木窗为基，铝窗+塑窗全面发展

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [21][28]. Core Views - The company achieved a revenue of 900 million yuan in Q1 2024, representing a 3% year-on-year increase, while the net profit attributable to the parent company decreased by 69% to -2 million yuan [28]. - The company focuses on expanding its product matrix to cover the mid-to-high-end energy-saving window market, continuously launching new products beyond just energy-saving aluminum-clad wooden windows [29]. - The company reported a total revenue of 900 million yuan for 2023, a 6% increase year-on-year, with a net profit of 150 million yuan, up 35% [20]. Financial Summary - In 2023, the company sold 478,000 square meters of wooden windows, a 10% increase year-on-year, and 94,000 square meters of metal windows, a 17% increase [3]. - The company’s revenue from wooden windows was 790 million yuan, accounting for 84% of total revenue, with a gross margin of 37.8%, up 1.5 percentage points [19]. - The projected net profits for 2024, 2025, and 2026 are 174 million yuan, 214 million yuan, and 264 million yuan respectively, with corresponding EPS of 1.84 yuan, 2.26 yuan, and 2.78 yuan [29][33]. Market Position and Strategy - The company has established a strong influence in the domestic energy-saving aluminum-clad wooden window industry, backed by mature industry experience and a good reputation [6]. - The company is actively expanding its sales channels, including enhancing its offline distribution network and exploring new opportunities in public building projects [20][31]. - The company has a comprehensive research and development management system in place, focusing on technological improvements and innovations in production processes [4].