线上收入实现高增，盈利能力提升明显

Investment Rating - The investment rating for the company is "Buy" with a target price set at 13.95 CNY, maintaining the rating for the next six months [5][10]. Core Insights - The company reported a significant increase in online revenue and improved profitability, with Q1 2024 revenue reaching 853 million CNY, a year-on-year increase of 11.34%, and net profit increasing by 37.20% to 176 million CNY [4][10]. - The growth in revenue was driven by the performance of Chinese cuisine seasonings and sausage products, with respective revenue contributions of 495 million CNY and 33 million CNY, reflecting year-on-year growth rates of 17.75% and 21.79% [4][10]. - The company is expected to continue its growth trajectory, with projected revenues of 3.65 billion CNY, 4.20 billion CNY, and 4.81 billion CNY for 2024, 2025, and 2026, respectively, representing growth rates of 15.95%, 15.01%, and 14.66% [10][12]. Financial Performance Summary - For Q1 2024, the company achieved a gross margin of 44.05% and a net margin of 20.90%, with both margins showing improvement compared to the previous year [9][10]. - The company’s total assets are projected to grow from 5.27 billion CNY in 2023 to 7.45 billion CNY by 2026, indicating a strong asset growth strategy [13][19]. - The earnings per share (EPS) is expected to increase from 0.43 CNY in 2023 to 0.73 CNY by 2026, reflecting a robust growth outlook [12][19].