公司事件点评报告：业绩符合预期，渠道精耕持续推进

Investment Rating - The report maintains a "Buy" rating for Qiaqia Food [1] Core Views - The company's performance in 2023 met expectations, with revenue of 6.806 billion yuan, a decrease of 1% year-on-year, and a net profit of 805 million yuan, down 18% year-on-year. The decline in profit is attributed to increased procurement costs of sunflower seeds and the impact of the Spring Festival on sales [1][2] - Qiaqia Food is actively enhancing its distribution channels, with a focus on penetrating weaker markets and expanding into new scenarios and channels. The company is also increasing its market share in Southeast Asia, particularly in Thailand and Indonesia [1] - The procurement price of sunflower seeds has decreased from previous highs, alleviating some cost pressures, and overall sales are expected to recover in 2024 [1] Summary by Sections Performance Overview - In 2023, Qiaqia Food achieved an operating income of 6.806 billion yuan, a decrease of 1% year-on-year. The net profit attributable to shareholders was 805 million yuan, down 18% year-on-year. The non-recurring net profit was 709 million yuan, a decrease of 16% [1][2] Product and Channel Development - The company has seen positive sales momentum for its nut products during the 2024 Spring Festival, with increased penetration rates for daily nuts and nut gift boxes. The company is focusing on channel refinement projects and expanding its presence in new markets and channels [1] Profit Forecast - The earnings per share (EPS) for 2023-2025 are adjusted to 1.59, 1.95, and 2.37 yuan respectively, with corresponding price-to-earnings (PE) ratios of 21, 17, and 14 times. The report maintains a "Buy" investment rating based on these forecasts [1][2]