Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the latest closing price of 35.91 CNY per share, corresponding to a PE ratio of 22/18/15 for the years 2024-2026 [12][15]. Core Insights - The company achieved a revenue of 1.901 billion CNY in 2023, representing a year-on-year increase of 27.69%, and a net profit attributable to the parent company of 134 million CNY, up 31.43% year-on-year [3]. - The growth in revenue is attributed to the acceleration of restaurant chain development and cost reduction in the food service sector, alongside the company's focus on enhancing customer service and product offerings [3][14]. - The company is actively developing new pre-prepared dishes to meet the demands of chain restaurants and catering markets, indicating a strategic focus on product innovation [3][15]. Financial Summary - In Q1 2024, the company reported a revenue of 463 million CNY, a year-on-year increase of 8.04%, with a net profit of 35 million CNY, up 14.16% year-on-year [3]. - The gross margin for 2023 was 23.70%, an increase of 0.29 percentage points year-on-year, driven by cost reduction measures and production optimization [3]. - The company’s net profit margin improved to 7.06% in 2023, reflecting a 0.22 percentage point increase year-on-year [3]. Revenue Breakdown - Revenue from different product categories in 2023 included 870 million CNY from fried products, 355 million CNY from baked goods, 373 million CNY from steamed products, and 295 million CNY from dishes and others, with respective year-on-year growth rates of 24.23%, 29.16%, 26.41%, and 38.63% [3]. - Direct sales and distribution channels generated revenues of 775 million CNY and 1.118 billion CNY, respectively, with year-on-year growth rates of 49.89% and 15.73% [3]. Future Projections - The revenue forecast for 2024 is adjusted to 2.205 billion CNY, with a projected net profit of 164 million CNY, reflecting a year-on-year growth of 21.9% [5][15]. - The company aims to continue expanding its market presence and product offerings, particularly in the frozen food sector, where it has established a competitive advantage [15][24].
Q1短期经营承压，中长期成长逻辑不改