业绩增长符合预期，期待核心产品持续放量

Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Views - The company reported a revenue of 808 million yuan in Q1 2024, representing a year-on-year increase of 28.24%, and a net profit of 527 million yuan, up 27.38% year-on-year, indicating that performance growth is in line with expectations [5][6] - The company is expected to benefit from a favorable industry environment characterized by increasing penetration rates, domestic production improvements, and upgraded consumption frequency [6][8] - The company has a rich pipeline and a comprehensive product matrix, positioning it well to leverage its core products for sustained growth in the face of stricter industry regulations [6][8] Financial Summary - The company’s main revenue for 2022 was 1,938.84 million yuan, which is projected to grow to 3,939.83 million yuan in 2024, reflecting a growth rate of 37% [5][9] - The net profit attributable to shareholders is expected to increase from 1,263.56 million yuan in 2022 to 2,520.89 million yuan in 2024, with an estimated growth rate of 36% [5][9] - Earnings per share (EPS) is projected to rise from 5.84 yuan in 2022 to 11.65 yuan in 2024 [5][9] Operating Analysis - The gross margin for Q1 2024 was 94.55%, slightly down from the previous year, while the net margin was 65.35%, indicating stability in profitability despite minor declines [6] - Management and sales expense ratios have improved significantly, with management expenses down by 3.91 percentage points year-on-year [6][8] - The company is increasing its R&D investment while effectively controlling sales and management costs, leading to an optimized expense structure [6][8] Earnings Forecast - Revenue forecasts for 2024, 2025, and 2026 are 3,939.83 million yuan, 5,088.20 million yuan, and 6,083.35 million yuan, respectively, with growth rates of 37%, 29%, and 20% [5][8] - The net profit forecasts for the same years are 2,520.89 million yuan, 3,211.95 million yuan, and 3,786.86 million yuan, respectively [5][8] - The company is expected to maintain a P/E ratio of 25x in 2024, with a target price range of 302.9 to 349.5 yuan based on a 24-year P/E valuation of 26-30 times [8]