盈利能力提升显著，产品渠道路径清晰

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 18.80 yuan over the next six months, which corresponds to a dynamic price-to-earnings ratio of 27X for 2024 [4][9]. Core Insights - The company achieved a significant year-on-year increase in net profit of 87.73% in Q1 2024, with a net profit margin of 13.63%, up by 4.66 percentage points, primarily driven by scale effects, cost advantages, and increased government subsidies [2][7]. - Revenue for Q1 2024 was 5.40 billion yuan, reflecting a year-on-year growth of 23.58%, and a combined year-on-year growth of 25.07% when considering Q4 2023 and Q1 2024 [5][7]. - The company is expected to see revenue growth rates of 28.04%, 25.60%, and 19.19% for 2024 to 2026, with net profit growth rates of 49.86%, 29.08%, and 27.68% respectively, indicating strong growth potential driven by the expansion of quail egg sales and large packaging distribution [4][12]. Summary by Sections Growth Trends - The company continues to expand its product distribution channels and promote its products effectively, indicating a sustained growth trend [1]. Profitability Improvement - The company’s gross profit margin reached 30.02%, up by 4.04 percentage points, benefiting from improved production efficiency and scale effects [2][4]. Product and Channel Strategy - The dual-driven growth strategy of large packaging and quail eggs is seen as a robust path for growth, with clear product logic and channel expansion [3][4]. Financial Forecast - Adjustments to revenue and profit forecasts have been made, with expected revenues revised from 27.07 billion yuan to 26.44 billion yuan and profits from 2.91 billion yuan to 3.14 billion yuan for the upcoming periods [4][12].