收入结构扰动，利润率改善超预期

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][7]. Core Insights - The company reported a Q1 revenue of 540 million RMB, a year-on-year increase of 23.58%, and a net profit attributable to the parent company of 74 million RMB, up 87.73% year-on-year, aligning closely with the forecast [7]. - The gross margin for Q1 reached 30%, driven by a decrease in costs and the release of scale effects, with key raw materials seeing price declines [7]. - The company is optimistic about the growth potential of new products, particularly the quail eggs and deep-sea fish snacks, and is actively expanding its distribution channels [7]. Financial Performance Summary - Revenue growth rates are projected at 31.59% for 2022, 41.26% for 2023, and expected to stabilize at 27.69% for 2024 [9]. - The net profit attributable to the parent company is forecasted to grow from 125 million RMB in 2022 to 210 million RMB in 2023, and 296 million RMB in 2024, reflecting growth rates of 46.77% and 68.12% respectively [9]. - The diluted earnings per share are expected to increase from 0.309 RMB in 2022 to 0.465 RMB in 2023, and further to 0.657 RMB in 2024 [9]. Operational Analysis - The company is focusing on enhancing its online sales channels, which experienced a slowdown in Q1 due to price control measures, while offline sales benefited from seasonal promotions [7]. - The product mix is expected to shift positively with the introduction of larger packaging and bulk sales strategies, which are anticipated to improve sales performance [7]. - The company is also increasing its investment in research and development to support product innovation and brand enhancement [7].