中炬高新24年一季报点评：

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported Q1 2024 revenue of 1.485 billion (up 8.64%) and net profit attributable to shareholders of 239 million (up 59.70%) [1] - The main product categories experienced double-digit growth, with soy sauce and chicken essence growing by 13.4% and 16.8% respectively, while edible oil saw a decline of 5.5% [1] - The company is expanding into regions with low penetration rates, particularly in the eastern and southern parts of China, which saw growth rates of 24.5% and 2.6% respectively [1] Financial Performance Summary - For Q1 2024, the gross margin was 36.98%, and the net margin was 17.63%, reflecting improvements in profitability [1] - The company expects revenue growth of 12.4%, 18.2%, and 46.6% for the years 2024, 2025, and 2026 respectively, with net profit projections of 753 million, 951 million, and 1.535 billion [2][3] - The projected P/E ratios for the next three years are 31, 24, and 15 respectively, indicating a favorable valuation outlook [1][2]