24Q1再创利润新高，把握新产能投产机遇

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company achieved a record profit in Q1 2024, driven by strong revenue growth and the successful launch of new production capacity [1][2]. - The company reported a revenue of 868 million yuan in 2023, a year-on-year increase of 20.28%, and a net profit attributable to shareholders of 193 million yuan, up 27.97% year-on-year [1]. - The company is expected to see further revenue and profit growth starting from Q2 2024 due to the recent commencement of new production capacity and the anticipated approval of allulose [2]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 868 million yuan, with a net profit of 193 million yuan, reflecting a year-on-year growth of 20.28% and 27.97% respectively [1]. - The gross profit margin for 2023 was 32.73%, an increase of 1.07 percentage points compared to the previous year [1]. - For Q1 2024, the company reported a revenue of 252 million yuan, a year-on-year increase of 29.63%, and a net profit of 53.54 million yuan, up 20.47% year-on-year [1]. Production Capacity and Product Mix - The company has recently started production for its 30,000-ton dietary fiber project and 15,000-ton crystalline sugar project, which are expected to contribute to revenue and profit from May 2024 [1]. - The revenue from the prebiotic series, dietary fiber series, and healthy sweeteners in Q1 2024 was 73.13 million yuan, 135 million yuan, and 24.25 million yuan, representing year-on-year growth of 55.40%, 32.89%, and a decline of 34.86% respectively [1]. Future Outlook - The company forecasts EPS of 1.10 yuan, 1.57 yuan, and 2.08 yuan for 2024, 2025, and 2026 respectively, indicating strong growth potential [2]. - The anticipated approval of allulose and the planning of the Thailand project are expected to further boost the company's performance in the coming years [2].