核心品类表现较好，贡献内销收入业绩

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [2][11]. Core Insights - In Q1 2024, the company achieved a revenue of 5.378 billion yuan, representing a year-on-year increase of 8.38%, and a net profit attributable to shareholders of 470 million yuan, up 7.23% year-on-year [1]. - The company's gross margin for Q1 2024 was 24.42%, a decrease of 0.8 percentage points year-on-year, while the net margin was 8.73%, down 0.08 percentage points year-on-year [1]. - The report highlights strong performance in core categories, particularly in domestic sales channels, with online sales of essential products like electric kettles and rice cookers growing by 4.4% and 1.9% respectively [1]. Financial Performance Summary - The company’s revenue is projected to grow from 21.30 billion yuan in 2023 to 26.76 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 7.87% [4]. - The net profit attributable to shareholders is expected to increase from 2.18 billion yuan in 2023 to 2.81 billion yuan in 2026, reflecting a CAGR of about 7.95% [4]. - The report forecasts earnings per share (EPS) to rise from 2.70 yuan in 2023 to 3.48 yuan in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 21.95 to 17.04 over the same period [4][7]. Balance Sheet Overview - As of Q1 2024, the company reported cash and cash equivalents plus trading financial assets of 4.871 billion yuan, a year-on-year increase of 6.6% [1]. - Inventory stood at 1.982 billion yuan, down 5.59% year-on-year, while accounts receivable increased by 27.74% to 2.309 billion yuan [1]. - The total assets are projected to grow from 13.11 billion yuan in 2023 to 16.95 billion yuan by 2026 [5]. Cash Flow Analysis - The net cash flow from operating activities for Q1 2024 was 1.043 billion yuan, a significant increase of 38.51% year-on-year, with cash inflow from sales of goods and services reaching 5.262 billion yuan, up 22.86% [1][6]. - The report indicates a positive trend in cash flow management, with expectations for improved cash flow generation in the coming years [6].