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Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5][14]. Core Insights - The company reported a record high revenue of 4.21 billion yuan for 2023, representing a year-on-year increase of 14.9%, and a net profit of 379 million yuan, up 36.2% year-on-year [5][10]. - The company's gross margin improved to 40.0% in 2023 and further increased to 41.4% in Q1 2024, indicating a positive trend in profitability [5][18]. - The company's e-commerce revenue reached 2.39 billion yuan in 2023, accounting for approximately 57% of total revenue, showcasing strong online sales performance [5][18]. - The "Good Quilt, Choose Mercury" strategy has proven effective, with quilt product revenue growing by 20.4% year-on-year, contributing to 48% of total revenue [5][18]. Financial Summary - For 2023, the company achieved total revenue of 4.21 billion yuan, with a projected revenue of 4.64 billion yuan for 2024, reflecting a growth rate of 10.1% [10][18]. - The net profit for 2024 is expected to reach 429 million yuan, with a year-on-year growth of 13.1% [10][18]. - The earnings per share (EPS) for 2023 was 1.44 yuan, with projections of 1.63 yuan for 2024 [10][18]. - The company has a low price-to-earnings (PE) ratio, projected at 11 for 2024, indicating it is undervalued compared to its earnings potential [5][18].