2024年一季报点评：业绩高增延续，开局表现亮眼

Investment Rating - The report maintains a "Recommended" rating for the company [1][4]. Core Views - The company reported a strong performance in Q1 2024, with revenue of 1.223 billion yuan, a year-on-year increase of 37.0%, and a net profit attributable to shareholders of 160 million yuan, up 43.1% year-on-year [1]. - The growth in revenue is attributed to a combination of product focus on various snack categories and an expansion of distribution channels, including direct sales and e-commerce [1]. - The gross margin for Q1 2024 was 32.1%, a decrease of 2.47 percentage points year-on-year, primarily due to changes in channel structure [1]. - The company is expected to continue its multi-category and all-channel strategy, optimizing its supply chain and enhancing organizational efficiency, which supports a positive long-term growth outlook [1]. Financial Forecasts - Projected revenues for 2024, 2025, and 2026 are 5.3 billion, 6.67 billion, and 8.11 billion yuan, respectively, representing year-on-year growth rates of 28.8%, 25.8%, and 21.7% [1][12]. - Net profit forecasts for the same years are 694 million, 892 million, and 1.137 billion yuan, with growth rates of 37.1%, 28.6%, and 27.6% [1][12]. - Earnings per share are expected to be 3.54, 4.55, and 5.80 yuan for 2024, 2025, and 2026, respectively [1][12].