Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the benchmark index within the next 6 to 12 months [10][7]. Core Insights - In 2023, the company achieved total revenue of 1.901 billion yuan, a year-on-year increase of 27.69%, and a net profit attributable to the parent company of 134 million yuan, up 31.43% year-on-year [2][3]. - The company has increased its focus on large clients, with the number of major clients rising to 197, a 27.92% increase year-on-year. Direct sales to large clients reached 775.19 million yuan, growing by 49.89% year-on-year [2][3]. - The company’s gross profit margin improved, with the overall gross margin increasing to 25.45% in Q1 2024, up 1.49 percentage points year-on-year [2][3]. Financial Performance Summary - For 2023, the company reported total revenue of 1.901 billion yuan, with a year-on-year growth rate of 28%. The net profit for the same year was 134 million yuan, reflecting a 32% increase [5]. - The projected revenues for 2024, 2025, and 2026 are 2.233 billion yuan, 2.619 billion yuan, and 3.052 billion yuan, respectively, with a consistent growth rate of approximately 17% [5]. - The net profit forecasts for the next three years are 161 million yuan, 200 million yuan, and 256 million yuan, indicating a growth rate of 20% to 28% [5]. Market and Product Strategy - The company is focusing on expanding its product lines and enhancing service capabilities for existing large clients while also targeting new emerging markets such as snack foods and coffee chains [2][3]. - The company aims to solidify its leading position in the fried food segment while developing and promoting other key products, with a goal of establishing 3 to 5 core products generating over 100 million yuan each within the next 3 to 5 years [2][3].
节奏扰动，静待改善