紫燕食品2023年报及2024一季报点评：盈利能力提升，期待单店修复

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the Shanghai Composite Index by more than 20% in the next six months [3]. Core Views - The company reported a total revenue of 3.55 billion yuan in 2023, a decrease of 1.46% year-on-year, while the net profit attributable to the parent company increased by 49.46% to 332 million yuan [6][8]. - The company is actively expanding its store network, with a total of 6,205 stores by the end of 2023, an increase of 510 stores from the previous year, although average revenue per store has temporarily declined [7]. - The decline in raw material prices has improved profitability, with gross margin and net margin increasing in 2023 compared to the previous year [7]. Financial Summary - The company achieved a total revenue of 3.55 billion yuan in 2023, with a net profit of 332 million yuan, reflecting a significant increase in profitability [6][9]. - The forecast for net profit attributable to the parent company for 2024, 2025, and 2026 is 393 million yuan, 455 million yuan, and 513 million yuan, respectively, with growth rates of 18.39%, 16.02%, and 12.73% [8][9]. - The company's sales expenses increased due to higher advertising costs and the addition of sales personnel, impacting the sales expense ratio [7].