盈利能力稳健，炊具行业复苏态势明显

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a revenue of 5.378 billion yuan in Q1 2024, representing a year-on-year growth of 8.38%. The net profit attributable to the parent company was 470 million yuan, up 7.23% year-on-year [1]. - The cookware industry shows a clear recovery trend, with most categories experiencing year-on-year growth, particularly enameled pots and pressure cookers, which saw increases of 9.65% and 18.46% respectively [1]. - The company's gross margin decreased by 0.8 percentage points to 24.42% in Q1 2024, primarily due to rising raw material prices [1]. - The company is enhancing user engagement through AIoT applications, which have been implemented across 33 categories, improving customer experience [1]. Financial Summary - The company expects net profits attributable to the parent company for 2024, 2025, and 2026 to be 2.368 billion yuan, 2.611 billion yuan, and 2.902 billion yuan respectively, with growth rates of 8.6%, 10.3%, and 11.1% [1][2]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.94 yuan, 3.24 yuan, and 3.60 yuan respectively [2]. - The company's net asset return rate is projected to be 27.0%, 25.8%, and 24.8% for the years 2024, 2025, and 2026 [2].