圣邦股份：新品推广助力毛利率提升

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The downstream market is gradually recovering, leading to significant growth in performance. In Q1 2024, the company achieved revenue of 729 million yuan, a year-on-year increase of 42.03%, and a net profit attributable to the parent company of 54.38 million yuan, up 80.04% year-on-year [3] - The company is continuously launching new products, which supports long-term growth. By the end of 2023, the company had over 5,200 products available for sale across 32 categories, with hundreds of new products introduced annually [3] - The company emphasizes research and development, with 72.72% of its employees engaged in R&D as of the end of 2023. The implementation of a stock option incentive plan in 2023 has further motivated core talent [3] Financial Forecasts and Indicators - The company is expected to achieve net profits attributable to the parent company of 430 million, 640 million, and 930 million yuan for the years 2024, 2025, and 2026, respectively [3] - Revenue projections for 2024, 2025, and 2026 are 3.226 billion, 3.946 billion, and 4.840 billion yuan, reflecting growth rates of 23.34%, 22.32%, and 22.65% respectively [4][8] - The company's EBITDA is projected to be 497.63 million, 719.64 million, and 989.33 million yuan for 2024, 2025, and 2026, respectively [4][8]