Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 37.15 yuan from the previous 38.25 yuan [7][13][18]. Core Views - The company is expected to see a performance turnaround in 2024, with anticipated revenue growth and improved profitability metrics. The report highlights that the company's revenue for 2023 is projected at 630 million yuan, a year-on-year decrease of 10.66%, while the net profit is expected to be 80 million yuan, down 39.18% year-on-year [7][13][18]. - The report emphasizes the company's strong market position in the flavor and fragrance industry, particularly with its natural flavor products, which accounted for 91.23% of gross profit in 2023, up from 87.11% in 2022 [7][13][18]. - The upcoming production capacity from the Thailand base is expected to enhance the company's global footprint and operational efficiency, with plans for further expansion in the flavor and fragrance product lines [7][13][18]. Financial Summary - The company's total revenue for 2022 was 705 million yuan, with a projected increase to 837 million yuan in 2023 and further growth to 1,027 million yuan in 2024 [7][13]. - The EBIT for 2023 is forecasted at 138 million yuan, with a significant recovery expected in 2024 to 194 million yuan [7][13]. - The net profit margin is projected to improve in 2024, with a net profit of 130 million yuan, reflecting a recovery from the previous year's decline [7][13]. Operational Metrics - The report notes a decrease in operating expenses, contributing to an improved net profit margin of 10.11% in Q1 2024, compared to the previous quarter [7][13]. - The company's return on equity (ROE) is expected to recover to 7.9% in 2024, up from 5.1% in 2023 [7][13]. - The report highlights the company's strong cash flow management, with a projected free cash flow of 194 million yuan in 2024, a significant turnaround from a negative cash flow in 2023 [7][13].
亚香股份2023年报及2024年一季报点评：24Q1业绩环比增长，看好24年业绩拐点向上