24Q1收入&利润高增，海外市场持续回暖

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a significant revenue and profit increase in Q1 2024, with revenue reaching 3.84 billion yuan, a year-on-year increase of 142.37%, and a net profit of 0.42 billion yuan, reversing from a loss in the same period last year [1]. - The decline in performance in 2023 was primarily due to inventory destocking in overseas markets, particularly in the US, leading to a drop in export orders [1]. - The company is optimizing its product structure, with a higher proportion of high-margin products, which is expected to improve profitability [1]. Financial Performance Summary - In 2023, the company's revenue was 14.11 billion yuan, a decrease of 18.51% year-on-year, and a net profit of -0.11 billion yuan, transitioning from profit to loss [1]. - For Q4 2023, revenue was 4.95 billion yuan, up 31.18% year-on-year, with a net profit turning positive from a loss of -0.31 billion yuan in the same period last year [1]. - The company’s gross margin in 2023 was 19.33%, down 2.97 percentage points year-on-year, while the expense ratio was 17.43%, up 5.71 percentage points [1]. Product Structure and Market Strategy - In 2023, the total sales volume of pet food and other products was 3.01 million tons, a decrease of 23.04% year-on-year [1]. - The revenue from snacks, staple food, and wet food was 4.24 billion yuan, 4.23 billion yuan, and 3.18 billion yuan respectively, with year-on-year changes of -22.11%, -34.84%, and +31.33% [1]. - The company is focusing on brand building in the domestic market, which is expected to enhance its revenue contribution and performance [3]. Future Outlook - The company expects growth in both domestic and international markets in 2024, with anticipated revenue of 18.06 billion yuan, representing a growth rate of 27.97% [3]. - The EPS for 2024 and 2025 is projected to be 0.48 yuan and 0.60 yuan respectively, with corresponding PE ratios of 27 and 21 [3].