公司事件点评报告：一季度业绩不及预期，连锁客户销售承压

Investment Rating - The report maintains a "Buy" investment rating for the company [6][23]. Core Views - The company's first-quarter performance was below expectations, primarily due to weakened downstream demand and intensified competition [6][23]. - The overall revenue for 2023 met expectations, with a total revenue of 2.841 billion yuan, representing a year-on-year increase of 17.04%, while the net profit attributable to shareholders was 258 million yuan, showing a significant year-on-year increase of 123.39% [6][23]. - The company is expected to see stable growth in its powdered oil business and anticipates increased production in its coffee segment, with a focus on enhancing customer engagement through differentiated product offerings [23][28]. Summary by Relevant Sections Financial Performance - In Q1 2024, total revenue was 541 million yuan, a decrease of 15.61% year-on-year, with a net profit of 46 million yuan, down 27.71% year-on-year [6][23]. - The gross margin for 2023 was 17.97%, an increase of 5.69 percentage points year-on-year, primarily due to lower raw material prices [6][23]. - The company forecasts EPS for 2024-2026 to be 0.72, 0.85, and 1.05 yuan respectively, with corresponding PE ratios of 19, 16, and 13 times [23]. Product Performance - The powdered oil segment faced significant pressure, with revenue declining sharply, while other product lines, such as plant-based products, showed strong growth [23][28]. - The company has become a leader in the powdered oil industry and is increasing R&D investments to develop differentiated products [23][28]. Market Dynamics - The report highlights that the company's performance in the first quarter was impacted by the stability of downstream chain customers, while the overseas market showed promising growth [28]. - The company plans to invest in building a production base focused on coffee beans, with an expected annual capacity of 16,000 tons of roasted coffee beans and other coffee products [28].