春节动销积极，结构仍旧上行

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown strong sales performance during the Spring Festival, with overall sales growth estimated at approximately 20% year-on-year, driven by robust consumer demand in key markets [2][3] - The product structure continues to improve, with the "洞藏" series expected to account for over 40% of total sales volume and approximately 50% of total revenue in 2023, with a growth rate exceeding 30% [2] - The marketing strategy for 2024 is clear, focusing on high-end product development and optimizing channel management to enhance sales efficiency [2][3] Financial Forecasts and Valuation - The company is projected to achieve a net profit of 22.5 billion, 28.1 billion, and 35.0 billion yuan for the years 2023, 2024, and 2025 respectively, reflecting year-on-year growth rates of 32%, 25%, and 25% [3] - The corresponding P/E ratios for 2023, 2024, and 2025 are expected to be 22, 18, and 14 times [3] - Revenue forecasts indicate total revenues of 6,796 million, 8,308 million, and 10,008 million yuan for 2023, 2024, and 2025, with growth rates of 23.44%, 22.26%, and 20.46% respectively [1][3]