内销短期承压，期待旺季表现

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Insights - The company reported a revenue of 852 million yuan for Q1 2024, a year-on-year decrease of 4.34%. The net profit attributable to shareholders was 115 million yuan, down 1.67% year-on-year, while the net profit excluding non-recurring items was 98 million yuan, a decline of 12.22% [2][19]. - The report highlights that domestic sales are under short-term pressure, but there are expectations for improved performance in the peak season. The growth in exports is notable, with cold storage showing significant growth after two years of fluctuations [6][8][19]. Financial Performance - The gross margin for Q1 2024 increased by 0.36 percentage points to 27.49%, which is higher than the same period in 2021-2023. The report indicates that the cost of raw materials is stabilizing, and the gross margin is expected to remain steady moving forward [7][19]. - The company’s expenses have increased due to investments in new businesses and overseas expansion, with total expenses rising by 1.1 percentage points [7][19]. Sales and Growth Outlook - The report anticipates that the company will achieve revenues of 459 million yuan and 535 million yuan in 2024 and 2025, respectively, corresponding to current price-to-earnings ratios of 13 and 11 times. A target price of 17.82 yuan is set based on a 15 times P/E ratio for 2024 [9][20]. - The company is expected to see continued growth in exports, particularly in cold storage, while domestic sales may face challenges in the short term due to seasonal factors [6][8][19].