点评报告：内外需求扩大，公司业绩持续增长

Investment Rating - The investment rating for the company is "Add" (maintained) [1][16]. Core Views - The company continues to experience revenue growth, but the net profit growth rate has significantly declined compared to last year. In Q1 2024, the company achieved revenue of 1.1 billion yuan (up 12.48% year-on-year), while the net profit attributable to shareholders was 96 million yuan (up 6.59% year-on-year), showing a notable decrease from the previous year's growth rate of 21.23% [1]. - The company's gross margin has improved, but the rising financial expense ratio has negatively impacted the net profit margin. The gross margin for Q1 2024 was 19.91%, an increase of 0.64 percentage points year-on-year. However, the net profit margin decreased slightly to 9.08%, down 0.62 percentage points year-on-year [1]. - Domestic and international consumption is recovering well, with increased demand. Domestic retail sales of clothing, shoes, and textiles reached 369.4 billion yuan in the first quarter of 2024, a year-on-year increase of 2.50%. Meanwhile, exports of woolen materials and products saw a slight decline, with a total export value of 1.48 billion USD in January-February 2024, up 5% year-on-year [1]. Summary by Sections Financial Performance - In Q1 2024, the company reported revenue of 1.1 billion yuan, a year-on-year increase of 12.48%, and a net profit of 96 million yuan, up 6.59% year-on-year. The net profit growth rate has decreased significantly compared to the previous year's 21.23% [1]. - The gross margin improved to 19.91%, while the net profit margin decreased to 9.08% due to rising financial expenses [1]. Market Demand - The domestic market for woolen products is recovering well, with retail sales showing a positive trend. The international market saw a slight decline in exports, but overall demand remains stable [1]. Profit Forecast and Investment Advice - The company is expected to maintain its growth trajectory in the medium to long term, with projected net profits of 461 million yuan, 492 million yuan, and 542 million yuan for 2024, 2025, and 2026, respectively. The corresponding earnings per share are forecasted to be 0.63 yuan, 0.67 yuan, and 0.74 yuan [1][10].