业绩表现靓丽，产品结构持续优化

Investment Rating - The report maintains a rating of "Accumulate" for the company [10][32]. Core Insights - The company has successfully divested the "Songlin Home" business, allowing it to focus more on its core operations [11][32]. - The first quarter of 2024 showed strong performance with a revenue of 681 million yuan, a year-on-year increase of 12.61%, and a net profit of 111 million yuan, up 154.72% year-on-year [22]. - The company is expected to see significant growth in net profit over the next few years, with projections of 482 million yuan, 584 million yuan, and 716 million yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 37%, 21%, and 23% [32]. Financial Performance Summary - In 2023, the company reported a revenue of 2,983 million yuan, a decrease of 6.2% year-on-year, while the net profit was 352 million yuan, an increase of 34.9% year-on-year [10][22]. - The gross margin and net margin for 2023 were 35.02% and 13.11%, respectively, both showing improvements compared to the previous year [12][22]. - The company's operating cash flow for Q1 2024 was 131 million yuan, reflecting a year-on-year growth of 37.25% [11]. Product and Market Dynamics - The company has optimized its product structure, with steady growth in kitchen and bathroom health products as well as beauty health products [11][12]. - The average selling price for kitchen health products decreased by 6.73% to 47.26 yuan per unit, while beauty health products saw a price increase of 9.61% to 59.86 yuan per unit [12]. - The company aims to become a hidden champion in the health hardware IDM business, focusing on niche categories after the divestment of "Songlin Home" [32].