Investment Rating - The report maintains a "Recommended" rating for the company [2][3] Core Views - The company achieved revenue of 1.842 billion yuan in Q1 2024, representing a year-on-year growth of 45.30% [1] - The company has successfully expanded its sales channels, including platforms like SHEIN and TikTok, which are expected to contribute to revenue growth [1] - The company is focusing on its main brand SONGMICS HOME to strengthen its market position and consumer connection [2] Financial Performance - In Q1 2024, the company's net profit attributable to shareholders was 101 million yuan, a year-on-year increase of 15.06% [1] - The gross profit margin for Q1 2024 was 36.0%, a decrease of 0.78 percentage points year-on-year, primarily due to rising logistics costs [2] - The company expects net profits for 2024, 2025, and 2026 to be 510 million, 620 million, and 750 million yuan respectively, with corresponding PE ratios of 20X, 16X, and 13X [2][5] Revenue Growth - The company anticipates revenue growth rates of 11.3%, 23.7%, 22.6%, and 23.1% for the years 2024, 2025, and 2026 respectively [5] - The company has a significant inventory of 448 million yuan in transit as of the end of 2023, up 116% from the previous year [1] Cost Management - The company has implemented supply chain optimizations that have led to a decrease in procurement costs, which may offset some of the increased shipping costs [1] - The financial expenses for Q1 2024 were reported at 25.54 million yuan, with exchange rate fluctuations contributing to losses [2]
2024年一季报点评：收入增速超预期，品牌归一沉淀长期价值