2024Q1开门红，提升分红回馈股东报点评

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a strong start in Q1 2024, with a significant increase in dividends to shareholders. The 2023 annual report and Q1 2024 report indicate robust growth in the core business despite overall weak consumer demand [1][4] - The company reported a revenue of 14.045 billion yuan in 2023, a year-on-year increase of 15.29%, and a net profit of 1.478 billion yuan, up 34.24% year-on-year [3][4] - The company is expected to maintain a high cash dividend payout ratio, increasing from 30% in 2022 to 53.17% in 2023, with a minimum cash dividend ratio set to rise from 20% to 40% [5] Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 3.755 billion yuan, a year-on-year increase of 17.67%, and a net profit of 438 million yuan, up 21.24% year-on-year [3][4] - The gross profit margin for 2023 was 23.21%, with significant improvements in Q4 2023 and Q1 2024, reaching 26.34% and 26.55% respectively [2][4] - The company’s net profit margin for 2023 was 10.52%, increasing to 11.68% in Q1 2024 [2][4] Business Segments - The company’s main products, fish paste and meat products, generated revenues of 4.4 billion yuan and 2.6 billion yuan respectively in 2023, with year-on-year growth of 11.8% and 10.2% [4] - The company’s revenue from the catering sector showed strong recovery, contributing to overall growth despite challenges in the market [4] Market Position and Strategy - The company is positioned as a leader in the frozen food industry, with strong channel and product barriers. It aims to enhance market share through targeted product development and localized production strategies [5][6] - The company plans to continue expanding its e-commerce presence and strengthen brand promotion through various channels, including new product launches and increased online marketing efforts [4][5] Future Outlook - Revenue projections for 2024-2026 are set at 16.063 billion yuan, 18.016 billion yuan, and 19.981 billion yuan, with expected growth rates of 14%, 12%, and 11% respectively [6][7] - The company’s net profit is forecasted to reach 1.724 billion yuan in 2024, with a growth rate of 17% [6][7]