Investment Rating - The report maintains a "Recommend" rating for the company [7][11] Core Views - The company achieved revenue of RMB 1,901 million in 2023, a year-on-year increase of 27.69%, with net profit attributable to shareholders of RMB 134 million, up 31.43% YoY [1] - In Q1 2024, the company reported revenue of RMB 463 million, up 8.04% YoY, and net profit attributable to shareholders of RMB 35 million, up 14.16% YoY [1] - The company plans to distribute a cash dividend of RMB 0.19 per share for 2023, accounting for 54.55% of the net profit attributable to shareholders [1] - The company focuses on core products such as fried dough sticks and steamed dumplings, while cultivating new products like rice cakes and spring rolls [1] - The company's direct sales channel revenue increased by 49.89% YoY in 2023, while the distribution channel revenue grew by 15.73% YoY [1] - The company's gross margin in 2023 was 23.70%, up 0.29 percentage points YoY, while the non-GAAP net profit margin was 6.46%, down 0.03 percentage points YoY [1] - The company is expected to achieve revenue of RMB 2,222 million, RMB 2,709 million, and RMB 3,251 million in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 16.9%, 21.9%, and 20.0% [1] - The company's net profit attributable to shareholders is expected to be RMB 168 million, RMB 207 million, and RMB 250 million in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 25.2%, 22.9%, and 21.1% [1] Financial Performance - The company's revenue in 2023 was RMB 1,901 million, with a net profit attributable to shareholders of RMB 134 million [1] - The company's gross margin in 2023 was 23.70%, up 0.29 percentage points YoY [1] - The company's non-GAAP net profit margin in 2023 was 6.46%, down 0.03 percentage points YoY [1] - The company's revenue in Q1 2024 was RMB 463 million, with a net profit attributable to shareholders of RMB 35 million [1] - The company's revenue is expected to grow to RMB 2,222 million, RMB 2,709 million, and RMB 3,251 million in 2024, 2025, and 2026, respectively [1] - The company's net profit attributable to shareholders is expected to grow to RMB 168 million, RMB 207 million, and RMB 250 million in 2024, 2025, and 2026, respectively [1] Product Strategy - The company focuses on core products such as fried dough sticks and steamed dumplings [1] - The company is cultivating new products like rice cakes, spring rolls, and baked goods [1] - In 2023, the revenue from fried products, baked products, steamed products, and other dishes was RMB 870 million, RMB 355 million, RMB 373 million, and RMB 295 million, respectively, with year-on-year growth rates of 24.23%, 29.16%, 26.41%, and 38.63% [1] Channel Development - The company's direct sales channel revenue in 2023 was RMB 775 million, up 49.89% YoY [1] - The company's distribution channel revenue in 2023 was RMB 1,118 million, up 15.73% YoY [1] - The number of major clients reached 197 by the end of 2023, up 27.92% YoY [1] - The number of distributors reached 1,541 by the end of 2023, up 33.77% YoY [1] Valuation - The company's current PE ratio is 21X, 17X, and 14X for 2024, 2025, and 2026, respectively [1] - The company's PB ratio is 1.8X, 1.7X, and 1.5X for 2024, 2025, and 2026, respectively [15] Future Outlook - The company is expected to deepen its cooperation with major clients and expand its product categories [1] - The company is expected to develop breakfast and group meal scenarios to increase product penetration and drive sales growth [1] - The company's revenue is expected to grow to RMB 2,222 million, RMB 2,709 million, and RMB 3,251 million in 2024, 2025, and 2026, respectively [1] - The company's net profit attributable to shareholders is expected to grow to RMB 168 million, RMB 207 million, and RMB 250 million in 2024, 2025, and 2026, respectively [1]
2023年年报及2024年一季报点评：23年顺利收官，期待小B提速