订单稳健恢复，盈利质量修复带动业绩增长

Investment Rating - The report maintains a "Buy" rating for the company [6][13]. Core Views - The company has shown a robust recovery in orders, leading to significant growth in earnings quality and performance in Q1 2024, with revenue increasing by 10% year-on-year to 550 million yuan and net profit rising by 112% to 80 million yuan [6]. - The gross margin improved significantly, increasing by 7.0 percentage points to 29.3%, attributed to enhanced capacity utilization and effective cost control [6]. - The company is focusing on expanding its production capacity and enhancing its integrated supply chain capabilities, particularly in the sock segment, which is expected to see healthy growth in orders and maintain high profitability [6]. Financial Performance Summary - For Q1 2024, the company reported a revenue of 550 million yuan, a year-on-year increase of 10%, and a net profit of 80 million yuan, up 112% year-on-year [6]. - The gross margin for Q1 2024 was 29.3%, reflecting a significant improvement from the previous year [6]. - The company expects revenue growth of 10% to 20% for the full year 2024, with net profit projected to reach 335 million yuan in 2024, representing a year-on-year growth of 23.7% [6][15]. Business Segment Analysis - The sock business is anticipated to grow by approximately 30% year-on-year in Q1 2024, with a net profit margin exceeding 16% [6]. - The seamless clothing segment experienced a decline of over 20% in sales year-on-year in Q1 2024, but profitability is expected to improve due to better capacity utilization and cost control measures [6]. - The company is actively expanding its production capacity in Vietnam, with plans to invest in new facilities to support future growth [6]. Cash Flow and Inventory Management - As of the end of Q1 2024, the company's inventory decreased by 13.6% year-on-year to 530 million yuan, with inventory turnover days improving by 24.6 days to 123.4 days [6]. - The net operating cash flow for Q1 2024 was 150 million yuan, approximately 1.8 times the net profit for the same period [6]. Future Outlook - The company is expected to continue benefiting from order recovery and improved capacity utilization, with a projected net profit of 375 million yuan in 2025 and 414 million yuan in 2026 [6][15]. - The company has established a clear incentive mechanism to align the interests of its core management team with business performance [6].