事件：公司发布2025 年一季度报告。25Q1 公司实现收入 7.73 亿元（同比+38.2%），归母净利润1.94 亿元（同比+60.4%），扣非归母净利润1.86 亿元（同比+64.6%）。我们预计收入端稳健增长主要系老 客户份额提升以及新客户逐步放量；产品结构优化助力盈利能力高位向上，业绩表现超预期。 盈利能力有望持续提升，费用管控优异。2025Q1 公司毛利率37.2%（同比+3.9pct），归母净利率 25.1% （（ 同比+3.5pct），受益于公司店中店高速扩张（集中展示销售高毛利产品），我们预计未来盈利能 力仍有望提升。费用端方面，Q1期间费用率为8.54%（同比+0.6pct），其中销售/研发/管理/财务费用率 分别为3.3%/5.3%/2.7%/-2.9%（同比分别+0.4pct/+0.2pct/-0.6pct/+0.6pct）。 现金流&营运能力稳定。2025Q1 公司经营性现金流为1.23 亿元（同比+0.46亿元）。截至2025Q1 末公 司存货周转天数91.34 天（同比+26.62 天）、应收账款周转天数48.72 天（同比+2.61 天）、应付账款周 转天数71.40 天（同比 ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company reported a revenue of 773 million yuan in Q1 2025, representing a year-on-year increase of 38.2%, and a net profit attributable to the parent company of 194 million yuan, up 60.4% year-on-year [1][2] - The growth in revenue is attributed to an increase in market share from existing customers and the gradual ramp-up of new customers, alongside product structure optimization that enhances profitability [1][2] - The company has successfully expanded its customer base, with 8 out of its top 10 customers experiencing year-on-year growth, some exceeding 200% [2] - The company has established a strong presence in the U.S. market, with 64.8% of its revenue coming from U.S. retailers, and has built production capacity in Vietnam to mitigate tariff impacts [2] - The gross margin for Q1 2025 was 37.2%, an increase of 3.9 percentage points year-on-year, and the net profit margin was 25.1%, up 3.5 percentage points year-on-year [3] Financial Performance Summary - The company’s total revenue is projected to grow from 1,921 million yuan in 2023 to 4,414 million yuan in 2027, with a compound annual growth rate (CAGR) of 14.3% [4][6] - The net profit attributable to the parent company is expected to increase from 407 million yuan in 2023 to 1,135 million yuan in 2027, reflecting a CAGR of 16.1% [4][6] - The company’s gross margin is forecasted to improve from 33.6% in 2023 to 39.5% in 2027 [4][6] - The projected earnings per share (EPS) will rise from 2.43 yuan in 2023 to 6.78 yuan in 2027 [4][6] - The price-to-earnings (P/E) ratio is expected to decrease from 28.71 in 2023 to 10.31 in 2027, indicating a potential increase in valuation attractiveness [4][6]