2024年一季报点评：2024Q1业绩表现优异，盈利能力持续提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7] Core Views - The company reported strong performance in Q1 2024, with revenue of 8.836 billion yuan, a year-on-year increase of 25.29%, and a net profit attributable to shareholders of 1.388 billion yuan, up 51.76% year-on-year [4][5] - The growth in revenue is attributed to an increase in the proportion of high value-added products, leading to higher average prices and a continuous increase in market share due to strong competitiveness [3][5] - The company's gross margin improved to 36.82%, up 3.62 percentage points year-on-year, while the net profit margin was 15.71%, an increase of 2.74 percentage points year-on-year [5][6] Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 88.36 billion yuan, a year-on-year increase of 25.29% [4] - The net profit attributable to shareholders was 13.88 billion yuan, reflecting a year-on-year growth of 51.76% [4] - The net profit after excluding non-recurring gains and losses was 15.18 billion yuan, up 72.89% year-on-year [4] Profitability Metrics - The gross margin for Q1 2024 was 36.82%, an increase of 3.62 percentage points year-on-year [5] - The net profit margin stood at 15.71%, up 2.74 percentage points year-on-year [5] - The company has effectively reduced costs and improved efficiency, contributing to the enhanced profitability [5] Future Earnings Forecast - The company is expected to achieve revenues of 38.069 billion yuan, 45.481 billion yuan, and 53.021 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15%, 19%, and 17% [6][7] - The forecasted net profit attributable to shareholders for the same years is 6.291 billion yuan, 7.506 billion yuan, and 8.934 billion yuan, with growth rates of 12%, 19%, and 19% [6][7] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 2.41 yuan, 2.88 yuan, and 3.42 yuan, respectively [6][7]