点评报告：营收平稳增长，餐饮扩张利润承压

Investment Rating - The investment rating for the company is "Accumulate" [8][14]. Core Insights - The company reported a Q1 2024 revenue of 1.012 billion yuan, representing a year-on-year increase of 10.04%, and a net profit attributable to shareholders of 71 million yuan, up 2.22% year-on-year [8][17]. - The company is focusing on the dual main business of "catering + food" for high-quality collaborative development, with ongoing market penetration and channel optimization to support sales growth [17]. Financial Summary - Revenue Forecast: - 2023A: 4,901 million yuan - 2024E: 5,408 million yuan (YoY +10.36%) - 2025E: 5,955 million yuan (YoY +10.12%) - 2026E: 6,530 million yuan (YoY +9.65%) [6][9] - Net Profit Forecast: - 2023A: 550 million yuan - 2024E: 620 million yuan (YoY +12.60%) - 2025E: 688 million yuan (YoY +10.97%) - 2026E: 754 million yuan (YoY +9.65%) [6][9] - Earnings Per Share (EPS): - 2023A: 0.97 yuan - 2024E: 1.09 yuan - 2025E: 1.21 yuan - 2026E: 1.33 yuan [9] - Profit Margin: The company's gross margin for Q1 2024 was 29.81%, a decrease of 2.58 percentage points year-on-year, while the net profit margin fell by 0.61 percentage points to 7.96% [17]. Business Performance - The catering business achieved a revenue of 384 million yuan in Q1 2024, reflecting a year-on-year growth of 13.33%, while the frozen food segment saw a revenue decline of 4.1% [17]. - The revenue structure is shifting, with the catering business's revenue share increasing by 1.10% to 37.91%, while the frozen food segment's share decreased by 4.30% to 29.15% [17]. Investment Recommendations - The company is expected to continue its expansion in the catering sector, although the low-margin nature of this business is impacting overall profitability [17]. - The profit forecast has been adjusted downwards due to slower-than-expected growth in the frozen food segment, with revised net profit estimates for 2024-2026 being 620 million, 688 million, and 754 million yuan respectively [17].