大品牌+小品类战略延续，利润率持续向好

Investment Rating - The investment rating for the company is "Buy (Maintain)" with a target price of 21.67 CNY, while the current price is 17.72 CNY [5]. Core Insights - The company's competitive advantages include "high quality at low prices," high cost performance, and rapid product iteration [3]. - The company has implemented a "big brand, small category" strategy, which has led to a loyal and expanding customer base [12]. - The financial performance shows a significant increase in revenue and net profit, with 2023 revenue at 1.033 billion CNY (up 20.7% YoY) and net profit at 226 million CNY (up 41.2% YoY) [11]. Financial Performance Summary - In 2023, the company achieved a revenue of 1.033 billion CNY, with a net profit of 226 million CNY, and a gross margin of 56.3% [11]. - For Q1 2024, the revenue was 167 million CNY (up 10.0% YoY) and net profit was 35 million CNY (up 67.9% YoY) [11]. - The company expects revenues of 1.336 billion CNY, 1.707 billion CNY, and 2.085 billion CNY for 2024, 2025, and 2026 respectively, with corresponding growth rates of 29.35%, 27.73%, and 22.16% [12]. Valuation Metrics - The company is projected to have an EPS of 0.72 CNY, 0.91 CNY, and 1.10 CNY for 2024, 2025, and 2026 respectively [12]. - The estimated P/E ratio for 2024 is 30 times, reflecting the company's high growth potential and unique position in the market [12]. - The company’s financial metrics indicate a significant improvement in profitability, with a net profit margin of 21.88% in 2023 [11].