公司信息更新报告：2024Q1成本红利开始释放，收入利润超预期

Investment Rating - The investment rating for the company is "Outperform" (maintained) [10] Core Insights - The company reported Q1 2024 revenue and profit that exceeded expectations, with a revenue of 681 million and a net profit of 80 million for 2023, showing a year-on-year decline of 6.9% and 15.1% respectively [9][11] - The report anticipates a gradual recovery in profitability for 2024 due to declining raw material costs and improved operational efficiency [12][13] Financial Performance Summary - In 2023, the company achieved a revenue of 6.81 billion and a net profit of 803 million, with a projected revenue of 7.73 billion and a net profit of 1.06 billion for 2024, reflecting a year-on-year growth of 13.5% [15] - The gross margin for 2024 is expected to be 30.1%, with a net margin of 13.8%, indicating a recovery from the previous year's lower margins [15] - The earnings per share (EPS) for 2024 is projected at 2.10, with a price-to-earnings (P/E) ratio of 17.9 [15] Revenue and Profitability Drivers - The company has been focusing on expanding its distribution channels, particularly in rural areas and online platforms, which is expected to drive double-digit revenue growth in 2024 [13] - The shift in product mix towards higher-end offerings has contributed to an increase in average selling prices, supporting revenue growth despite volume declines in certain product categories [11][12]