总成本领先助力成长，盈利能力向上提升

Investment Rating - The investment rating for the company is "Buy" [11]. Core Views - The report highlights that the company achieved a revenue of 12.23 billion yuan in Q1 2024, representing a year-on-year increase of 37%. The net profit attributable to the parent company was 1.6 billion yuan, up 43% year-on-year [11]. - The company's competitive advantage is driven by its total cost leadership, which supports the growth of its seven core products across all channels. The report emphasizes the company's high sensitivity to market channels and its ability to leverage e-commerce and snack sales [11]. - The gross profit margin has improved by 0.1 percentage points, with a net profit margin of 10.35% in Q1 2024, reflecting a decrease of 0.8 percentage points year-on-year. The company is enhancing its supply chain efficiency and has made strategic investments in quail egg farming and potato flour processing to solidify its cost leadership [11]. Financial Summary - The company’s total revenue is projected to grow from 2,894 million yuan in 2022 to 7,427 million yuan by 2026, with a compound annual growth rate (CAGR) of 26.8% [12]. - The net profit attributable to the parent company is expected to increase from 301 million yuan in 2022 to 966 million yuan in 2026, reflecting a CAGR of 30.2% [12]. - The gross profit margin is forecasted to decline slightly from 34.7% in 2022 to 31.9% in 2026, while the return on equity (ROE) is expected to rise from 26.6% in 2022 to 39.9% in 2026 [12].