营收快速增长，盈利改善在途

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 41.23 CNY over the next six months, indicating a potential upside from the current price of 35.45 CNY [5][15]. Core Insights - The company reported a rapid revenue growth of 36.39% year-on-year in Q1 2024, achieving a revenue of 1.822 billion CNY. The net profit attributable to shareholders increased by 35.15% to 240 million CNY, with a non-recurring net profit growth of 55.80% [15][16]. - The improvement in profitability is attributed to a reduction in procurement costs for sunflower seeds and an increase in the proportion of gift box sales, which positively impacted the gross margin, rising to 30.43% [16]. - The company is actively expanding its distribution channels, having added over 200 new distributors in county and township markets in 2023, and plans to continue this expansion [15][16]. Financial Summary - The company’s revenue is projected to grow from 6.806 billion CNY in 2023 to 7.631 billion CNY in 2024, with a compound annual growth rate (CAGR) of 10.04% expected through 2026 [17]. - Net profit is expected to increase from 802.7 million CNY in 2023 to 1.045 billion CNY in 2024, reflecting a growth rate of 30.20% [17]. - The earnings per share (EPS) is forecasted to rise from 1.58 CNY in 2023 to 2.06 CNY in 2024, with a projected price-to-earnings (PE) ratio of 20x for 2024 [15][17].