强化存量管理，寻求增量优化

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to maintain strong sales momentum in Q1, with the "Qinghua 20" product entering a nonlinear growth phase [3][4] - The "Fan Enjoy Benefits" promotion is progressing smoothly, with increased cooperation from distributors [5] - The company may strengthen inventory management in 2024 while continuously seeking optimization of incremental growth [6] - The revenue forecasts for 2023-2025 are projected at 32.36 billion, 38.85 billion, and 44.81 billion yuan, with year-on-year growth rates of 23.5%, 20.0%, and 15.3% respectively [7] Summary by Sections Sales Performance - In Q1, the company is expected to achieve growth above the annual average due to strong consumer demand recovery during the Spring Festival [4] - The "Qinghua 20" product saw significant sales growth, with some channels experiencing stock shortages [4] Promotion and Distributor Cooperation - The "Fan Enjoy Benefits" initiative started in November 2023, focusing on terminal classification, supply relationship matching, and profit model restructuring [5] - Distributors are showing high cooperation levels, with some reporting over 70% growth during the Spring Festival [5] Management and Growth Strategy - The company is committed to inventory management and may implement price increases in Q2 based on the success of the "Fan Enjoy Benefits" program [6] - Plans for product innovation and cultural value enhancement are in place to optimize product structure and drive incremental growth [6] Financial Projections - The company is projected to achieve net profits of 10.38 billion, 13.05 billion, and 15.46 billion yuan for 2023-2025, with year-on-year growth rates of 28.2%, 25.7%, and 18.4% respectively [7]