百元以上产品收入占比提升，期待改革带来边际变化

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [4]. Core Insights - The company achieved a revenue of 1.076 billion yuan in Q1 2024, representing a year-on-year increase of 20.41%, and a net profit attributable to shareholders of 221 million yuan, up 21.58% year-on-year [1]. - The product structure is improving, with products priced above 300 yuan accounting for 6.34% of total revenue. The company is focusing on deepening its market presence in its home province while accelerating breakthroughs in other provinces [2][7]. - The company’s gross margin and net margin increased by 0.43 and 0.11 percentage points year-on-year to 65.40% and 20.39%, respectively [2]. - The company is in a phase of expanding its high-priced product offerings and investing in market cultivation, with a target revenue of 3 billion yuan and net profit of 400 million yuan for 2024, indicating a high probability of achieving these goals [8]. Financial Performance - In Q1 2024, the company’s revenue from different sales channels was 1.006 billion yuan from distributors, 27 million yuan from direct sales, and 32 million yuan from online sales, with year-on-year growth rates of 19.35%, 31.33%, and 57.72%, respectively [2]. - The number of distributors increased by 99 to 892, with an average distributor scale of 1.195 million yuan per distributor, reflecting a 7.15% year-on-year change [2]. - The company’s operating cash flow for Q1 2024 was 343 million yuan, a year-on-year increase of 46.60% [2]. Revenue and Profit Forecast - The company is expected to achieve revenues of 3.128 billion yuan in 2024, 3.758 billion yuan in 2025, and 4.567 billion yuan in 2026, with corresponding growth rates of 22.81%, 20.12%, and 21.52% [10]. - The net profit attributable to shareholders is projected to be 418.77 million yuan in 2024, 529.91 million yuan in 2025, and 731.52 million yuan in 2026, with growth rates of 27.34%, 26.54%, and 38.05%, respectively [10].