2023年年报与24年一季报点评：大B端业务延续增长，轻烹业务有待发力

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [2][6]. Core Insights - The company reported a revenue of 2.369 billion yuan and a net profit attributable to the parent company of 301 million yuan for 2023, reflecting year-on-year growth of 16.3% and 39.8% respectively [1]. - The company is expected to face challenges in its light cooking business, leading to a downward revision of net profit forecasts for 2024 and 2025 [2]. - The company is expanding into central kitchen and baking businesses, which are anticipated to contribute positively to future growth [2]. Financial Performance - In Q4 2023, the company achieved a revenue of 610 million yuan, with a net profit of 60 million yuan, showing a year-on-year increase of 8.6% but a decline in net profit by 3.0% [1]. - For Q1 2024, the company reported a revenue of 624 million yuan, with a net profit of 61 million yuan, reflecting a year-on-year increase of 15.7% but a decline in net profit by 20.4% [1]. - The company's gross profit margin was 33.1% in 2023, down from the previous year, primarily due to a decrease in the contribution from high-margin products [18]. Revenue Breakdown - In 2023, the company generated revenue of 1.14 billion yuan from compound seasonings, 1.02 billion yuan from light cooking solutions, and 140 million yuan from dessert ingredients, with respective year-on-year growth rates of 29.3%, 1.4%, and 8.3% [16]. - The company’s revenue from direct sales and non-direct sales in 2023 was 1.90 billion yuan and 410 million yuan, with year-on-year growth of 12.8% and 20.2% respectively [8]. Regional Performance - In 2023, the East China and North China regions generated revenues of 1.86 billion yuan and 160 million yuan, with year-on-year growth of 9.7% and 24.9% respectively [8]. - The company’s overseas revenue reached 27 million yuan in 2023, marking a significant year-on-year increase of 108.1% [8]. Cost Management - The company maintained a strict control over operating expenses, with the expense ratio for 2023 and Q1 2024 recorded at 19.3% and 19.0% respectively [9]. - The sales expense ratio decreased in 2023, attributed to improved efficiency in expense allocation [9].