产品结构持续升级，现金流增速优于收入

Investment Rating - The investment rating for the company is "Buy" [3][5]. Core Views - The company reported a total revenue of 1.076 billion yuan for Q1 2024, representing a year-on-year increase of 20.41%. The net profit attributable to shareholders reached 221 million yuan, up 21.58% year-on-year, while the net profit excluding non-recurring items was 222 million yuan, reflecting a 22.48% increase year-on-year [1][8]. - The product structure continues to upgrade, with significant growth in products priced above 300 yuan, which saw a revenue increase of 86.48% year-on-year. The share of revenue from products priced above 100 yuan increased by 7.9 percentage points to 69.6% [1][8]. - The company is focusing on expanding its market presence outside its home province while maintaining strong performance in its domestic market, achieving a revenue of 848 million yuan from the domestic market, up 22.55% year-on-year [9]. Summary by Sections Financial Performance - In Q1 2024, the company achieved total revenue of 1.076 billion yuan, with a net profit of 221 million yuan and a net profit excluding non-recurring items of 222 million yuan [1][8]. - The revenue from products priced above 300 yuan was 191 million yuan, while products priced between 100-300 yuan generated 551 million yuan, and those below 100 yuan brought in 324 million yuan [1][8]. Market Dynamics - The company reported a revenue split of 79.6% from the domestic market and 20.4% from the external market, with domestic revenue growing faster than external revenue [9]. - The company plans to continue allocating resources to expand its external market presence, particularly in key regions such as Shaanxi, Ningxia, and Qinghai [9]. Profitability and Cash Flow - The gross margin improved slightly by 0.46 percentage points year-on-year, with a net profit margin of 20.6%, an increase of 0.2 percentage points year-on-year [9]. - Operating cash flow for Q1 2024 was 343 million yuan, reflecting a year-on-year increase of 46.60%, which is better than the revenue growth rate [10]. Future Outlook - The company maintains its revenue forecast for 2024 and 2025, expecting revenues of 3.012 billion yuan and 3.595 billion yuan, respectively, with year-on-year growth rates of 18.2% and 19.4% [2][10]. - The projected net profit for 2024 and 2025 is 406 million yuan and 513 million yuan, respectively, with expected growth rates of 23.4% and 26.3% [2][10].