Investment Rating - The report maintains a "Recommended" rating for the company [12][19]. Core Views - The company achieved a significant year-on-year increase in net profit of 136% in Q1 2024, nearing the upper limit of its previous forecast [12]. - Revenue growth is driven by product optimization, channel deepening, and brand promotion, with a focus on high-repurchase-rate existing customers and expanding new clients [12]. - The company is expected to achieve revenues of 13.10 billion, 18.05 billion, and 22.63 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 4.82 billion, 6.88 billion, and 8.89 billion yuan [12]. Financial Forecast Summary - Revenue (Million Yuan): - 2023A: 780 - 2024E: 1,310 (Growth Rate: 67.9%) - 2025E: 1,805 (Growth Rate: 37.8%) - 2026E: 2,263 (Growth Rate: 25.4%) [2][20] - Net Profit (Million Yuan): - 2023A: 300 - 2024E: 482 (Growth Rate: 60.7%) - 2025E: 688 (Growth Rate: 42.8%) - 2026E: 889 (Growth Rate: 29.3%) [2][20] - Earnings Per Share (Yuan): - 2023A: 4.40 - 2024E: 7.08 - 2025E: 10.10 - 2026E: 13.06 [2][20] - Price-to-Earnings Ratio (PE): - 2024E: 27 - 2025E: 19 - 2026E: 15 [2][20] - Price-to-Book Ratio (PB): - 2024E: 9.7 - 2025E: 6.8 - 2026E: 4.9 [2][20] Profitability and Efficiency - The gross profit margin for Q1 2024 was 91.90%, reflecting an increase of 1.96 percentage points year-on-year [12]. - The net profit margin for Q1 2024 was 44.95%, up by 11.47 percentage points year-on-year [12]. - The company has a total asset turnover ratio of 0.69 for 2023A and is projected to improve to 0.79 by 2024E [9].
归母净利润同比+136%，接近此前预告上限