Q1延续稳健增长，分红率提升

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [11]. Core Views - The company achieved a revenue of 2.955 billion yuan in 2023, representing a year-on-year growth of 9.76%, and a net profit of 638 million yuan, up 6.02% year-on-year [7]. - The dividend payout ratio increased by 14 percentage points to 65%, with a dividend yield of 4-5% [4]. - The company is focusing on expanding its market presence in the southwestern and eastern regions of China, with plans to invest in new production capacity for its beverage series [4]. - The company is exploring a second growth curve by developing diversified plant-based beverages, particularly the LOLO water series [4]. Financial Performance - In Q4 2023, the company reported a revenue of 919 million yuan, a year-on-year increase of 27.54%, and a net profit of 195 million yuan, up 7.41% year-on-year [7]. - For Q1 2024, the revenue was 1.227 billion yuan, reflecting a year-on-year growth of 7.53%, with a net profit of 246 million yuan, up 3.04% year-on-year [7]. - The company’s revenue growth rates for 2024-2026 are projected at 10%, 11%, and 11%, respectively [19]. Business Segmentation - The revenue from the almond and walnut series in 2023 was 286.2 million yuan and 8.7 million yuan, showing year-on-year growth of 8.32% and 81.50%, respectively [8]. - The number of distributors increased by 25.87% to 866, with significant growth in the number of distributors in various regions [8]. - The company is enhancing brand recognition through online channels and traditional media, including cinema advertising and public transport [8]. Profitability Metrics - The net profit margin decreased by 0.75 percentage points year-on-year in 2023, and the gross margin fell by 3.39 percentage points due to a decrease in average prices [9]. - The company’s return on equity (ROE) was 21.76% in 2023, indicating stable profitability [5]. Valuation Metrics - The projected earnings per share (EPS) for 2024 is 0.66 yuan, with a price-to-earnings (P/E) ratio of 14.93 [10]. - The company’s market-to-book (P/B) ratio is expected to decline from 3.08 in 2023 to 2.51 by 2026 [10]. - The EV/EBITDA ratio is projected to be 6.06 in 2023 and 5.76 in 2026, indicating a favorable valuation trend [10].