2024年一季度业绩预告点评：盈利提升进行时，业绩再超预期

Investment Rating - The report maintains a "Buy" rating for the company, indicating strong expectations for future performance [1][25]. Core Insights - The company is expected to achieve high-quality revenue and profit growth in 2024, driven by sustainable performance improvement [1]. - The first quarter of 2024 is projected to see a revenue increase of 30-35% year-on-year, with net profit margins expected to rise to approximately 12%-13.3% [13][23]. - Key factors contributing to profit growth include scale effects, supply chain optimization, and a decrease in raw material prices [13][14]. Financial Data Summary - The company's total revenue for 2024 is forecasted to be 26.9 billion yuan, with a year-on-year growth of 30% [25]. - The projected net profit for 2024 is 3.05 billion yuan, reflecting a 46% increase compared to the previous year [25]. - The earnings per share (EPS) for 2024 is estimated at 0.68 yuan, with a corresponding price-to-earnings (P/E) ratio of 21x [25]. Market Performance - The closing price of the company's stock is reported at 14.52 yuan, with a market capitalization of approximately 6.55 billion yuan [17]. - The company has maintained a strong market position, with significant growth potential in its key product lines, particularly quail eggs [24].