Investment Rating - The report maintains a "Recommended" rating for the company [5][3]. Core Insights - The company achieved a revenue of 230.58 million yuan in Q1 2024, representing a year-on-year growth of 4.16% and a quarter-on-quarter decline of 30.61%, attributed to seasonal factors [1][2]. - The gross margin for Q1 2024 improved to 27.28%, up from 22.28% in Q4 2023, although still lower than 31.51% in Q1 2023 [2]. - The company has a strong market expansion capability, having added over 1,000 new product designations in 2023, which is expected to support continued revenue growth [1][3]. Revenue and Profit Forecast - The company is projected to achieve net profits of 170.23 million yuan, 209.84 million yuan, and 246.73 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.70, 2.10, and 2.47 yuan [4][3]. - Revenue is expected to grow from 1,250.19 million yuan in 2024 to 1,745.28 million yuan in 2026, with growth rates of 23.72%, 19.26%, and 17.06% respectively [4][3]. Capacity Expansion - The company has made significant progress in capacity expansion, with fixed assets increasing from 308.86 million yuan at the end of 2023 to 315.26 million yuan by the end of Q1 2024 [3]. - The company expects a year-on-year capacity increase of over 30% in 2024 due to various expansion and renovation projects [3].
2024Q1营收持续增长，毛利率环比改善