大B业务亮眼 静待空刻修复

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [11]. Core Insights - The company reported a revenue of 624 million yuan in Q1 2024, representing a year-on-year growth of 15.7%, while the net profit attributable to shareholders decreased by 20.4% to 61 million yuan [4][10]. - The strong performance of the "Big B" business segment continues, with a revenue increase of 29% in 2023, contributing significantly to the overall revenue growth [5][12]. - The company is expected to maintain a double-digit growth trajectory in its "Big B" business segment, driven by deeper partnerships and new product introductions [12]. Financial Performance Summary - In 2023, the company achieved total revenue of 2.369 billion yuan, a 16.3% increase year-on-year, with a net profit of 301 million yuan, up 39.8% [10][18]. - For Q1 2024, the company forecasts total revenue of 2.726 billion yuan for the year, with a projected net profit of 280 million yuan, reflecting a decrease of 7% compared to the previous year [6][11]. - The gross margin for 2023 was reported at 33.1%, a decline of 1.4% year-on-year, primarily due to changes in revenue structure and promotional activities [7][15]. Revenue Breakdown - In 2023, the "Big B" business segment generated 1.5 billion yuan, while the "Kong Ke" segment saw a slight decline in revenue to 866 million yuan [5][12]. - The revenue from compound seasonings, light cooking solutions, and beverage dessert ingredients for 2023 was 1.14 billion yuan, 1.02 billion yuan, and 140 million yuan, respectively, with year-on-year growth rates of 29.3%, 1.4%, and 8.3% [5][12]. Future Outlook - The company is expected to continue leveraging its R&D capabilities and established supply chain to capture new consumer trends and enhance product offerings [11]. - The partnership with Yum China is anticipated to deepen, providing mutual benefits and contributing to revenue growth in the "Big B" segment [12].