24Q1顺利开局，全年可期

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [1][6][14]. Core Views - The company reported a strong start in Q1 2024, with revenue reaching 1.2 billion yuan, a year-on-year increase of 43%, and a net profit of 120 million yuan, up 170% year-on-year. The gross margin improved by 4 percentage points to 27%, and the net margin increased by 5 percentage points to 11% [1]. - The company has successfully navigated the inventory destocking phase experienced by overseas clients in Q1 2023, leading to significant revenue growth in Q1 2024, particularly in kitchen and bathroom products [1][2]. - The company has diversified its product offerings across multiple categories, enhancing its competitive edge and risk resilience. It focuses on innovation and customer satisfaction, providing comprehensive solutions across various segments [7]. Financial Performance - For 2024, the company expects revenues of 5.06 billion yuan, with a growth rate of 16.72%. The net profit attributable to the parent company is projected to be 503.41 million yuan, reflecting an 18.50% increase [11][19]. - The earnings per share (EPS) for 2024 is estimated at 1.12 yuan, with a price-to-earnings (P/E) ratio of 14.24 [11][19]. - The company’s financial metrics indicate a stable growth trajectory, with EBITDA expected to reach 767.11 million yuan in 2024 [11][19]. Market Expansion - The company has established a solid presence in the North American market, covering major brand clients and is actively expanding into new customers in Europe and the U.S. [2]. - New product lines, including water purification products, are entering production stages, contributing to future growth potential [2]. Digital Transformation - The company is advancing its digital transformation initiatives, which are seen as key to reducing costs and enhancing efficiency. This includes optimizing digital processes and innovating in smart manufacturing [7].