加速发展，期待旺季新品表现

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 3.482 billion yuan in Q1 2024, representing a year-on-year increase of 39.80%, with a net profit attributable to the parent company of 664 million yuan, up 33.51% year-on-year [1] - The company is focusing on deepening its market presence in Guangdong while accelerating growth in other regions, with significant revenue increases in Central China (54.5%), East China (48.1%), Southwest (69.1%), and North China (95.4%) [1] - The introduction of new products, particularly the sugar-free tea line, is expected to contribute positively to revenue growth, leveraging the existing distribution network of 2,912 dealers covering all prefecture-level cities [1] Financial Performance Summary - Q1 2024 revenue from core business reached 3.478 billion yuan, a 39.7% increase year-on-year, driven by rapid growth in the national market [1] - The gross profit margin decreased by 0.8 percentage points to 42.8%, while the sales expense ratio increased by 1.4 percentage points to 17.1% due to increased investment in freezers ahead of the peak season [1] - The company expects EPS for 2024-2026 to be 6.27, 7.54, and 9.00 yuan respectively, with a corresponding P/E ratio of 31, 26, and 22 times [2][3]