收入略超预期，一季度顺利实现开门红

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported Q1 2024 revenue of 46.485 billion, a year-on-year increase of 18.04%, and a net profit of 24.065 billion, up 15.73% year-on-year, indicating robust performance and strong growth in distribution channels [2] - The company achieved a solid start to the year, with revenue slightly exceeding expectations [5][20] - The report highlights the positive impact of price increases and increased product availability on revenue growth, particularly for the flagship product [2][20] Financial Summary - Revenue projections for 2024E are 175.563 billion, with a growth rate of 16.61% [4] - Net profit for 2024E is projected at 87.623 billion, reflecting a growth rate of 17.25% [4] - The diluted earnings per share (EPS) for 2024E is estimated at 69.75, with a corresponding price-to-earnings (PE) ratio of 24.51 [4] - The company aims for a total revenue growth of around 15% for 2024, with fixed asset investments of 6.179 billion [2][20]