Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company continues to show a growth trend, with strong willingness to repay and high cooperation intent from distribution channels, leading to an increase in market share [7] - The revenue for Q1 2025 is reported at 5.099 billion yuan, a year-on-year increase of 9.17%, while the net profit attributable to the parent company is 1.644 billion yuan, up 7.27% [8] - The company’s gross margin decreased by 0.60 percentage points to 73.6% in Q1 2025, primarily due to an increase in the proportion of A-class products [9] Financial Performance Summary - For the year 2024, the company reported a total revenue of 11.546 billion yuan, representing a year-on-year growth of 14.31%, and a net profit of 3.412 billion yuan, up 8.80% [8] - The company’s revenue for Q1 2025 is 5.099 billion yuan, with a net profit of 1.644 billion yuan, both figures exceeding market expectations [8] - The company’s revenue projections for 2025-2027 are 12.559 billion yuan, 13.838 billion yuan, and 15.289 billion yuan, with respective year-on-year growth rates of 8.8%, 10.2%, and 10.5% [9] Product and Market Insights - The company maintains strong growth in the mass price segment, with specific product lines showing significant year-on-year revenue increases [9] - The company’s A+/A-class product revenue grew by 6.6%/17.4%/3.3% in Q1 2025, indicating a robust performance in the premium segment [8] - The company’s market share in the Jiangsu province continues to expand, with revenue growth rates of 15.2% in Suzhong and 12.6% in Yancheng [9]