2024年一季报点评：2024Q1业绩稳步增长，内外饰发力+海外市场进入放量周期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported steady revenue growth in Q1 2024, with operating income reaching 3.047 billion yuan, a year-on-year increase of 40.24%. The net profit attributable to the parent company was 204 million yuan, up 34.74% year-on-year [3][4] - The company is entering a volume expansion phase, driven by strong performance in both interior and exterior decoration segments, as well as growth in overseas markets [1][5] - The company has launched an employee stock ownership plan to enhance employee motivation and confidence in long-term development [4] Financial Performance Summary - Q1 2024 revenue was 3.047 billion yuan, with a year-on-year growth of 40.24% and a quarter-on-quarter decline of 6.34%. The net profit attributable to the parent company was 204 million yuan, reflecting a year-on-year increase of 34.74% and a quarter-on-quarter decrease of 16.52% [3][4] - The gross margin for Q1 2024 was 20.10%, up 0.31 percentage points year-on-year but down 0.68 percentage points quarter-on-quarter. The net profit margin was 6.66%, down 0.42 percentage points year-on-year and 0.83 percentage points quarter-on-quarter, primarily due to an increase in expense ratios [4] - The company has made significant investments in overseas operations, including a total of 1.45 billion yuan in capital increases for its Mexican factory and the establishment of subsidiaries in Singapore and Slovakia [5] Earnings Forecast - The company is expected to achieve main business revenues of 13.702 billion, 17.532 billion, and 20.615 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 30%, 28%, and 18% [6][7] - The forecasted net profit attributable to the parent company is 1.108 billion, 1.429 billion, and 1.771 billion yuan for the same years, with growth rates of 38%, 29%, and 24% [6][7] - The estimated EPS for 2024, 2025, and 2026 is 2.27, 2.93, and 3.63 yuan, respectively, corresponding to PE ratios of 20, 16, and 13 times [6][7]