Workflow
短期业绩承压,期待改革深化

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company experienced a revenue decline in Q1 2024 due to pressure on supermarket channels and a strategic reduction in low-profit SKUs, resulting in a year-on-year revenue change of -24.9% [2][8]. - The company aims to optimize its product structure and improve profitability through a focus on high-growth segments such as zero-additive and complex seasonings, while also enhancing its sales team and channel diversification [9][19]. Financial Performance - In 2023, the company achieved a revenue of 2.11 billion yuan, a decrease of 1.5% year-on-year, and a net profit of 90 million yuan, down 37.0% year-on-year [8][10]. - The projected net profits for 2024-2026 are 200 million, 240 million, and 280 million yuan, reflecting year-on-year growth rates of 130.8%, 18.9%, and 16.5% respectively [3][10]. - The company's gross margin improved in Q4 2023 and Q1 2024, reaching 33.6% and 41.4% respectively, despite an increase in sales expense ratios [19][10]. Market Position and Strategy - The company has increased its distributor count from 2044 at the end of 2023 to 2067 by the end of Q1 2024, indicating a focus on expanding its distribution network [2]. - The strategic focus includes deepening the vinegar product line, enhancing the liquor segment, and broadening the sauce offerings, which is expected to stabilize the core vinegar business [9].