期看，渠道/品类双轮驱动， 流通股比例 40% 公司业绩确定性与弹性兼具。 日均成交量 ...

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股股 票票 研研 究究 [Table_industryInfo] 传播文化业 [ Table_Main[ITnafbol]e _Title] [评Tab级le_：Inv est] 增持 2024.05.12 上次评级: 增持 AI 修图软件 Remini走红，国产游戏出海榜单格局稳定 [细Ta分bl行e_s业ub评In级du stry] 行 ——传媒行业周报 2024 年 18期 业 陈筱(分析师) 杨昊(分析师) 李芓漪(分析师) 周 021-38675863 021-38032025 021-38038428 报 chenxiao@gtjas.com yanghao029514@gtjas.com liziyi@gtjas.com 证书编号 S0880515040003 S0880524020001 S0880523080004 本报告导读： AI修图软件Remini在“五一”期间走红，AI技术C端微创新越发常见；4月国产游 [相Ta关ble报_D告ocR eport] 戏出海榜单中，头部产品格局稳定，部分公司的成功经验正在稳固其竞争优势。 《走出低谷再踏新程，望获增长新动能》 2024.05.07 摘要 ...

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