食品加工渠道恢复较好，Q1业绩稳步增长

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 25.53 CNY per share, based on a 32x PE for 2024 [4][3]. Core Views - The company reported a Q1 2024 revenue of 0.92 billion CNY, a year-on-year increase of 15%, and a net profit attributable to shareholders of 0.13 billion CNY, up 21% year-on-year [1]. - The restaurant channel is steadily growing, and the food processing sector is showing continuous improvement from a low base [1]. - The company is expected to exhibit earnings growth elasticity due to the ongoing recovery in the restaurant industry and the release of new production capacity [3]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a gross margin of 38.28%, a decrease of 0.43 percentage points year-on-year, primarily due to intensified competition and price pressures [2]. - The net profit margin for Q1 2024 was 14.06%, an increase of 0.73 percentage points year-on-year, while the net profit margin excluding non-recurring items was 13.22%, up 1.04 percentage points [2]. Revenue Breakdown - Revenue from various channels in Q1 2024 showed the following year-on-year growth: restaurant (+15.36%), food processing (+20.38%), brand customization (+3.35%), direct supermarkets (-9.53%), direct e-commerce (+79.10%), and distributors (+3.54%) [1]. - Product-wise, revenue growth for Q1 2024 was as follows: sauce seasonings (+16.3%), powder seasonings (+9.8%), and food additives (-28.79%) [1]. - Regional revenue growth in Q1 2024 was as follows: East China (+7.81%), North China (+36.93%), Northeast (+29.87%), Central China (+18.67%), and South China (+17.18%) [1]. Future Outlook - The company is expected to see net profits of 0.79 billion CNY, 1.01 billion CNY, and 1.29 billion CNY for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 39%, 29%, and 27% [3]. - The ongoing recovery in the restaurant sector and the acceleration of chain development are anticipated to drive performance growth [3].