2024Q1业绩符合预期，核心产品销量同比快速增长

Investment Rating - The report maintains a "Buy" rating for the company, indicating a clear growth trajectory and strong market position [13][25]. Core Insights - The company reported a 12% year-over-year increase in revenue for Q1 2024, reaching 1.1 billion yuan, and a 7% increase in net profit to 100 million yuan, aligning with expectations [25]. - The company's gross margin improved by 0.6 percentage points to 19.9%, while net margin decreased by 0.6 percentage points to 9.1% [25]. - The company is experiencing strong demand for its core products, with significant growth in sales volume anticipated for wool and cashmere yarns [25]. - The company is expanding its production capacity to meet increasing order demands, with ongoing projects expected to enhance competitiveness [25]. Financial Summary - Revenue (Million Yuan): - 2022A: 3,950 - 2023A: 4,438 - 2024E: 4,989 - 2025E: 5,681 - 2026E: 6,461 - Year-over-year growth rates: 14.6% (2022), 12.4% (2023), 12.4% (2024E), 13.9% (2025E), 13.7% (2026E) [2][25]. - Net Profit (Million Yuan): - 2022A: 390 - 2023A: 404 - 2024E: 467 - 2025E: 533 - 2026E: 607 - Year-over-year growth rates: 30.7% (2022), 3.7% (2023), 15.6% (2024E), 14.1% (2025E), 13.9% (2026E) [2][25]. - EPS (Latest Diluted): - 2022A: 0.53 - 2023A: 0.55 - 2024E: 0.64 - 2025E: 0.73 - 2026E: 0.83 [2][25]. - P/E Ratio: - 2022A: 13.7 - 2023A: 13.2 - 2024E: 11.5 - 2025E: 10.0 - 2026E: 8.8 [2][25]. - P/B Ratio: - 2022A: 1.8 - 2023A: 1.7 - 2024E: 1.6 - 2025E: 1.4 - 2026E: 1.3 [2][25].