2023年报&2024一季报点评：B端Q1延续亮眼表现，C端静待改善

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of 15% or more over the next six months [11][41]. Core Insights - In 2023, the company achieved a net profit margin of 12.71%, an increase of 2.13 percentage points year-on-year, primarily due to the recognition of non-operating income from land compensation of 86 million yuan [21]. - The company's revenue for 2023 was 2.369 billion yuan, reflecting a year-on-year growth of 16.31%, while the net profit reached 301 million yuan, up 39.78% year-on-year [21]. - The first quarter of 2024 saw a revenue of 624 million yuan, a year-on-year increase of 15.72%, but the net profit decreased by 20.36% to 61 million yuan [10][22]. Financial Performance Summary - The gross profit margin for 2023 was 33.14%, down 1.43 percentage points year-on-year, attributed to a decrease in the proportion of high-margin products and lower margins in new product categories [21]. - The company’s sales expense ratio was 14.64%, an increase of 0.61 percentage points year-on-year, while the management, financial, and R&D expense ratios were 2.81%, -0.13%, and 1.97%, respectively [21]. - For 2024-2026, the company is projected to achieve revenues of 2.73 billion yuan, 3.15 billion yuan, and 3.63 billion yuan, with year-on-year growth rates of 15.1%, 15.5%, and 15.4% respectively [11]. Segment Performance - The company’s B-end revenue for 2023 was 866 million yuan, a slight decline of 0.6% year-on-year, while the C-end revenue grew by 29% to 1.5 billion yuan [20]. - The first quarter of 2024 showed continued strong performance in the B-end, with a growth rate close to 30%, while the C-end is expected to see a slight decline [20].