24Q1业绩超预期，爆款战略成效显著

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of 26.54 CNY and a fair value of 38.02 CNY [3][4]. Core Insights - The company reported better-than-expected performance in Q1 2024, with a revenue of 1.629 billion CNY, up 12.56% year-on-year, and a net profit of 188 million CNY, up 67.56% year-on-year. The gross margin for Q1 2024 was 30.06%, an increase of 3.38 percentage points year-on-year [1][4]. - The company is focusing on flagship products like the "Fast Response King" sewing machine, which has gained significant market traction, with over 150,000 units pre-ordered on its launch day. This product addresses the demand for quick response in small orders from garment factories [1][4]. - The industry is entering a replenishment phase in 2024, with a notable recovery in demand, as indicated by a 17.5% year-on-year increase in fixed asset investment in the domestic apparel industry from January to March 2024 [1][22]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 5.294 billion CNY, down 3.78% year-on-year, and a net profit of 538 million CNY, up 9.08% year-on-year. The projected net profits for 2024, 2025, and 2026 are 737 million CNY, 996 million CNY, and 1.266 billion CNY, respectively [1][23][36]. - The company expects revenue growth rates of 30%, 25%, and 20% for its industrial sewing machines from 2024 to 2026, with gross margins of 26.6%, 27.0%, and 27.0% [11][12]. Product Strategy - The company is implementing a strategy to streamline its product offerings by reducing SKUs and focusing on core categories, which has led to a significant reduction in inventory levels across various product lines [1][4]. - The introduction of new products, such as the high-precision cutting bed S80, showcases the company's commitment to innovation and enhancing its competitive edge in the market [11][12]. Market Outlook - The report highlights a positive outlook for the sewing machinery industry, driven by a recovery in both domestic and international demand, as well as improvements in inventory levels [1][29][30]. - The company is well-positioned to benefit from the ongoing recovery in the apparel sector, with expectations of increased investment in fixed assets by garment manufacturers [1][22].