行业需求承压，盈利能力有所下滑

Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Views - The company reported a revenue of 1.194 billion yuan in Q1 2024, a year-on-year decline of 4.58%, and a net profit attributable to shareholders of 151 million yuan, down 8.53% year-on-year [2] - The small home appliance industry is under pressure, with online sales of key products such as health pots and air fryers showing significant declines [2] - The company's market share remains stable despite the overall industry challenges, with slight changes in market share percentages for various product categories [2] - Profitability has decreased, with gross margin dropping by 1.25 percentage points to 38.51% due to intensified competition and changes in raw material prices [3] - The company has implemented marketing strategies to enhance brand image, including collaborations with influencers and product launches [3] Financial Summary - The company expects net profits attributable to shareholders for 2024-2026 to be 474 million, 547 million, and 631 million yuan, representing year-on-year growth rates of 6.5%, 15.4%, and 15.2% respectively [4] - Revenue projections for 2024-2026 are 5.19 billion, 5.97 billion, and 6.875 billion yuan, with growth rates of 10.2%, 15.1%, and 15.1% respectively [6] - The latest diluted EPS is projected to be 3.02 yuan for 2024, increasing to 4.02 yuan by 2026 [6]