一季报开门红，高景气延续

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 84.09 CNY per share, indicating an expected performance that exceeds the market by more than 10% over the next 12 months [15][29]. Core Insights - The company reported a strong Q1 2024 performance with revenues of 1.22 billion CNY, a year-on-year increase of 37.0%, and a net profit attributable to shareholders of 160 million CNY, up 43.1% year-on-year [1]. - The revenue growth is supported by sustained channel expansion and brand development, particularly in the snack wholesale and e-commerce sectors, which are expected to drive future growth [14]. - The company is implementing a "total cost leadership" strategy, focusing on upstream supply chain improvements in key product categories, which is anticipated to enhance profit margins further [14]. Financial Summary - Revenue projections for 2024-2026 are as follows: 5.19 billion CNY in 2024, 6.57 billion CNY in 2025, and 8.27 billion CNY in 2026, with growth rates of 26.2%, 26.4%, and 26.0% respectively [2]. - The net profit attributable to shareholders is forecasted to be 659 million CNY in 2024, 858 million CNY in 2025, and 1.22 billion CNY in 2026, with growth rates of 30.4%, 30.1%, and 41.6% respectively [2]. - The company's EBITDA is projected to reach 929 million CNY in 2024, 1.17 billion CNY in 2025, and 1.58 billion CNY in 2026 [2]. - The report highlights a net profit margin of 13.0% for Q1 2024, reflecting a year-on-year increase of 0.6 percentage points [14].