Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 44.91 CNY, indicating an expected increase of over 20% in the next 6 months [4][5][15]. Core Views - Despite a slowdown in revenue growth in Q1 2024, the company's long-term value remains intact, supported by a share buyback plan of 0.6-1 billion CNY to enhance market confidence [3][4]. - The company has demonstrated strong growth in its core business segments, particularly in the catering sector, with significant revenue increases from key products and channels [2][3]. - The overall profitability remains robust, with a slight increase in gross margin and net profit margin, indicating effective cost management and product mix optimization [3][4]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.901 billion CNY, a year-on-year increase of 28%, and a net profit of 134 million CNY, up 31% [1][4]. - Q1 2024 revenue was 463 million CNY, reflecting an 8% year-on-year growth, while net profit reached 35 million CNY, a 14% increase [1][4]. Product and Channel Growth - The company experienced significant revenue growth across various product categories in 2023, with notable increases in the cooked dishes segment, driven by popular items like steamed dumplings and prepared dishes [2]. - Direct sales and distribution channels saw revenue growth of 49.89% and 15.73% respectively, with major clients contributing to the rapid development of direct sales [2]. Profitability and Cost Management - The gross margin for 2023 was 23.70%, with an increase to 25.45% in Q1 2024, attributed to lower raw material costs and improved product mix [3]. - The net profit margin for 2023 was 6.97%, increasing to 7.44% in Q1 2024, indicating stable profitability despite rising expense ratios [3][4]. Future Outlook - The company is expected to maintain strong growth, with projected net profits of 178 million CNY and 224 million CNY for 2024 and 2025 respectively, reflecting growth rates of 33% and 26% [4][11]. - The company’s customer structure is favorable, and its internal growth momentum is high, suggesting significant future growth potential [4].
Q1业绩波动不改长期价值，回购注销夯实底部信心