火星人：行业需求回落，盈利阶段承压

Investment Rating - The report maintains a "Buy" rating for the company, citing its leading position in the integrated stove industry and strong brand recognition [14][16] Core Views - The company's revenue and profitability declined in Q1 2024 due to weakening industry demand and rising raw material costs [14][15] - Despite the challenges, the company remains the industry leader with a 17.37% market share in sales volume and 25.61% in sales value [15] - The report expects the company to maintain stable growth, with projected net profits of 289 million, 316 million, and 350 million yuan for 2024-2026 [16] Financial Performance - Q1 2024 revenue decreased by 15.44% YoY to 348 million yuan, with net profit down 24.52% to 37 million yuan [14] - Gross margin declined by 1.23 percentage points YoY to 45.65%, mainly due to reduced sales scale and higher raw material costs [5] - Operating cash flow dropped significantly by 221.71% YoY to 48 million yuan, primarily due to decreased sales collections [5] Industry Analysis - The integrated stove market experienced a significant decline in Q1 2024, with online retail volume down 31.4% and offline retail volume up 32% [15] - The overall market weakness is attributed to the ongoing downturn in the real estate sector [15] - The company's market share in sales volume decreased by 3.77 percentage points, while sales value share remained relatively stable with a slight 0.69 percentage point decline [15] Future Outlook - The company is expected to leverage its strong brand and multi-channel sales system to maintain growth despite market fluctuations [16] - Inventory turnover days improved by 2.26 percentage points, indicating better inventory management [5] - The report forecasts continued revenue growth, with projected revenues of 2.23 billion, 2.36 billion, and 2.51 billion yuan for 2024-2026 [23]