Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company reported a revenue of 226 million yuan in Q1 2024, representing a year-on-year increase of 76.09%. The net profit attributable to the parent company was 101 million yuan, up 135.72% year-on-year, and the net profit margin reached a new high of 44.95% [1]. - The strong performance in Q1 2024 is attributed to the rapid growth of the Wei Yi Mei product series and an increase in raw material business revenue [1]. - The gross profit margin for Q1 2024 was 91.90%, an increase of 1.96 percentage points year-on-year, primarily due to a higher proportion of high-margin products [1]. - The company plans to continue its aggressive marketing strategies, including a significant promotional campaign in multiple cities [1]. Financial Summary - The company’s total revenue is projected to grow from 390 million yuan in 2022 to 2,002 million yuan in 2024, with a year-on-year growth rate of 67.2% in 2022 and 100% in 2023 [4]. - The net profit attributable to the parent company is expected to increase from 109 million yuan in 2022 to 874 million yuan in 2026, with a year-on-year growth rate of 90.2% in 2022 and 174.6% in 2023 [4]. - The gross profit margin is forecasted to improve from 85.4% in 2022 to 91.0% in 2026 [4]. - The company plans to increase its total share capital through a stock dividend, which will enhance shareholder value [1][2].
24Q1业绩点评：归母净利润1.01亿元处于业绩预告区间上沿，归母净利率再创新高