Q1延续高增势能，看好全年业绩表现

Investment Rating - The investment rating for the company is "Buy-B" which is maintained from the previous assessment [1][3]. Core Views - The company has shown strong growth momentum in Q1 2024, with revenue reaching 3.482 billion yuan, a year-on-year increase of 39.80%, and a net profit attributable to shareholders of 664 million yuan, up 33.51% year-on-year [1]. - The company aims for a revenue and net profit growth target of no less than 20% for 2024, focusing on multi-category and all-channel layout [1][3]. Revenue Analysis - In Q1 2024, the company's revenue from Dongpeng Special Drink was 3.1 billion yuan, a year-on-year increase of 30.11%, driven by the sales of new products [1]. - The electrolyte drinks and tea beverages contributed 377 million yuan, with a significant year-on-year increase, indicating a strong performance from the second growth curve [1]. - The company expanded its distribution channels, achieving revenue of 3.06 billion yuan from direct sales and 340 million yuan from franchise channels, reflecting year-on-year growth of 36.02% and 73.47% respectively [1]. Profit Analysis - The gross profit margin for Q1 2024 was 42.77%, a slight decrease of 0.76 percentage points year-on-year, attributed to the increased proportion of lower-margin beverages [1]. - The net profit margin for Q1 2024 was 19.07%, down 0.90 percentage points year-on-year, but the company expects profitability to improve with the expansion of national channels and new product launches [1]. Financial Forecast - The company is projected to achieve revenues of 14.333 billion yuan, 17.591 billion yuan, and 21.171 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 27.3%, 22.7%, and 20.4% [3][4]. - The net profit attributable to shareholders is expected to be 2.621 billion yuan, 3.263 billion yuan, and 3.993 billion yuan for the same years, with growth rates of 28.5%, 24.5%, and 22.4% respectively [3][4]. Strategic Outlook - The company plans to enhance its product matrix and introduce new flavors and specifications to capture market share, while also optimizing its regional structure for national development [1]. - The brand strategy focuses on promoting the Dongpeng Special Drink through various media and leveraging major sports events to enhance brand image [1].