Investment Rating - The report maintains a "Recommended" rating for the company, indicating expectations of outperforming the benchmark index by 10%-20% over the next six months [20]. Core Insights - The company is experiencing ongoing operational pressure, with revenue for the full year 2023 declining by 1.5% year-on-year to 2.106 billion yuan. The net profit attributable to shareholders decreased by 37.0% to 87 million yuan [20][11]. - In Q1 2024, revenue fell by 24.9% year-on-year, primarily due to internal management adjustments and the elimination of low-margin products [2][20]. - The company aims for double-digit growth in its main seasoning business and over 10% growth in net profit excluding non-recurring items for 2024 [20]. Financial Performance Summary - 2023 Financials: Total revenue was 2,106 million yuan, with a net profit of 87 million yuan. The gross margin was 33.0%, down 1.4 percentage points year-on-year [2][20]. - 2024 Projections: Expected revenue for 2024 is 2,193 million yuan, with a projected net profit of 215 million yuan, reflecting a significant recovery from 2023 [20]. - Earnings Per Share (EPS): The EPS forecast for 2024 is 0.19 yuan, with subsequent years projected at 0.23 yuan for 2025 and 0.27 yuan for 2026 [20][11]. Product and Regional Performance - In 2023, the revenue breakdown by product showed vinegar and sauces declining by 8.4% and 23.6% respectively, while other seasoning products grew by 94.0% due to the launch of 90 new products [2]. - Regional performance in 2023 was relatively balanced, with East China showing a 1.3% increase, while North China saw a 7.0% increase [2]. Management and Strategic Outlook - The company is undergoing management changes and aims to implement deeper reforms, including optimizing product planning and enhancing market strategies [2][20]. - The new management's effectiveness in driving positive changes is a key focus for investors, with expectations for revitalizing the brand in the medium to long term [2][20].
2023年报及2024年一季报点评:经营持续承压,等待积极变化