2024年一季报点评：营收表现略有承压，盈利能力稳中有升

Investment Rating - The report maintains a "Strong Buy" rating for the company, with an adjusted target price of 19 yuan, corresponding to a 16 times PE for 2024 [23][31]. Core Views - The company reported a revenue of 850 million yuan in Q1 2024, a decrease of 4.3% year-on-year, and a net profit attributable to shareholders of 110 million yuan, down 1.7% year-on-year [23]. - The decline in revenue is attributed to a sluggish domestic market and intensified industry competition, particularly affecting the frozen cabinet business due to high comparative figures from the previous year [23]. - Despite the revenue pressure, the company's gross margin improved by 0.4 percentage points to 27.5%, driven by better product and customer mix and an increased share of higher-margin export business [23]. - The company is actively pursuing high-quality development, with ongoing expansion in overseas markets, particularly in Southeast Asia, and a pragmatic domestic sales strategy that maintains profitability despite competitive pressures [23]. Financial Summary - For 2024, the company is projected to achieve a revenue of 3.449 billion yuan, with a year-on-year growth rate of 7.6% [32]. - The net profit for 2024 is expected to be 454 million yuan, reflecting a 10% increase compared to the previous year [32]. - The earnings per share (EPS) forecast for 2024 is adjusted to 1.18 yuan, with corresponding PE ratios of 12, 11, and 10 for the following years [23][32].