淡季收入略低于预期，成本下行带来利润超预期

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company's Q1 2024 revenue was slightly below expectations at 540 million yuan, with a year-on-year growth of 23.58%. However, net profit exceeded expectations, reaching 74 million yuan, a year-on-year increase of 87.73% [5] - The decline in raw material costs has positively impacted profitability, with government subsidies of 16.93 million yuan contributing to the better-than-expected performance [5] - The company is focusing on three new products aimed at creating new growth points, while also benefiting from the ongoing reduction in raw material costs and scale effects [7][9] Financial Performance - The company reported a gross margin of 30.02% in Q1 2024, an increase of 4.04 percentage points year-on-year, and a net margin of 13.80%, up 4.90 percentage points year-on-year [7] - Revenue projections for 2024-2026 are 2.718 billion yuan, 3.374 billion yuan, and 4.038 billion yuan, respectively, with year-on-year growth rates of 31.61%, 24.15%, and 19.66% [9] - The forecasted net profit for the same period is 297 million yuan, 365 million yuan, and 421 million yuan, with growth rates of 41.73%, 22.86%, and 15.36% [9] Product and Market Analysis - The core product categories show strong performance, with fish products generating 340 million yuan (63% of revenue) and poultry products contributing 118 million yuan (22% of revenue) [6] - The company has successfully expanded its offline channels, with offline revenue growth exceeding 30%, while online sales have stabilized due to adjustments in pricing and cost management [6] - The company has completed coverage of 100 clients and 20,000 stores in the snack specialty channel, with Q1 revenue from this channel growing over 100% year-on-year [6]