业绩短期承压，期待后续经营复苏

Investment Rating - The investment rating for the company is maintained at "Buy - A" with a target price of 65.56 CNY, based on a 21x P/E ratio for 2024 [2][7]. Core Insights - The company reported Q1 2024 revenue of 1.19 billion CNY, a year-over-year decline of 4.6%, and a net profit attributable to shareholders of 150 million CNY, down 8.5% year-over-year. The outlook remains positive as the company expands into new product categories and continues to push into overseas markets, which is expected to drive revenue growth [1][2]. - The decline in profitability is attributed to increased price competition in the small home appliance industry, leading to pressure on average selling prices. The gross margin decreased by 1.2 percentage points year-over-year, while the net profit margin fell by 0.5 percentage points [2][5]. - The company is recognized as a leading online small appliance brand, capturing significant market share in the long-tail small appliance market. It is actively pursuing product refinement and brand enhancement, anticipating a recovery in consumer demand for small appliances and a decrease in raw material costs, which should improve profitability [2][5]. Financial Performance Summary - Q1 2024 revenue decreased primarily due to weak domestic demand in the kitchen small appliance sector, with online sales down 13% year-over-year. The average selling price on major platforms also faced a decline, with a 3% drop noted on Taobao [5]. - The operating cash flow for Q1 2024 saw a year-over-year decrease of 80 million CNY, primarily due to the decline in sales revenue [6]. - The company’s earnings per share (EPS) are projected to be 3.12 CNY, 3.45 CNY, and 3.82 CNY for the years 2024, 2025, and 2026, respectively [2][10].