2024年一季报点评：传统主业增长提速，业绩再超预期

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 34.97 yuan [2]. Core Views - The company reported a net profit attributable to shareholders of 980 million yuan for Q1 2024, representing a year-on-year increase of 59.5% [2]. - Revenue growth accelerated, primarily driven by the air conditioning and washing machine segments, with a year-on-year revenue increase of 20% in Q1 2024 [2]. - The company's gross margin improved to 21.63%, benefiting from supply chain reforms and cost reduction efforts [2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a net profit of 980 million yuan, up 59.5% year-on-year, and revenue of 2.349 billion yuan, up 20.9% year-on-year [2]. - The air conditioning segment saw significant growth, with domestic and international sales volumes increasing by 30.2% and 33.5% respectively [2]. - The washing machine segment also performed well, with domestic sales up 16.2% and international sales up 52.1% due to low base effects and inventory replenishment [2]. Cost Management and Profitability - The company's gross margin improved by 0.51 percentage points year-on-year, attributed to ongoing supply chain reforms and a decrease in raw material prices [2]. - The expense ratio for Q1 2024 was stable at 15.65%, with slight changes in sales, management, R&D, and financial expense ratios [2]. Future Outlook - The company is expected to continue its strong performance, with projected revenues of 94.49 billion yuan, 103.21 billion yuan, and 113.04 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 10.4%, 9.2%, and 9.5% [2]. - Net profit attributable to shareholders is projected to reach 3.396 billion yuan, 3.886 billion yuan, and 4.424 billion yuan for the same years, with growth rates of 19.7%, 14.4%, and 13.8% respectively [2].