外销贡献收入增速，利润水平持续修复

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 3.09, 3.46, and 3.95 for the years 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (PE) ratios of 17.8x, 15.9x, and 13.9x [3][20]. Core Insights - The company reported a revenue of 1.19 billion yuan in Q1 2024, a year-on-year decrease of 4.58%, and a net profit attributable to shareholders of 150 million yuan, down 8.53% year-on-year. The non-recurring net profit decreased by 24.26% year-on-year, indicating a significant impact from non-recurring government subsidies [2][3]. - The gross margin for Q1 2024 was 38.51%, a decline of 1.25 percentage points year-on-year, while the net profit margin increased by 0.55 percentage points to 12.63% [2]. - The company is focusing on optimizing its product structure to enhance operational quality, with traditional product categories performing well and emerging categories showing strong growth [3][7]. Financial Performance Summary - Revenue growth rates are projected to be 12.96%, 11.20%, and 10.45% for the years 2024, 2025, and 2026 respectively, with total revenues expected to reach 5.32 billion yuan in 2024 and 6.54 billion yuan in 2026 [5][15]. - The company’s net profit attributable to shareholders is forecasted to be 484.82 million yuan in 2024, 543.35 million yuan in 2025, and 619.62 million yuan in 2026, reflecting growth rates of 8.88%, 12.07%, and 14.04% respectively [5][15]. - The company’s cash flow from operating activities for Q1 2024 was 129 million yuan, a decrease of 38.57% year-on-year, indicating challenges in cash generation despite a 10.62% increase in cash paid for goods and services [8][14]. Market and Channel Strategy - The company is deepening its engagement with the Douyin channel and actively expanding into overseas markets, which is expected to contribute positively to revenue growth [3][7]. - The performance of specific product categories such as electric steamers and rice cookers showed positive sales growth of 13% and 1% year-on-year respectively in Q1 2024, while domestic sales faced challenges [7].