Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights a robust recovery expected in the large B-end market in Q2 2024, despite a weaker performance in Q1 2024 [2][3] - The company's 2023 annual report and Q1 2024 quarterly report were released, showing Q1 revenue of 460 million (up 8.0%) and a net profit attributable to the parent company of 40 million (up 14.2%) [2] - The annual report met expectations, while the quarterly report fell short of market expectations [2] Revenue Analysis - In 2023, the company achieved a total revenue of 1.901 billion (up 27.7%) and a net profit of 134 million (up 31.4%) [2] - For Q4 2023, revenue was 570 million (up 25.0%) with a net profit of 40 million (up 23.2%) [2] - The revenue from direct sales and distribution channels in 2023 was 780 million and 1.112 billion respectively, showing increases of 49.9% and 15.7% year-on-year [2] Product Structure - The revenue breakdown for 2023 included 870 million from fried products, 360 million from baked goods, 370 million from steamed products, and 300 million from dishes, with respective year-on-year growth rates of 24.2%, 29.2%, 26.4%, and 38.6% [2] - The report notes significant growth in the dish category, particularly from products like steamed dumplings and prepared dishes [2] Profitability - The gross margin and net profit margin for 2023 were 23.7% and 7.1% respectively, reflecting increases of 0.3 and 0.2 percentage points year-on-year [2] - For Q1 2024, the gross margin and net profit margin improved to 25.5% and 7.5% respectively, with the increase primarily attributed to the small B-end's margin enhancement [2] Financial Forecast - The company is projected to achieve revenues of 2.221 billion, 2.643 billion, and 3.025 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 16.8%, 19.0%, and 14.4% [13] - The net profit attributable to the parent company is expected to reach 163 million, 202 million, and 245 million for the same years, with growth rates of 21.8%, 23.3%, and 21.6% respectively [13]
千味央厨23年报&24Q1点评：小B稳健，大B端Q2复苏可期