收入利润符合预期，产品结构表现亮眼

Investment Rating - The investment rating for the company is "Buy" with a target price of 26.00 CNY based on a current price of 19.33 CNY [6]. Core Insights - The company reported a Q1 2024 revenue of 1.076 billion CNY, representing a year-on-year growth of 20.41%, and a net profit attributable to shareholders of 221 million CNY, up 21.58% year-on-year [3][4]. - The product structure continues to optimize, with significant growth in high-end products priced above 300 CNY, driven by brand strength [4][7]. - The company is expanding its market presence with a focus on both domestic and regional growth strategies, achieving a revenue of 848 million CNY from domestic sales, a 22.55% increase year-on-year [4]. Financial Performance - In Q1 2024, the company achieved a gross margin of 65.40%, an increase of 0.43 percentage points year-on-year, attributed to the rapid growth of products priced above 300 CNY [7]. - The company’s sales expenses and management expenses increased slightly, with sales expense ratio at 17.98% and management expense ratio at 7.91% [7]. - The company’s net profit margin improved to 20.55%, reflecting a year-on-year increase of 0.20 percentage points [7]. Revenue and Profit Forecast - The company is projected to achieve revenues of 3.112 billion CNY, 3.746 billion CNY, and 4.446 billion CNY for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22.14%, 20.39%, and 18.70% [8]. - The net profit attributable to shareholders is expected to reach 408 million CNY, 527 million CNY, and 656 million CNY for the same years, with growth rates of 23.99%, 29.20%, and 24.61% [8]. Market Strategy - The company is focusing on developing large customer accounts and enhancing its operational capabilities, with a total of 892 distributors as of Q1 2024, an increase of 28 from the end of 2023 [7]. - The sales channels for Q1 2024 showed growth across various segments, with internet sales increasing by 57.72% year-on-year [7].