Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's revenue exceeded expectations, achieving 3.428 billion yuan in Q1 2025, a year-on-year increase of 86%, while the net profit attributable to the parent company was 267 million yuan, a decrease of 33% year-on-year [6] - The domestic sales benefited from the old-for-new subsidy policy, leading to significant growth in the sales of vacuum cleaners, while overseas markets in Europe, North America, and Asia-Pacific also showed rapid growth [6] - The company is actively expanding its market and product line strategies, which may impact gross and expense ratios [6] - The profit forecast for 2025-2027 has been adjusted to 2.021 billion yuan, 2.405 billion yuan, and 2.876 billion yuan respectively, with corresponding year-on-year growth rates of 2.2%, 19.0%, and 19.6% [6] Financial Summary - Total revenue for 2025 is projected to be 15.966 billion yuan, with a year-on-year growth rate of 33.7% [2] - The gross profit margin is expected to be 47.6% in 2025, down from 50.1% in 2024 [2] - The return on equity (ROE) is projected to be 13.9% in 2025, compared to 15.4% in 2024 [2] - The earnings per share (EPS) is expected to be 10.94 yuan in 2025, with a price-to-earnings (P/E) ratio of 17 [2]